The term marketing analytics is in the lives of digital marketing teams for a long time. Moreover, the future of marketing analytics is a huge matter for marketers. Marketing analytics is the evaluation of marketing data to find patterns and insights which can increase performance. It also includes all the operations and technologies that allow marketers to measure and analyze the success of marketing strategies.
Marketing analytics is not meaningful for the only marketing teams but also meaningful for all teams in the company. Thanks to marketing analytics, marketing teams can measure how well their campaigns perform. They can understand if they are spending the marketing budget on the correct channels. So, firms can map the efficiency of each dollar spent on marketing. They also can define the ROI (Return of Investment) of their marketing attempts and the effects of these attempts on sales, revenue, and profit.
There is a basic rule:
If you want to improve it, you must measure it. Measuring the marketing performance is extremely crucial to improve it.
How is AI Related to Marketing Analytics?
Thanks to the constant progress in AI, machines have better analytics abilities than any human being have today. AI provides great opportunities to analyse all the data in depth. Artificial intelligence can discover hidden patterns and links in data quickly. Marketers use this technology already for;
- Sales forecasting,
- Content creation,
- Personalized customer experience,
- Customer statistics and many more.
In a nutshell, AI lets marketers examine more data than a human mind can. Moreover, marketers can meet the target market expectations better using AI.
What has AI Changed in Marketing Analytics?
AI has changed marketing analytics considerably. There were some issues before benefiting from AI in marketing analytics such as;
- unfitting data interpretation,
- challenging data integration,
- less accurate insights and decisions, and
- less efficiency.
Let’s discover these problems in more detail and see how AI contributed to solution processes.
- Unfitting data interpretation:
Misinterpreted data is the biggest reason for the failure of marketing analytics. If the data analyst is an expert and knows exactly how to analyse the data, this data is valuable. It means that data interpretation has great significance. Data misinterpretation and incoherent insights might lead to wrong decisions. Wrong decisions may ruin all marketing efforts and strategies. In this stage, artificial intelligence can prevent making these decisions by analysing data more accurately and faster.
- Challenging data integration:
Integrating data from your various platforms under one platform is challenging. A holistic view of customers, with one focus point, can make marketing analytics more reliable. Therefore, data integration from several sources is extremely essential. AI eases this integration process.
- Less accurate insights and decisions:
As mentioned above, misinterpreted data might cause less accurate insights and decisions. Wrong decisions affect not only the marketing teams but also the entire company.
Thanks to AI, there is the possibility to run a more precise data analysis. A machine learning algorithm can analyse complicated data sets, link them with other information and reach deeper insights.
- Less efficiency:
Marketing campaigns should be relevant to the target market to work efficiently. Today, a lot of marketers lack the correct data interpretation and insights to start an engaging project for their target group. With AI, marketers can reach all the precise insights they need quickly. Additionally, they can increase the efficiency of marketing efforts.
What Lies Ahead in the Future of Marketing Analytics with AI?
Imagine what your business could accomplish with the data that AI can uncover. Thanks to AI, the future of marketing analytics will be brighter. Marketing analytics will assist marketers and companies even more in the future.
These are 3 upcoming trends to be aware of in marketing analytics:
- Quicker Decisions with AI-based Prescriptive Analytics:
Nowadays, the predictive analytics process is benefited from AI usually. But as the trend shows, AI also can be highly beneficial in prescriptive analytics. In addition to marketing analytics, AI analytics tools can help to discover clear instances of how to go the best way further. Prescriptive analytics helps organizations to make decisions, save time, and completely optimize their marketing efforts. These features make prescriptive analytics a powerful mechanism for organizations.
In today's business world, the decision-making process is more critical. For companies, both proper and quicker decisions are more important than just proper decisions. Since competition is getting hotter, companies need to be able to make proper and quick decisions to win. Using the proper automation and artificial intelligence tools will help organizations to make smarter and quicker marketing decisions.
Prescriptive analytics tools merge automation and AI to provide the most improved marketing analytics solutions. They can increase the speed of time-to-market and assist to make the right decisions. It seems that AI-powered prescriptive marketing analytics tools will be the future of marketing analytics.
- Enhancing Customer Experience:
Customer experience is a crucial factor in customers’ purchasing decisions. Therefore, companies should care about improving customer experience and CRM (Customer Relationship Management). Companies should also focus on personalizing the customer experience. The first step in improving the customer experience is to collect as much data about customers. That’s why, companies need advanced, AI-powered CRM tools. Marketers can also use these tools to know the customers better.
- The Climb of Real-Time Data Analytics:
Real-time data analytics has the strength to change how companies work digitally. Thanks to real-time data analytics, marketers and firms can see what’s happening instantly. They don’t always have to rely on historical data to create a strategy for the future. A great benefit of this is, possible to notice are there any problems or potential threats or not, immediately. Thus, marketers can make quicker decisions and intervene in risky situations instantly. Hence, benefiting from AI-powered real-time data analytics and streaming platforms is essential.
Last of All
If companies want to have a good marketing strategy, they need to follow marketing trends. Marketing analytics is a new concept. Therefore, it is quite interesting with endless possibilities.
Thanks to AI-powered marketing analytics, marketing teams are becoming more efficient. Based on the proper data interpretation; they can analyse marketing data precisely and quickly, have more accurate insights, and make wiser decisions. With the developments in AI, the future of marketing analytics holds new and exciting developments for marketers.