With digitization happening across the professional hemisphere, the world will need marketing analytics even more.
It would be ably supported by the advancement in artificial intelligence, machine learning, and statistical modelling. Marketers need to get adept with Mar-Tech, and they must know the latest marketing analytics trends.
Top 5 trends that all marketers need to know
1. The rise of real-time data analytics
Real-time data analytics has the power to transform the way organizations work digitally.
Instead of going back and peeping into records of events, and experiences, organizations can use real-time analytics to get precise insights into what is happening now and based on that draft a strategy for the future course of actions.
With real-time analytics, one can use both individualized and industry-wide customer data to have better interactions with customers.
Collecting customer data from multiple channels will help you get a clear picture of what they need, and how they got to know about your business.
It will help in building better relationships with the customer which in turn will help in creating personalized offers.
2. Rise of CRM
As per a Forbes article, more than 73% of people believe that customer experience is an essential factor in their purchasing decision just behind the price and product quality. But the irony is only 49% of U.S consumers say companies give an excellent customer experience today.
One of the key points mentioned in the article is one among every three consumers will leave a brand they love after having a bad experience.
Had it been a pre-digital era, customers would have overlooked a couple of bad experiences, but it is not the case today, customers expect personalization and marketers know that.
The million-dollar question is, how do you give the customers a personalized experience?
This is where building a customer relationship management platform comes into play. Earlier, organizations would collect multiple layers of information about a single customer but connecting them to a centre point of control is what was missing.
Having all the customer information at one place is one of the major keys towards creating more personalized experiences. CRM’s will help in collecting data from multiple offline and online interactions and connect them to a single customer profile.
So, that will help you create better personas and help you target each customer with offers and incentives they might need and not the ones they will usually mark as spam.
3. Content creation will be empowered by AI
Advancement in AI has come as a boon to content creators. It will help content creators with 30% of the digital content creation, increasing productivity giving more space to the creative process.
One of the most significant hurdles a marketer faces to create effective personalization campaign is the amount of effort and time needed to create content. This challenge can be tackled through AI to create realistic video, audio, images, and text.
Algorithms can produce thousands of content variants, test them, and evaluate against specific individuals and groups. It will help in faster optimization of campaign content within days or some cases even hours.
Though many would feel that it would limit the role of humans in the creative process, and AI will replace human intelligence. Human insights will always be required, though humans need to upgrade themselves on a regular basis.
4. Automation will optimize multichannel marketing
By the year 2023, autonomous marketing systems will issue more than 50% of multichannel marketing messages based on marketer criteria and real-time consumer behaviour, which will result in more than 20% increase in response rates.
The rise in automation has led to an increase in multichannel marketing. As per 2017 Gartner Multichannel Marketing Effectiveness Survey, there was a rise of 5% in marketers who believed their marketing mostly involved event-triggers.
In coming times, algorithms will stress more on an individual’s proneness to respond, replacing the rule-based channel selection.
When consumers do not take the necessary action or don’t give a proper response, algorithms will re-engage the audience with either additional messages or through complementary channels like SMS or display advertising.
5. Several small and mid-scale businesses will enter the AI scene to make use of advanced analytics.
A lot of opportunities would be created for entrepreneurs and marketing heads at mid-sized companies to draft an omnichannel marketing strategy in the budget along with an accurate assessment of ROI.
Must Read: Omnichannel in B2B Marketing
With tech startups coming up with innovative SaaS solutions. SMB owners can look through data coming from different marketing channels, check the numbers, and determine their digital marketing strategy.
The world is scurrying towards massive digitization, and with data becoming even more critical, analytics is sure to become an even hotter subject in coming days.
As a marketer, be prepared and keep yourself updated with the latest happenings, that way you will always come up with better marketing strategies that are sync with contemporary times.
