Article | June 21, 2021
The marketing industry keeps changing every year. Businesses and enterprises have the task of keeping up with the changes in marketing trends as they evolve. As consumer demands and behavior changed, brands had to move from traditional marketing channels like print and electronic to digital channels like social media, Google Ads, YouTube, and more. Businesses have begun to consider marketing analytics a crucial component of marketing as they are the primary reason for success.
In uncertain times, marketing analytics tools calculate and evaluate the market status and enhances better planning for enterprises.
As Covid-19 hit the world, organizations that used traditional marketing analytics tools and relied on historical data realized that many of these models became irrelevant. The pandemic rendered a lot of data useless.
With machine learning (ML) and artificial intelligence (AI) in marketers’ arsenal, marketing analytics is turning virtual with a shift in the marketing landscape in 2021. They are also pivoting from relying on just AI technologies but rather combining big data with it.
AI and machine learning help advertisers and marketers to improve their target audience and re-strategize their campaigns through advanced marketing attributes, which in turn increases customer retention and customer loyalty.
While technology is making targeting and measuring possible, marketers have had to reassure their commitment to consumer privacy and data regulations and governance in their initiatives. They are also relying on third-party data.
These data and analytics trends will help organizations deal with radical changes and uncertainties, with opportunities they bring with them over the next few years.
To know why businesses are gravitating towards these trends in marketing analytics, let us look at why it is so important.
Importance of Marketing Analytics
As businesses extended into new marketing categories, new technologies were implemented to support them. This new technology was usually deployed in isolation, which resulted in assorted and disconnected data sets.
Usually, marketers based their decisions on data from individual channels like website metrics, not considering other marketers channels. Website and social media metrics alone are not enough. In contrast, marketing analytics tools look at all marketing done across channels over a period of time that is vital for sound decision-making and effective program execution.
Marketing analytics helps understand how well a campaign is working to achieve business goals or key performance indicators.
Marketing analytics allows you to answer questions like:
• How are your marketing initiatives/ campaigns working? What can be done to improve them?
• How do your marketing campaigns compare with others? What are they spending their time and money on? What marketing analytics software are they using that helps them?
• What should be your next step? How should you allocate the marketing budget according to your current spending?
Now that the advantages of marketing analytics are clear, let us get into the details of the trends in marketing analytics of 2021:
Rise of real-time marketing data analytics
Reciprocation to any action is the biggest trend right now in digital marketing, especially post Covid. Brands and businesses strive to respond to customer queries and provide them with solutions. Running queries in a low-latency customer data platform have allowed marketers to filter the view by the audience and identify underachieving sectors. Once this data is collected, businesses and brands can then readjust their customer targeting and messaging to optimize their performance.
To achieve this on a larger scale, organizations need to invest in marketing analytics software and platforms to balance data loads with processing for business intelligence and analytics. The platform needs to allow different types of jobs to run parallel by adding resources to groups as required. This gives data scientists more flexibility and access to response data at any given time.
Real-time analytics will also aid marketers in identifying underlying threats and problems in their strategies. Marketers will have to conduct a SWOT analysis and continuously optimize their campaigns to suit them better.
Data security, regulatory compliance, and protecting consumer privacy
Protecting market data from a rise in cybercrimes and breaches are crucial problems to be addressed in 2021. This year has seen a surge in data breaches that have damaged businesses and their infrastructures to different levels. As a result, marketers have increased their investments in encryption, access control, network monitoring, and other security measures.
To help comply with the General Data Protection Regulation (GDPR) of the European Union, the California Consumer Privacy Act (CCPA), and other regulatory bodies, organizations have made the shift to platforms where all consumer data is in one place. Advanced encryptions and stateless computing have made it possible to securely store and share governed data that can be kept in a single location. Interacting with a single copy of the same data will help compliance officers tasked with identifying and deleting every piece of information related to a particular customer much easier and the possibility of overseeing something gets canceled.
Protecting consumer privacy is imperative for marketers. They offer consumers the control to opt out, eradicate their data once they have left the platform, and remove information like location, access control to personally identifiable information like email addresses and billing details separated from other marketing data.
Predictive analytics’ analyzes collected data and predicts future outcomes through ML and AI. It maps out a lookalike audience and identifies which strata are most likely to become a high-value customer and which customer strata has the highest likelihood of churn. It also gauges people’s interests based on their browsing history. With better ML models, predictions have become better overtime, leading to increased customer retention and a drop in churn.
According to the research by Zion Market Research, by 2022, the global market for predictive analytics is set to hit $11 billion.
Investment in first-party data
Cookies-enabled website tracking led marketers to know who was visiting their website and re-calibrate their ads to these people throughout the web.
However, in 2020, Google announced cookies would be phased out of Chrome within two years while they had already removed them from Safari and Firefox.
Now that adding low-friction tracking to web pages will be tough, marketers will have to gather more limited data. This will then be then integrated with first-party data sets to get a rounded view of the customer. Although a big win for consumer privacy activists, it is difficult for advertisers and agencies to find it more difficult to retarget ads and build audiences in their data management platforms.
