A survey by DDMA has shown that almost half of Dutch companies take into account experience and gut feelings. However, the vast majority also believe that data plays an important role. This requires marketers to have extensive technical and IT knowledge. This shows that respondents are aware of the power of Digital Marketing Analytics.
Digital Marketing Analytics and Business Intelligence
The power of Digital Marketing Analytics lies in the fact that the behavior of customers can be tracked. This can be anticipated. For example, patterns can be observed on the basis of past behaviors. Patterns that would otherwise not have been discovered if there was no data analysis involved. Business Intelligence BI plays an important role in this. In this way data is structurally collected and analysed. On this basis, decisions can be made quickly and factually.
The increase in the importance of collecting data forms the basis for further developments. This can lead to a competitive advantage. Business Intelligence BI is a broad concept, but for Ecommerce the aim is to analyze the data and process it into control information with the real-time access of data.
Relevant trends are discovered as well as patterns that become visible. Based on this, it is possible to make the best decisions based on facts. This has the advantage that it is possible to respond to market changes faster and more efficiently. Developments in the field of Digital Marketing Analytics are moving super fast. It is therefore important to optimize Business Intelligence BI within companies.
Digital Marketing Analytics also relates to the ability to predict future market conditions. Every company benefits from knowing the needs and wishes of customers in advance. Predictive Analytics is therefore an excellent addition to the application of Business Intelligence. It is a powerful tool because accurate predictions can be made.
The predictions are based on statistical algorithms and applied to data. In this way it is possible, among other things, to determine in advance who, for example, responds to a special offer. Or which customer will buy that one product via a certain channel. When applying, it is of course important to determine the right strategy.
There are several advantages to Digital Marketing Analytics. For example, the campaign budget that can be used optimally can also be taken into account. In addition, customers can provide relevant information at the right time via various channels. In the current economy, data and its use are more important than ever.