Top 5 Trends in Data Analytics
The world is waking up to the power of data in all spheres of life. The marketing community, as always, has been among the forerunners when it comes to milking all possible sources of data to learn more about its customers, and be more effective at marketing.
The amount of data we generate continues to increase exponentially by the minute, but some marketers still struggle to take advantage of this wealth of information. This is because gathering data is just the first step, but to be able to really use it, you need to be able to make sense of it.
This is where data analytics comes in.
Put simply, data analytics is all about extracting insights and patterns from large and complex datasets through the use of specialized tools and techniques. The specialized tools and techniques used allow us to draw valuable inferences from seemingly unrelated data points, discover hidden correlations and uncover trends that would have been otherwise missed. Earlier the domain of statisticians and mathematicians, most data analytics today is automated through algorithms, making it a lot easier for marketers to apply it.
Top 5 trends in data analytics today
Data analytics (DA) is an extremely dynamic space, with newer technologies and processes becoming mainstream at a fast pace. But nobody is really complaining, as it is really helping both marketers and businesses to get the most out of their budgets. Unlike the days of yore when one would be happy to just target the right demographic, DA allows us to get even more precise, and reach out to the most likely prospects at the time they are most likely to buy, with a message that is most likely to convert. This is no exaggeration.
What follows are some of the top DA trends which are transforming the way digital marketing is done today.
Trend 1: Data-driven everything
The internet has transformed how we interact with data. From reporting to analysis, everything is driven by data. It has also changed the way we do business and explore new opportunities. As such, today's companies are investing in data-driven solutions to maximize efficiency and optimize their workforce. It wouldn’t be wrong to say that data has transformed most major marketing decisions from being overly subjective, to those backed by a solid rationale. This in turn benefits digital marketers, as they would have access to a rich mine of customer data, that can be used as the foundation to plan and refine their own marketing efforts.
Trend 2: Artificial Intelligence (AI) and Machine Learning (ML)
The sheer quantum of data generated through every online action can be rather overwhelming. AI makes it easy to store, categorize and analyse data at an exponential scale. Self correcting ML algorithms help to further boost automation. Both these technologies can help with multiple aspects of digital marketing as well, such as customer engagement, content management, and conversion optimization. AI can process large quantities of data in a short period of time, with very little human effort and a high degree of accuracy. This information is analysed to provide insights for digital marketing campaigns.
Trend 3: Customer experience (CX)
Customer experience is at the heart business success today. It is no surprise then, that it forms the centre point of all effective marketing strategies today. Good customer experience translates to more business, whereas the opposite could even result in your business losing face.
Data analytics helps us understand our customers so we can deliver a better experience for them. Mining big data and using intelligent AI & ML algorithms can help brands create a customized customer experience at every touchpoint. This in turn increases customer delight and retention, making it a win-win for all involved.
Trend 4: Predictive analytics
Wouldn’t it be nice if you could second guess your customers, or campaign success, and it turns out right? Well, this is more or less what predictive analysis is all about.
As is evident from its name, it gives us fairly accurate insights into what we can expect with respect to online and offline behaviour, should we perform certain actions. This makes predictive analysis wildly popular across different applications, such as content creation and dissemination as well as who to target and when. Companies that have employed predictive analysis are able to make better business and marketing decisions, and have demonstrated increased leads. After all, when you know what you can expect, it just becomes that much easier to plan around it.
Trend 5: Social media & Video marketing
Data analytics through social data sets offer the chance to not only understand your customers and communities better, but use that understanding to create compelling content to better engage with them. Depending on what they like or dislike, what they share and comment about, where do they go and what actions do they take, what type or format of content gives better responses, it is easier to create content that can better resonate with them. In other words, DA just allows marketers to make better content choices online and offline.
In the highly competitive scenario today, implementing this can make the difference between building and losing customer preference.
All said and done, there is no denying that data analytics is going to be an integral part of digital marketing, going forward. It is going to be that fuel that drives better marketing that serves everyone involved. Exciting times lie ahead!
