What's the importance of data in Marketing Analytics?
It was a pleasure for us to partner up with IPAM and receive the students of the Global Bachelor's Degree in Marketing to present the "Importance of Data in Marketing Analytics". This workshop aimed to demonstrate how companies can combine data analytics with marketing expertise, to improve their business' performance. Analytics helps marketeers promote the right product at the right price and place to the right people, by turning data into insights and insights into actions.
To optimize marketing decision making, the customer must be at the core of the chosen solutions. However, the diversity of customer needs and preferences proves to be a challenging input to mold into business decision processes. By improving their analytical marketing approach, companies can leverage customer knowledge into accurate customer response models that enable the estimation of bottom line decision impacts. Only then are companies able to implement optimization processes that can truly impact daily and strategic marketing decisions that maximize the value not only to the business but to the customer as well.