The art of gaining new insights from historical data and enabling a company to make quantitative decisions is what the process of business analytics is all about. The process of business analytics involves innovations in various forms in order to meet the targets set by a business. The connections between business analytics certifications as well as marketing strategies are very strong. The strength of these connections can be gauged from the fact that thousands of businesses worldwide have written a new growth story by adopting the best practices of business analytics. In this article, we examine how business analytics could be the next big step that you can take for scripting a novel marketing strategy.
Business analytics redefined
In the true sense of its term, business analytics means leveraging historical data for capturing new insights and making use of these new findings to further the growth of a business. In simple terms, business analytics gives a business competitive advantage over its counterparts by enabling it to make a great sense of marketing practices. With the help of business analytics, new marketing strategies can be undertaken to script the success that a company aspires for.
Connecting business analytics with your market strategies
It is important to connect business analytics with your marketing strategies so that this results in the robust growth of a business. It becomes important to mention a study undertaken by Forrester which mentioned that more than 45% of the marketing companies that use big data analytics in one form or the other increase their quarterly growth by about 33%. Some of the effective marketing strategies that can be undertaken with the help of business analytics include targeted campaigning, customer recommendation and predictive analytics. Apart from these, there are also some of the most important touch points through which business analytics can give a new direction to your market strategies. Let us examine these in deep detail.
A quantitative approach
With the help of business analytics, it becomes easy for a business to draft a quantitative approach in order to reorient its marketing strategies. As per a study by McKinsey, more than 20% of the company’s expenditure on marketing can be reduced if business analytics approaches are followed in an appropriate manner. With the help of advanced analytics, it becomes possible to target multiple marketing channels and boost the growth prospects of a company.
Business analytics give the company a quantitative approach to work with, the benefits of which can be channelized into sales and other competitive tasks. A quantitative approach can enable the company to understand its growth prospects in various domains like online social media campaigns and offline promotional channels. Different types of advanced algorithms and regression techniques can help in the identification of unique touchpoints that can lead to unexpectedly high conversion rates. This can directly translate into higher revenues and numerous clients for a company.
Analytics at its best
Business analytics is more of a multidimensional phenomena as it involves the extraction of insights from those segments that have been ignored by a business. Analytics allows the business professionals to perform funnel based segmentation which can then be used to segregate customers and target them in separate groups. This sort of a strategy is one of the most common ones that is used while running multiple marketing campaigns.
It needs to be noted at this point in time that big data analytics has the potential to increase market productivity of a business in a short span of time. A survey conducted by a US Insurance Company is a testimony to the above fact as analytics ensured more than 20% growth for the company under study during three consecutive quarters of 2021.
Return on investment
In addition to this, business analytics can allow a business to predict return on investment of various marketing activities. With the help of effective analytics, predictive analytics and optimisation capabilities, return on investment can be improved which can give multiple benefits to a particular business. In the present times, companies can leverage the power of customer value analytics with the help of big data technology. This has two important benefits. Firstly, it helps in customer retention and secondly, it provides a unique kind of omnichannel experience to customers.
In addition to the above mentioned benefits, business analytics can also help in understanding customer behaviour and providing a great marketing experience to companies in general as well as the clients in particular. In one word, business analytics makes it possible to rethink and reinvent the marketing opportunities of a business in a short span of time.