Implementing Marketing Analytics

Implementing Marketing Analytics

Q1.

Despite gaining research from over 100 executives, is marketing analytics an actual tool that is of any consequence or is it an extension to a contract that is unnecessary?

Answer:

Marketing analytics is, in fact, an actual tool that is of great consequence because as it was stated in the article “Implementing Marketing Analytics”, “The objective of marketing analytics is to shift from intuition-based to fact-based decision making”. Implementing marketing analytics into a business can yield a greater ROI and ROMI. If a business were to continue implementing an intuition-based decision-making process, it may prove very costly in the short-term and long-term financial success for the business because the decisions are not fact-based. Marketing is one of the largest on-going investments that a business can pursue, which is why it is more important now than ever for businesses to adopt marketing analytics in their daily operations for fact-based decision making.

Q2.

Can marketing analytics really provide the end user with a cost-effective solution in the decision-making process, in so much as the results can directly be attuned to the analysis?

Answer:

Marketing analytics can provide the end user with a cost-effective solution in the decision-making process. What makes marketing analytics so effective is that it is fact-based decision-making. If a company were implementing an intuition-based decision making process, this would not be cost-effective because the decisions are not based on facts. If you have years of experience in a specific field, intuition can essentially be an educated guess, but there is still no guarantee that your decision will be right or wrong. This may prove to be very costly for a business if the end user were incorrect in their assessment because they were implementing intuition-based decision-making. Because of marketing analytics being a cost-effective solution in the decision-making process for the end user, the results can be measured and attuned to the analysis.