Establishing your brand in the competitive market place is far from being singularly focused in today’s noisy culture. However, finding the right mediums to connect with your audience isn’t a piece of cake either. That is where analytics come in. The availability of good online analytics help advertisers measure the effectiveness of each medium they are using online.
According to Harvard Business Review:
Most marketers think they know how their advertising affects consumer behavior and drives revenue. They correlate sales data with a few dozen discrete variables, and they rely on consumer surveys, focus groups, media-mix models, and online last-click attribution. But to treat advertising touch points as if each works in isolation is to misrepresent the way today’s complex combination of marketing efforts influences purchasing outcomes.
Firms of various sizes can make the shift to analytics 2.0 by engaging in three broad activities:
Attribution: quantifying the contribution of each element of advertising
Optimization: using predictive-analytics tools to run scenarios for business planning
Allocation: redistributing resources across marketing activities in real timeNichols argues that implementing analytics 2.0 means building the required infrastructure and entwining it in organizational culture, strategy development, and operations. Any company can begin that journey; businesses that don’t will be overtaken by those that do.
Source: HBR