To preview this article and for full access to all content, subscribe for free!
Analytics as applied to marketing strategy is a broad topic with many applications. Using analytics involves using mathematical algorithms to process data. The massive amount of accessible data available from the internet has revolutionized the amount of information we have access to, and created a demand for finding ways to use this data beneficially. Due to technological developments, such as greater storage capacity and faster processing speeds, software platforms have been and are being developed to utilize this “big data”.
In simple terms, analytics is about finding and analyzing data in order to understand it in a way that is relevant to your specific goals. This is done by finding patterns through correlating data and examining variables through the use of algorithms to determine “who, what and why” questions.
Various forms of analytics are relevant to marketers. These include predictive analytics (predicting future behavior), content analytics (to measure and analyze your content), descriptive statistics (summarize and describe data), and contextual data (prioritization, personalization, lead scoring), amongst others.
The many practical applications of analyzing data include measuring the quality of your campaigns, discovering and predicting trends and relationships, finding your best course of action based on possibilities and outcomes, testing your ideas by creating scenarios to determine possible outcomes, or gaining a better understanding of your customers. In short, analytics is automated reasoning, leading to greater knowledge and discovery, which leads to a more efficient marketing practice.
Do you write great B2B marketing and strategy content? Make sure your content features on our site - tell us about it.
As a subscriber, you get fast, uncluttered access to more than 6000 articles and resources (and growing) - only about B2B marketing and strategy. We do the searching for you and take you straight to the source.
If you're looking to learn more about a certain topic and you can't find it on this site, let us know and we'll search it for you.