Marketing and advertising are two of the most important drivers of modern business. In an economic environment where the world's consumers have such a wide range of choices for virtually every product or service they could possibly need or want, companies have to make sure that they stand out among their competitors. It naturally follows, then, that marketing is one of the primary methods through which these brands attempt to distinguish themselves.
Analytics and business intelligence can be some of the most valuable tools to deploy in the context of a marketing effort. Leaders of marketing departments within companies that have not fully adopted these solutions should work quickly to educate themselves on the benefits of doing so, and look at examples of how this has been successful.
How data analysis and measurement benefit marketing
According to CMS Wire, the collection and analysis of real-time data through the proper analytics and BI software can bring in enormous dividends for marketers. It becomes possible to compare and contrast the value propositions of different products or services. Additionally, the causality regarding all variables that are involved in marketing – demographic information, sales figures, click-through rates and other metrics – can be properly measured.
The source also reported that data and analytics tools can help marketers understand the ways in which potential sales leads – as well as new and returning customers – view and consume various different types of media. By knowing the times during which these individuals are online and engaging with various media outlets, businesses can tailor their marketing and advertising campaigns in accordance with these user behaviors, and will also be able to maintain consistent branding over multiple channels. Finally, ROI will be easily tracked, in order for organizations to determine what's working and what's not in their campaigns.
Spotify plans to use analytics capabilities for unique marketing opportunity
As one of the biggest streaming music services in the world, Spotify reaches millions of users each day. According to The Guardian, the company is now conceiving a new initiative that has the potential to increase its appeal and presence – one that uses algorithms and analytics to determine custom playlists for users based on their heart rates and body temperatures.
The news source stated that Spotify does not plan to go live with this function in the immediate future, as the capabilities are not available yet. However, Spotify Product Manager Donovan Sung believes that as smartphones become more advanced in the next few years, they could boast the functionality necessary to track these biological metrics through the Spotify mobile app. This would allow the service's analytics to quantify the data and use it to devise unique playlists.