Marketing analytics and why is it important?

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A topic of growing importance, Marketing analytics, plays a crucial role in identifying business opportunities and improving operational excellence. At a time, when the value and power of data is tremendous, marketing analytics is important for marketers, more than ever before, to overcome their challenges and benefit from big data. As a matter of fact, the global marketing analytics market is expected to reach $5.52 billion by 2025 (Verified Market Research). What is marketing analytics? Marketing analytics is the practice of measuring, managing, and analysing the marketing efforts from various data sources like social media, emails, events, websites, blogs, etc. Marketing analytics is crucial as it provides a holistic view of the performance of the marketing activities of an organization. Why is it important? According to Forbes, companies that don’t make data-driven decisions in marketing and sales are losing a 15-20% increase in marketing ROI. Data and marketing analytics can empower businesses to make better decisions. Following are the reasons that underline why marketing analytics is important in the big data world: To learn what has happened: Using marketing analytics, businesses can glean insights on the performance of previous strategies and study them to understand why results have shaped …

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