Marketing analytics is the practice of analyzing data to influence and improve marketing effectiveness and business return on investment (ROI).
Like many analytics practices, you may find that the definition of marketing analytics varies, and is often convoluted. Other terminology is often mixed with marketing analytics, such as data analytics, digital analytics, or data science.
Traditional analytics (and still very important) emphasizes using data to create dashboards, report performance, and describe the state of marketing. However, with the more recent advances in computer processing power and vasts data collection, predictive analytics has become more accessible. Marketing analytics can be used in the traditional way (dashboards and reporting), along with modern, predictive marketing analytics.
Here are some use cases for marketing analytics:
- A/B Testing
- Customer Segmentation / Targetting
- Channel Optimization
- Customer Churn Prediction
- Sentiment Analysis
- Sales Forecasting
- Lead Scoring
- Market Basket Analysis
- Market Research
- Advertising Effectiveness