In a digital world without cookies, marketers now understand how customer data is collected, introspect on their marketing models, and evaluate their marketing strategy.
Emergence of contextual customer experience
These trends in marketing analytics have become more contextually conscious since the denunciation of cookies. Since marketers are losing their data sets and behavioral data, they have an added motivation to invest in insights.
This means that marketers have to target messaging based on known and inferred customer characteristics like their age, location, income, brand affinity, and where these customers are in their buying journey. For example, marketers should tailor messaging in ads to make up consumers based on the frequency of their visits to the store.
Effective contextual targeting hinges upon marketers using a single platform for their data and creates a holistic customer profile.
Reliance on third-party data
Even though there has been a drop in third-party data collection, marketers will continue to invest in third-party data which have a complete understanding of their customers that augments the first-party data they have.
Historically, third-party data has been difficult to source and maintain for marketers. There are new platforms that counter improvement of data like long time to value, cost of maintaining third-party data pipelines, and data governance problems.
U.S. marketers have spent upwards of $11.9 billion on third-party audience data in 2019, up 6.1% from 2018, and this reported growth curve is going to be even steeper in 2021, according to a study by Interactive Advertising Bureau and Winterberry Group.
Marketing analytics enables more successful marketing as it shows off direct results of the marketing efforts and investments.
These new marketing data analytics trends have made their definite mark and are set to make this year interesting with data and AI-based applications mixed with the changing landscape of marketing channels. Digital marketing will be in demand more than ever as people are purchasing more online.
Frequently Asked Questions
Why is marketing analytics so important?
Marketing analytics has two main purposes; to gauge how well your marketing efforts perform and measure the effectiveness of marketing activity.
What is the use of marketing analytics?
Marketing analytics help us understand how everything plays off of each other and decide how to invest, whether to re-prioritize or keep going with the current methods.
Which industries use marketing analytics?
Commercial organizations use it to analyze data from different sources, use analytics to determine the success of a marketing campaign, and target customers specifically.
What are the types of marketing analytics tools?
Some marketing analytics’ tools are Google Analytics, HubSpot Marketing Hub, Semrush, Looker, Optimizely, etc.
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"text": "Marketing analytics has two main purposes; to gauge how well your marketing efforts perform and measure the effectiveness of marketing activity."
"name": "What is the use of marketing analytics?",
"text": "Marketing analytics help us understand how everything plays off of each other and decide how to invest, whether to re-prioritize or keep going with the current methods."
"name": "Which industries use marketing analytics?",
"text": "Commercial organizations use it to analyze data from different sources, use analytics to determine the success of a marketing campaign, and target customers specifically."
"name": "What are the types of marketing analytics tools?",
"text": "Some marketing analytics’ tools are Google Analytics, HubSpot Marketing Hub, Semrush, Looker, Optimizely, etc."
Article | June 21, 2021
We are living in the age of Big Data, and data has become the heart and the most valuable asset for businesses across industry verticals. In the hyper-competitive market that exists today, data acts as a major contributor to achieving business intelligence and brand equity. Thus, effective data management is the key to accelerating the success of businesses. For effective data management to take place, organizations must ensure that the data that is used is accurate and reliable. With the advent of AI, businesses can now leverage machine learning to predict outcomes using historical data. This is called predictive analytics. With predictive analytics, organizations can predict anything from customer turnover to forecasting equipment maintenance. Moreover, the data that is acquired through predictive analytics is of high quality and very accurate. Let us take a look at how AI enables accurate data prediction and helps businesses to equip themselves for the digital future.
Article | June 21, 2021
We currently live in the age of data. It’s not just any kind of data, but big data. The current data sets have become huge, complicated, and quick, making it difficult for traditional business intelligence (BI) solutions to handle. These dated BI solutions are either unable to get the data, deal with the data, or understand the data. It is vital to handle the data aptly since data is everywhere and is being produced constantly.
Your organization needs to discover any hidden insights in your datasets. Going through all the data will be doable with the right tools like machine learning (ML) and augmented analytics.
According to Gartner, augmented analytics is the future of data analytics and defines it as:
“Augmented analytics uses machine learning/artificial intelligence (ML/AI) techniques to automate data preparation, insight discovery, and sharing. It also automates data science and ML model development, management, and deployment.”
Augmented analytics is different from BI tools because ML technologies work behind the scenes continuously to learn and enhance results. Augmented analytics facilitates this process faster to derive insights from large amounts of structured and unstructured data to gain ML-based recommendations. In addition, it helps to find patterns in the data that usually go unnoticed, removes human bias, and allows predictive capabilities to inform an organization of what to do next.
Artificial intelligence has brought about an augmented analytics trend, and there has been a significant increase in the demand for augmented analytics.
Benefits of Augmented Analytics
Organizations now understand the benefits of augmented analytics which has led them to adopt it to deal with the increasing volume of structured and unstructured data. Oracle identified top four reasons organizations are opting for augmented analytics:
Augmented data science availability to everyone has become a possibility thanks to augmented analytics. Augmented analytics solutions come prebuilt with models and algorithms, so data scientists are not needed to do this work. In addition, these augmented analytics models have user-friendly interfaces, making it easier for business users and executives to use them.
