Digital Marketing – The most important and critical success factor of any business of today is Data. Social media sites, IoT devices, financial institutions, retail shops, etc are working as data generation factories. The data generated by these factories is used for cross-selling, improving user experience, and increasing customer buying rates. The analysis is also used for driving and creating new products and use cases. The actions from big data analytics can be business transformative. This is chapter 1 of 6 on “The Role Of Data In Digital Marketing Analytics” by AILabPage.
Data Analytics Basics
The most important and critical success factor of any business of today is Data. Social media sites, IoT devices, financial institutions, retail shops, etc are working as data generation factories. The data generated by these factories is used for cross-selling, improving user experience, and increasing customer buying rates. The analysis is also used for driving and creating new products and use cases. The actions from big data analytics can be business transformative.
The digital transformation of any modern business requires quality data, not just any data. Marketing is no longer just a business or a process of creating relationships between customers and businesses. It’s now reaching the age where marketing is making customers behave like brand advocates. The three key success factors for any good business that help it grow with the correct digital marketing drive are
Digital marketing analytics is widely used in industry to make business decisions, and the theories driven out of these analyses are of great importance. By using various big data analytics theories, marketers measure & drive business metrics. Traffic to their respective sites generates leads, creates product awareness, and influences customers.
Understanding the Importance of Digital Marketing Analytics
Tools like Hot-jar and google analytics etc. interpret and track customer behavior. The data from these tools paint a beautiful picture of business insights. The insights not only help in making decisions but are also able to predict and take actions on behalf. The investigations conducted have significant suggestions which can be interpreted into fastidiously developed hypotheses.
The use of digital analytics inside the industry is predominant to get important experiences that encourage the making of educated commerce judgments. A million-dollar question “Why do digital marketing analytics matter to any business” has been answered and demonstrated well by Facebook and Twitter etc. The golden key to success is to understand the role of big data in digital marketing.
The usage of assorted speculations concerning enormous information analytics encourages the foundation and improvement of noteworthy execution markers for businesses by marketers. A quick increment in site activity can cultivate a cluster of benefits for businesses, counting the conceivable securing of modern commerce leads, reinforcing brand acknowledgment, and incitement of buyer behavior.
Three Golden D’s Of Digital Marketing
The digital transformation of any modern business requires quality data, not just any data. The three key success factors for any good business which help it to grow with the correct digital marketing drive sequence as below
- Quality of Data collected.
- Data Scientists.
- Tools to visualise, analyse and summarise the data.
So if Data is the new fuel of today’s time then we must accept data scientists as oil refineries and data tools as important ingredients which help to refine and produce desired results. Cognitive Analytics provides a 360-degree view of them to make the correct decision and the right time. The out of Big Data Analytics paints an excellent picture in the below categories.
- Descriptive Analytics
- Diagnostic Analytics
- Predictive Analytics
- Prescriptive Analytics
As technology continues to evolve, the potential for unlocking further innovations in payment intelligence with data science is boundless, promising even more advancements and benefits for businesses and consumers alike.
Conclusion – Data analytics basics form the foundation for unlocking the potential of data and transforming it into actionable insights. By collecting, cleaning, and analyzing data, businesses can make informed decisions, identify trends, and gain a deeper understanding of their operations and customers. The process of data analytics involves various techniques, such as data exploration, descriptive and inferential statistics, machine learning, and data visualization, to reveal patterns and correlations within the data.
Points to Note:
All credits, if any, remain with the original contributor only. We have covered all the basics around data analytics for digital marketing analytics in Chapter 1. In the next few chapters, we will talk about implementation, usage, and practice experience for markets.
Books + Other readings Referred
- Research through open internet, news portals, white papers and imparted knowledge via live conferences & lectures.
- Lab and hands-on experience of @AILabPage (Self-taught learners group) members.
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