Data Analytics and Advertising
Updated: Feb 9
Advertising helps to influence customer behaviours and drive revenue. Data Analytics helps in identifying and predicting the customer behaviours to drive those revenues. This can help in creating a unified picture to understand the marketing performances and help change and run various scenarios to identify what strategy would work and what strategy would not.
Advertisers can now analyze tetra bytes of data to reveal accurately how customers are interacting with these advertisements dynamically and in real time. It would help advertisers understand precisely what is affecting the performances of these ads, is it the economy or the competition. With these analytics marketers can keep their budgets and improve marketing performances having an additional of revenues of 10%-20%.(hbr.org)
Advertising Analytics can help in the following three ways :
1) Identify the affect of various elements like geography, weather, resources, competition etc that contribute to the products and simulate them with various scenarios to predict the outcome of the marketing and advertisement initiatives.
2) To understand customer behaviour to drive purchases on the existing data.
3)To make decisions on your budgets in advertising after understanding factors that affect the products and customer behaviours.
In this day and age setting, it is crucial to have dynamic market plans. Organizations will have to change with time to meet customer demands and recommendations. Data Analytics can drive more accountability and precision in marketing. You can better understand how your marketing components are interacting. With accessibility of so many tools in place and advancement of technology having a data-driven mindset is a necessity for every organization.