The Importance of Marketing Analytics For Business Leadership
One of the hottest occupations in all of business is that of marketing. Leaders in this challenging field need expertise in the latest marketing strategies, many of them driven by data analytics.
That sort of expertise is available for those who earn an MBA with a Marketing concentration. It prepares graduates for leadership in marketing, product development and advertising.
Marketing analytics plays a role in all these areas. Knowledge on how to leverage information gleaned from large datasets can help drive successful marketing campaigns. Here are some of the possibilities in marketing analytics, all of which those who earn an MBA with a Marketing concentration will discover as they develop their expertise in the profession.
Segmenting Customer Demographics
Not long ago, marketing efforts painted with a broad-stroke brush. A campaign was designed to reach all consumer segments with one message. Data analytics has changed that. Marketers can now find trends and niches among certain subgroups within their customer base. They then can target campaigns specifically to meet their needs.
The segmenting of consumer data also allows for more personalization of marketing content. Using the simple example of a pet supply store, you can now target messages to those who own some of the more popular breeds. Or, you can create diverse types of content for those who own small dogs and those who own large dogs.
While this takes effort, marketers have learned the advantages of creating content and marketing messages aimed at specific groups of people. These personalized messages help to attract and retain loyal customers.
Predictive Marketing Analytics
Advanced marketing analytics can determine the expected success of a marketing campaign based on past results and the behavior of consumers. It can help drive strategy on where to invest marketing dollars and support both short-term and long-term marketing strategy.
This is an area of major difference in the data-driven world. Guesswork is no longer part of the marketing equation. Marketing analytics allows for business leaders to see in real-time how various efforts are working or not working. This is a key component to the modern business world. There’s now no reason to waste money on campaigns that are performing poorly. Data also offers the opportunity to make adjustments that will improve campaigns.
Using The Right Data
Collecting data is no longer the challenge for organizations. Instead, the question is what data to look at and how to use it. Those who earn an MBA with a Marketing concentration will get the latest strategies on how to use data – a skill of significant importance to business leaders who often struggle with how to best use information taken from data.
These are some of the ways marketing analytics can change how marketers approach their jobs. Learning how to use data analytics is a critical area for every person who earns an MBA with a Marketing concentration. Earning a graduate degree is worth considering for those who want to take on the top jobs in the marketing profession.