Analytics is the discipline of using data to turn information into insight and insight into initiative. The discipline itself tends to be considered from three perspectives such as digital analytics, marketing analytics, and predictive analytics. Both digital and predictive analytics are considered components within marketing analytics, while marketing analytics is considered separately due to its overriding focus on marketing measurement and ROI.
Within digital analytics, online data is used to identify key insights concerning consumer behaviour related to email, navigation around a web site, as well as social media. Examples of this discipline would include evaluation of email campaigns, profiling to determine the key clickstream behaviours around a given web site, and key consumer behaviours that determine success within a given social media campaign.
Predictive analytics is the practice of using prior information to predict some event or activity in the future. The use of advanced statistics and predictive models represent the key tools that allow marketers to target the right person with the right offer and at the right time. Examples of this include acquisition models to help acquire new customers, retention models to reduce defection, and upsell/cross sell models to help increase the value of that customer to the organization.
The ability to effectively measure marketing ROI within a multi-channel environment is perhaps the single biggest challenge within marketing today.
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