You will receive suggestions and recommendations through augmented analytics about which datasets to incorporate in analyses, alert users with dataset upgrades, and recommend new datasets when the results are not what the users expect. With just one click, augmented analytics provides precise forecasts and predictions on historical data.
Natural language processing (NLP) is featured on the augmented analytics platforms enabling non-technical users to question the source data easily. Interpreting the complex data into text with intelligent recommendations is automated by natural language generation (NLG), thus speeding up the analytic insights. Anyone using the tools can find out hidden patterns and predict trends to optimize the time it takes to go from data to insights to decisions using automated recommendations for data improvement and visualization. Non-expert users can use NLP technology to make sense of large amounts of data. Users can ask doubts about data using typical business terms. The software will find and question the correct data, making the results easy to digest using visualization tools or natural language output.
Grow into a Data-driven Company
It is more significant to understand data and business while organizations are rapidly adjusting to changes. Analytics has become more critical to doing everything from understanding sales trends, to segment customers, based on their online behaviors, and predicting how much inventory to hold to strategizing marketing campaigns. Analytics is what makes data a valuable asset.
Essential Capabilities of Augmented Analytics
Augmented analytics reduces the repetitive processes data analysts need to do every time they work with new datasets. It helps to decrease the time it takes to clean data through the ETL process. Augmented analytics allows more time to think about the data implications, discover patterns, auto-generated code, create visualizations, and propose recommendations from the insights it derives.
Augmented analytics considers intents and behaviors and turns them into contextual insights. It presents new directions to look at data and identify patterns and insights companies would have otherwise missed out on completely- thus altering the way analytics is used. The ability to highlight the most relevant hidden insights is a powerful capability.
Augmented analytics, for example, can help users manage the context at the explanatory process stage. It understands the values of data that are associated with or unrelated to that context, which results in powerful and relevant suggestions that are context-aware.
Modern self-service BI tools have a friendly user interface that enables business users with low to no technical skills to derive insights from data in real-time. In addition, these tools can easily handle large datasets from various sources in a quickly and competently.
The insights from augmented analytics tools can tell you what, why, and how something happened. In addition, it can reveal important insights, recommendations, and relationships between data points in real-time and present it to the user in the form of reports in conversational language.
Users can have data queries to get insights through the augmented analytics tools. For example, business users can ask, “How was the company’s performance last year?” or “What was the most profitable quarter of the year?” The systems provide in-depth explanations and recommendations around data insights, clearly understanding the “what” and the “why” of the data.
It enhances efficiency, decision-making, and collaboration between users and encourages data literacy and data democracy throughout an organization.
Augmented Analytics: What’s Next?
Augmented analytics is going to change the way people understand and examine data. It has become a necessity for businesses to survive. It will simplify and speed up the augmented data preparation, cleansing, and standardization of data, thus assist businesses to focus all their efforts on data analysis.
BI and analytics will become an immersive environment with integrations allowing users to interact with their data. New insights and data will be easier to access through various devices and interfaces like mobile phones, virtual assistants, or chatbots. In addition, it will help decision-making by notifying the users of alerts that need immediate attention. This will help businesses to stay updated about any changes happening in real-time.
Frequently Asked Questions
What are the benefits of augmented analytics?
Augmented analytics helps companies become more agile, gain access to analytics, helps users make better, faster, and data-driven decisions, and reduces costs.
How important is augmented analytics?
Augmented analytics build efficiency into the data analysis process, equips businesses and people with tools that can answer data-based questions within seconds, and assist companies in getting ahead of their competitors.
What are the examples of augmented analytics?
Augmented analytics can help retain existing customers, capitalize on customer needs, drive revenue through optimized pricing, and optimize operations in the healthcare sector for better patient outcomes. These are some of the examples of the use of augmented analytics.
"name": "What are the benefits of augmented analytics?",
"text": "Augmented analytics helps companies become more agile, gain access to analytics, helps users make better, faster, and data-driven decisions, and reduces costs."
"name": "How important is augmented analytics?",
"text": "Augmented analytics build efficiency into the data analysis process, equips businesses and people with tools that can answer data-based questions within seconds, and assist companies in getting ahead of their competitors."
"name": "What are the examples of augmented analytics?",
"text": "Augmented analytics can help retain existing customers, capitalize on customer needs, drive revenue through optimized pricing, and optimize operations in the healthcare sector for better patient outcomes. These are some of the examples of the use of augmented analytics."
Article | June 21, 2021
DevOps will provide over-the-air (OTA), seamless software updates which would allow important and immediate updates without affecting the car’s capabilities through Liquid Software liquid software. OTA updates will enable automakers to fix engine and automotive malfunctions, as well as implement safety standards directly into the program. Tesla is one of the pioneers of over-the-air updates but while its’ cars are off. In total, Tesla’s updates are usually about 30 minutes. Since 2012, hundreds of OTA updates have been sent out by the company to adjust things like speed limit settings, acceleration, battery issues, and even braking distance. Most car manufacturers are behind when it comes to over-the-air software updates.