Marketing Analytics Trends to Watch in 2021

1. Marketing Analytics Trends to Watch in 2021 Every year, the marketing industry evolves. Businesses and organizations must stay up with changes in marketing trends as they emerge. As customer needs and behaviour evolved, firms were forced to shift from conventional marketing channels such as print and electronic to digital channels such as social media, Google Ads, YouTube, and others. Businesses have come to view marketing analytics as an essential component of marketing since they are the key reason for success. In unpredictable times, marketing analytics tools compute and analyze market condition and improve company strategy. As Covid-19 became well known, firms that depended on traditional marketing analytics tools and historical data discovered that many

2. of these approaches had become obsolete. A large amount of data was made unusable due to the epidemic. With machine learning (ML) and artificial intelligence (AI) in marketers’ arsenals, marketing analytics is going virtual in 2021, signaling a revolution in the marketing environment. They are also shifting away from depending just on AI technology and toward merging them with big data. Through sophisticated marketing qualities, AI and machine learning assist advertisers and marketers in improving their target demographic and re-strategizing their campaigns, which boosts client retention and loyalty. While technology enables targeting and measurement, marketers must reaffirm their commitment to customer privacy, data rules, and governance in their operations. They also rely on data from third parties. These data and analytics trends will assist firms in dealing with dramatic changes and uncertainties, as well as the possibilities they provide, in the coming years. To understand why firms are leaning toward these marketing analytics trends, consider why they are so crucial. Importance Of Marketing Analytics

3. New technologies were used to help firms as they expanded into new marketing areas. This new technology was typically installed in silos, resulting in disparate and unconnected data sets. Traditionally, marketers made judgments primarily on data from individual channels, such as website stats, without considering other marketing channels. Metrics from your website and social media are insufficient. Marketing analytics tools, on the other hand, look at all marketing done across channels over a period of time, which is critical for informed decision-making and successful program execution. Marketing analytics may assist you evaluate how effectively a campaign is doing in terms of meeting corporate objectives or key performance indicators. New technologies were used to help firms as they expanded into new marketing areas. This new technology was typically installed in silos, resulting in disparate and unconnected data sets. Traditionally, marketers made judgments primarily on data from individual channels, such as website stats, without considering other marketing channels. Metrics from your website and social media are insufficient. Marketing analytics tools, on the other hand, look at all marketing done across channels over a period of time, which is critical for informed decision-making and successful program execution.

4. Marketing analytics may assist you evaluate how effectively a campaign is doing in terms of meeting corporate objectives or key performance indicators. Real-time marketing data analytics is on the rise Reciprocation to any activity is the hottest trend in digital marketing right now, especially after Covid. Brands and businesses work hard to respond to client inquiries and deliver answers. Running queries in a low-latency consumer data platform has enabled marketers to narrow their focus by audience and identify underperforming industries. Once this information is gathered, organizations and brands may fine-tune their consumer targeting and message to improve their success. Organizations must invest in marketing analytics tools and platforms to balance data loads with processing for business intelligence and analytics on a greater scale. The platform must enable multiple types of jobs to operate in parallel by allocating resources to groups as needed. This provides data scientists with greater freedom and access to response data at all times. Real-time analytics can also help marketers detect hidden dangers and issues in their strategy. Marketers will need to undertake a SWOT analysis and constantly tweak their efforts to better fit them. Data security, regulatory compliance, and protecting consumer privacy

5. Protecting market data from an increase in cybercrime and breaches is a critical issue to solve in 2021. This year has witnessed an increase in data breaches, which have harmed organizations and their infrastructures to varying degrees. As a result, marketers’ spending in encryption, access control, network monitoring, and other security measures have skyrocketed. Organizations have shifted to platforms where all customer data is in one place to assist comply with the European Union’s General Data Protection Regulation (GDPR), the California Consumer Privacy Act (CCPA), and other regulatory agencies. Advanced encryption and stateless computing have enabled the secure storage and sharing of controlled data in a single location. Interacting with a single copy of the same data makes it much easier for compliance officers tasked with identifying and removing every piece of information relating to a certain client, and the chance of oversight is eliminated. Marketers must protect the privacy of their customers. They provide users the option to opt out, delete their data after leaving the site, and erase information such as location, as well as access control to personally identifiable information such as email addresses and billing information that is distinct from other marketing data. Predictive analytics Predictive analytics uses machine learning and artificial intelligence to examine acquired data and forecast future events. It creates a lookalike audience and determines which customer strata are most

6. likely to become high-value customers and which customer strata are most likely to churn. It also predicts users’ interests based on their browsing history. Better ML models have improved predictions over time, resulting in enhanced customer retention and a decrease in churn. According to Zion Market Research, the global market for predictive analytics is expected to reach $11 billion by 2022. Investment in first-party data Website monitoring provided by cookies enabled advertisers to identify who was visiting their website and re-calibrate their adverts to these people throughout the web. However, Google said in 2020 that cookies will be phased out of Chrome within two years, while they had already been eliminated from Safari and Firefox. Because adding low-friction tracking to web sites is difficult, marketers will have to collect more restricted data. This will then be combined with first-party data sets to provide a more complete picture of the consumer. Although this is a significant victory for consumer privacy campaigners, marketers and agencies will find it more difficult to retarget advertising and create audiences on their data management systems.

7. Marketers now understand how consumer data is obtained in a digital environment without cookies, can reflect on their marketing models, and review their marketing approach. Emergence of contextual customer experience Since the denial of cookies, these marketing analytics trends have grown more contextually aware. Marketers have an extra incentive to invest in insights since they are losing their data sets and behavioral data. Marketers must focus message based on known and inferred client factors such as age, geography, income, brand affinity, and where these customers are in their purchasing path. Marketers, for example, should adapt message in advertising to make up consumers based on the frequency of their shop visits. Effective contextual targeting is dependent on marketers using a single platform for their data and building a comprehensive consumer profile. Reliance on third-party data Despite a decrease in third-party data collecting, marketers will continue to invest in third-party data that provides a comprehensive view of their clients and supplements the first-party data they have. Third-party data has always proven difficult to get and retain for marketers. There are new platforms that address issues with data

8. enhancement such as long time to value, the expense of managing third-party data pipelines, and data governance issues. According to a survey conducted by Interactive Advertising Bureau and Winterberry Group, US advertisers spent upwards of $11.9 billion on third-party audience data in 2019, an increase of 6.1 percent from 2018. This predicted growth curve is expected to be even higher in 2021.