When running a large company, big decisions should never be left up to chance. Small business owners are forced to rely a lot on their instincts to grow their business.
However, once business grows past a certain point, it will gain access to more data. In short, all businesses should be using marketing analytics to make crucial decisions.
This article will look at some important business analytics trends in 2020.
Imagine visiting the doctor and then receiving the wrong diagnosis. The result could potentially be disastrous. Instead, doctors use the latest information and technology to diagnose patients.
The same is true of businesses. A company uses marketing analytics to diagnose their campaign to make sure it’s healthy.
- Certain keyword research can show that product designs might not be living up to the features that customers want.
- Customer surveys are used to identify pain points in the customer journey and how it stacks up to competitors.
- Business analytics trends monitor and predict customer behavior.
- Discover what customers are struggling with and provide resources to help with those.
Business Analytics Trends in 2020
The importance of marketing analytics continues to grow with each passing year and don’t expect that to change. Having the ability to gain insight into the customer experience is instrumental in marketing.
It gives businesses a lot of power through which they can capitalize. Let’s look at some of the biggest business analytics trends that we’ve seen so far in 2020.
Analytics have Heightened Marketing Effectiveness
We’ve seen an increase in the effectiveness of marketing in 2020, which comes as no surprise since it has continued to grow as businesses gain access to more customer data.
We live in a customer-driven economy, so it’s more important than ever for businesses to learn about them.
Analytics provides marketing teams with the information required to design better campaigns moving forward. These campaigns are developed by analyzing different buyer personas and learning about their behavior.
As a result, companies are also able to set their prices more efficiently since we know how much customers are willing to pay for specific products. There is no more guesswork involved with new product launches.
Businesses are also able to focus their online campaigns to show customized content to a specific audience. Major platforms like Facebook understand the importance of data, so they provide detailed marketing options.
Artificial Intelligence Continues to Grow
Artificial intelligence has continued to become intertwined with the growing need for data analytics. Both are considered disruptive technologies, and they continue to grow together into a new, powerful tool.
Business analytics trends are starting to revolve around AI, so it’s becoming increasingly important that businesses get ahead of this trend. Companies that continue to avoid AI are going to lag behind the rest eventually.
Artificial intelligence is combined with marketing analytics to provide reporting, but it’s not fully automated at this point. It still requires a certain amount of interaction, mostly on the customer side.
Therefore, most companies have not developed a full roadmap into a fully automated system. I expect that to change as we move forward.
Artificial intelligence has the potential to identify specific keyword groupings to discover their intent. This is valuable for marketing campaigns that rely on Pay-Per-Click (PPC) or Search Engine Optimization (SEO) to funnel in customers.
It allows content to be developed based on real-time information provided by customers. In short, finding topics for content development is much easier using artificial intelligence technologies.
More importantly, though, artificial intelligence provides marketing departments with the ability to create personalized content, which is a growing trend in today’s market.
The internet is riddled with thousands of posts about similar topics, but marketing analytics provides a way to personalize content based on a specific audience.
Data Governance Has Become a High Priority
Today’s world has shown a boost in the priority of digital marketing, so data governance lost some of its buzzes. Companies were starting to view it as “optional” rather than “necessary.”
However, in 2020, we’re starting to see changes in business analytics trends and data governance is high on the list.
Data governance might not be completely visible to the naked eye, but behind the scenes, it has become quite impactful. The quality of data being used by businesses is becoming an increasing concern.
With so much data available, it’s vital that companies govern what type of data they are using. It has transformed from “optional” to “must have” because companies who get this one thing right save a lot of money on marketing.
Imagine using the wrong data to plan a marketing campaign and seeing its return on investment much lower than predicted. Building a marketing plan on a rocky foundation is risky.
But when a company emphasizes data governance, they will understand the data they have available and how to use it properly.
Business Intelligence Continues to Evolve
Business intelligence provides management with essential data that helps them make better marketing decisions moving forward. Benchmarks are presented through several different processes that are used to support business processes run smoother.
Pretty much any area of business is improved through business intelligence, so it’s no surprise that it has become relevant to marketing analytics.
- Business intelligence provides more accurate customer profiling and helps target specific demographics.
- Businesses can optimize their marketing campaigns using analytical tools. This means that marketing campaigns get higher results on a lower budget since money is funneled to more targeted advertisements and content.
- Marketing teams gain faster access to important insights, so they can make adjustments more quickly. Again, this helps maintain more efficient marketing strategies.
Marketing Analytics Have Become Essential
There’s a reason large corporations are investing in data experts like Research Optimus to help get a handle on their analytics.
They understand the importance of being able to optimize marketing processes to funnel in more customers. Marketing is just one of the business analytics trends that we can expect to see grow through 2020 and beyond.