Advanced analytics is the latest iteration of marketing techniques designed to help drive changes and improvements in business practices. While valuable to all aspects of a business, advanced analytics is particularly helpful to the marketing effort, specifically in optimizing the communication and relationship with individual customers. The principal difference between advanced analytics and traditional business intelligence (BI) practices is its “predictive” capabilities.The principal difference between advanced analytics and traditional business intelligence (BI) practices is its “predictive” capabilities.
Traditional business intelligence systems access mountains of data and are capable of slicing, dicing, and discriminating data to fit reporting formats that make sense to a specific business. BI does a yeoman’s job of mining data and presenting it in a manner a layman can understand. The information however, is historical. BI can answer the question “what happened” and predict a trend based on historical data. What it can’t answer is “why it happened” and predict with uncanny accuracy what will happen next.
That’s What Advanced Analytics Does.
Advanced Analytics Is “Rocket Science” But Don’t Let That Confuse You
Data scientists speak a language that few can understand without a translator. That does not however, diminish the value of their creative use of statistics, algorithms and stochastic processes. While not all the processes that advanced analytics uses are predictive in nature, the combined gathering of granular data isdesigned to find and evaluate the relationship between thousands or millions of data points to predict customer behavior.
Reviewing the raw data and interpreting its meaning has not advanced to the same simple process associated with business intelligence systems. For most enterprises, this means a necessity to either make a significant investment in highly skilled personnel or outsourcing the “translation” to a digital marketing agency experienced in advanced analytics.
That’s The Challenge. Now, What Can It Do For You?
Taking Marketing Strategies To The Next Level
The endgame is to effectively influence a customer or prospect by delivering the right message, at the right time, with the right offer. Using advanced analytics, you can target your customized message to appropriate individual customers. You may be reaching thousands but you are communicating with your customer one on one.
The whole idea is to get to know your customers on a deeper level and when you know that you can:
- Optimize your price point
- Effectively bundle products or services
- Accurately understand why a campaign succeeded (or failed)
- Deliver better customer service and increase customer satisfaction
- Effectively allocate resources for optimized ROI
- Maintain and enhance competitiveness
- Optimize total profit of products or services sold
Advanced analytics can be a game changer for any enterprize if properly understood and implemented. But it can also be a confusing, nearly unintelligible process for persons without advanced statistical training.
Final Step Marketing, a digital marketing agency in NYC can make sense of it all and present it to senior leadership and marketing professionals in an actionable format.They have the digital scientists and statisticians and all the other specialized skills required to “turn on” the power of this process. If your
They have the digital scientists and statisticians and all the other specialized skills required to “turn on” the power of this process. If your enterprize can benefit from advanced analytics, or you simply have questions regarding additional benefits, contact us today.