With a tightening privacy landscape and third-party cookie deprecation on the horizon, marketers need to anchor their strategies based on their first-party data and adopt attribution models that enhance the value of those data assets. Marketing analytics serve as a means to maximize the potential of available data and guide organizations in the right direction. Here are some of the main advantages of using marketing analytics in a world characterized by extreme privacy paradox:
Optimized Marketing Spend with Right Attribution
Consumers are becoming more concerned about their data privacy. Due to this, companies are finding it difficult to get a granular view of their data and determine how to optimally spend their marketing budget. Attribution models such as Marketing Mix Modeling and Multi-Touch Attribution can help marketers utilize the available consumer data in the best way possible and create campaigns that have the greatest impact on conversions or customer experience.
Data-Driven Decision Making
Marketing analytics converts available data into actionable insights, thus helping companies to make informed decisions. In fact, the research found that 2 out of 3 leading marketers say data-driven decisions are superior to those based on gut instinct. Real-time marketing analytics with proper data privacy propositions allow companies to understand their target consumers and optimize their ongoing marketing campaigns.
Optimized Marketing Campaigns
More than 70% of consumers feel frustrated with irrelevant and impersonalized marketing content. Marketing analytics evaluates available consumer data and provides insights regarding the types of visuals and content today’s modern consumers prefer to engage with. This helps to optimize marketing campaigns, enabling companies to deliver content that resonates with consumers’ personal internets and improves their overall engagement experience.
Better Customer Experience
A survey revealed that 84% of consumers consider experience as important as products or services provided by a company. But delivering personalized experiences has become a grim feat amid rising concerns around consumer data and privacy. Marketing analytics can help companies to create consumer profiles based on anonymized information or aggregate behavior data. Using these profiles, marketing departments can develop and deliver targeted and personalized experiences.