{"id":17300,"date":"2022-02-28T08:50:05","date_gmt":"2022-02-28T08:50:05","guid":{"rendered":"https:\/\/mailinvest.blog\/index.php\/2022\/02\/28\/the-future-of-marketing-data-analytics-what-you-must-know\/"},"modified":"2022-02-28T08:50:05","modified_gmt":"2022-02-28T08:50:05","slug":"the-future-of-marketing-data-analytics-what-you-must-know","status":"publish","type":"post","link":"https:\/\/mailinvest.blog\/index.php\/2022\/02\/28\/the-future-of-marketing-data-analytics-what-you-must-know\/","title":{"rendered":"The Future of Marketing Data Analytics: What You Must Know"},"content":{"rendered":"

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Automation and data analytics have become a part of marketing operations.<\/p>\n

As more companies jump into it, the need to adapt to the changing landscape to remain profitable is increasing.<\/p>\n

Apart from making profits, companies also need marketing data analytics to improve the consumer experience. By focusing on consumer-centric data, SMEs and corporations can gain a competitive advantage by predicting market changes.<\/p>\n

But how can your company predict the future of data analytics in marketing?<\/p>\n

Continue reading to discover the current state of marketing data analytics, why and how your company needs to prepare for the future.<\/p>\n

The Current State of Marketing Data Analytics<\/h2>\n

Before discussing the future of marketing data analytics, let\u2019s quickly explore the status quo.<\/p>\n

According to Ascend2<\/a>, 46% of brands rely on data analytics to boost customer loyalty<\/strong> to their brand. The same research shows that 43% of these brands gear their data management efforts toward conversions.<\/p>\n

\n \"Marketing<\/div>\n

However, data from Gartner<\/a> highlights marketing leaders\u2019 dissatisfaction with the success of their current strategies. Over 50%<\/strong> of senior marketing executives believe that their data analytics effort hasn\u2019t produced the expected impact.<\/p>\n

\n \"Gartner-study\"<\/div>\n

Following the Gartner study mentioned above, businesses also report that their data findings often conflict with their objectives.<\/p>\n

Around 44% of them attribute this lack of consistency to poor data quality, while a further 43% believe that their data findings can\u2019t predict a clear pathway to success.<\/p>\n

\n \"customer-relationship\"<\/div>\n

Hubspot also estimates that only 60% of marketers use customer relationship management software<\/strong>, with 82% of them focusing primarily on customer retention.<\/p>\n

The same Hubspot report shows that only 57% of companies shifted to hybrid marketing models in 2021. Although the adoption pace has increased as the pandemic lingers, most companies remain reluctant about pivoting from their established marketing frameworks.<\/p>\n

In terms of social media marketing, most sales and marketing experts credit Facebook and Google search for their increase in sales. And most significantly, 76% of companies use automation in data analytics<\/strong> marketing, while only 46% use AI-empowered solutions.<\/p>\n

Essentially, the current state of digital marketing data analytics leaves room for companies to improve customer experience and boost business productivity<\/a>.<\/p>\n

What Does the Future Hold for Marketing Data Analytics?<\/h2>\n

Predicting the future of marketing data and analytics using a crystal ball has become tougher, especially in this era of unprecedented socio-economic changes.<\/p>\n

But through extensive analysis of consumer behavior and emerging industry patterns, we\u2019ve gathered enough intel to figure out what\u2019s next in data analytics. Let\u2019s explore.<\/p>\n

1. Wider Adoption of Automation<\/h3>\n

According to Email Monday, 25% of companies don\u2019t use any form of automation to gather and analyze marketing data. Overall, only 51% have completely automated their business operations<\/strong>.<\/p>\n

But as artificial intelligence and machine learning tools become readily available for data management, companies can adopt them to obtain valuable insights. Companies will also implement workflow automation tools to iron out bottlenecks and remove redundancies in the workflow.<\/p>\n

Automated chatbots have also helped companies reduce support expenses by 30%<\/strong>, which will accrue 7.3 million USD in savings by 2023.<\/p>\n

2. More Focus on Social Media Channels<\/h3>\n

Since Millenials and Gen Z have more online consuming power than the rest, companies will focus more on social media marketing to tap into this consumer pool.<\/p>\n

Social media channels like Facebook, Instagram, and TikTok have made it easy for creators and marketers to monetize their content online.<\/p>\n

Judging from TikTok\u2019s 700% CGAR increase in 2021, this social media platform is set to become the go-to for advanced data analytics. Live shopping on social media will also grow exponentially in the coming years.<\/p>\n

3. Emphasis on First-party Data<\/h3>\n

Consumers worldwide have continuously raised privacy concerns about Google and other data-mining companies. In response, Google has proposed a crackdown<\/a> on third-party cookies that will take effect in 2023.<\/p>\n

This move leaves companies with the solitary option of obtaining first-party data \u2013 obtained from tracking customers\u2019 browsing patterns and actions on a website.<\/p>\n

By analyzing this data, marketers can get actionable insights for product placement and future marketing campaigns. But without AI and deep learning algorithms, marketing executives will struggle to interpret this data.<\/p>\n

4. Better Customer Engagement and Retention<\/h3>\n

Companies that combine automation with advanced data analysis will improve customer satisfaction going forward, whether in customer service or targeted marketing.<\/p>\n

As the marketplace gets saturated with new products daily, consumers no longer feel the need to stay loyal to brands. Today, 32% of consumers<\/a> will abandon their favorite brand after one bad experience.<\/p>\n

\n \"stop-interacting\"<\/div>\n

As a result, companies will invest more to boost customer retention<\/a> and engagement across the board.<\/p>\n

5. Accurate Real-time Data Reporting<\/h3>\n

Getting a competitive advantage with marketing data and analytics depends on your company\u2019s ability to adjust your strategy as fast as possible. To this end, businesses are investing in real-time analysis and reporting tools to make informed decisions faster.<\/p>\n

Companies like Amazon and Google have fostered data-driven workflows and sales funnels by using cloud integrations to analyze and report data.<\/p>\n

To implement real-time data management, your company can use a change data capture (CDC) protocol to update the database and make real-time changes.<\/p>\n

6. Better Real-world Experience<\/h3>\n

In the past, customer experience focused on improving engagement metrics through A\/B testing. But with larger swathes of data available, marketers will focus more on real-world experience moving forward.<\/p>\n

Following Facebook\u2019s interest in the Metaverse, more companies will invest in VR and AR marketing strategies. Currently, only 25% of enterprises use these technologies to \u201caugment\u201d the user experience<\/strong>. This number will increase as the Metaverse becomes more popular.<\/p>\n

7. Effective Implementation of Data Findings<\/h3>\n

Gathering information without any practical implementation is a thing of the past. Nowadays, companies are exploring ways to convert all or most of their data into returns on investment.<\/p>\n

Let\u2019s explore various forms of data analytics in marketing to understand future implementations of data findings better.<\/p>\n