Marketing and statistics: why invest in the duo NOW
Posted: Sun Dec 22, 2024 8:15 am
We have already spoken more than once about the importance of using science and data analysis in the marketing sector.
So, let’s start this post in a different format. Instead of the traditional introductory paragraph, we’ll get straight to the point: two great qualities of the “marriage” between marketing and statistics!
It encompasses performance measurement processes and technologies that enable marketing directors to make a sophisticated assessment of the success of their initiatives. With metrics such as ROI , attribution and effectiveness, it provides comprehensive reports on the performance of marketing programs.
It gathers data from all marketing channels and consolidates it into a single platform, providing valuable planning assistance.
Don't make decisions based on isolated data
Over the years, as businesses expanded into new marketing categories, new technologies were adopted to support them. Because they were typically applied in isolation, their results were presented in isolation from one another.
Consequently, marketing directors began to make decisions based on specific data, the “tip of the iceberg”, without taking into account the entire volume of data behind the isolated result in question.
After all, a non-contextualized snapshot of a situation has little or no effectiveness in providing specialized diagnoses. Marketing linked to statistics, on the other hand, considers all efforts across diverse channels and time intervals, allowing solid decisions for project execution.
What do you gain by applying statistical knowledge to your marketing project?
By combining marketing and statistics, you get answers to important questions such as:
How are my marketing initiatives performing today? What about long-term results? How can I improve them?
How do my marketing team’s activities compare to those of my competitors? Where are they investing time and money? What channels am I ignoring?
What’s next? Are my resources being invested in the right places? Am I dedicating time and money to the most successful channels?
How to prioritize investments next year?
Marketing and statistics: three steps to success
When we think about statistics, business analytics and data science, we have to collect data, analyze russia whatsapp number it and generate results. Therefore, to be successful in the following steps, it is essential to be careful in understanding and processing the data.
To generate the best results based on data science, follow these three steps detailed below:
1 — Analyze data continuously
To reach maximum potential, your marketing and statistics strategy should combine distinct techniques, as shown in the graph:
dothemath1
Descriptive analysis: by creating reports of past actions you can understand which elements of the campaigns generated the greatest return.
Explanatory analysis: understand what is behind the results presented in the descriptive analysis.
Exploratory analysis: Gain broader insight into patterns, trends, outliers, and unexpected results.
Predictive analytics: accurate predictions based on rich data to outline future actions.
Prescriptive analytics: have the answers you need to achieve a specific goal.
Such in-depth analysis of the data allows for the raising of hypotheses and determination of tests, such as those applied by CRO (Conversion Rate Optimization).
2 — Assess your analytical ability and fill blind spots
Organizations have access to a wide range of analytics capabilities to support marketing objectives, but the vast majority have blind spots. Filling these gaps in your analytics platform is an important step.
Therefore, it is very important to have data scientists on your team or hire a marketing consultancy specialized in data to obtain efficiency and positive results. Invest!
Another point, answer the question “where am I on the analytical spectrum currently?”, identify vulnerable points and start developing a filling strategy based on the notes that emerge from there.
3 — Act on what you have learned
The data collected by analytics tools is meaningless if you don't act in accordance with the guidelines they set out.
The joint application of marketing and statistics is a process of constant testing and learning through which you:
Identify deficient channels;
Adjust strategies and tactics according to needs;
Optimizes processes;
In conclusion, without the ability to test and evaluate the success of your marketing efforts, your organization would have no idea which strategies work and which don’t, which areas need to be changed, and how they should be implemented. Likewise, what’s the point of obtaining rich data and doing nothing with the insights generated?
So, do you know where to start? Follow our blog and stay informed!
In the banner below, you can access our free whitepaper on CRO strategies. One of the ways to use data and statistics to benefit your business.
This post is based on content originally published by the North American company SAS Analytics.
So, let’s start this post in a different format. Instead of the traditional introductory paragraph, we’ll get straight to the point: two great qualities of the “marriage” between marketing and statistics!
It encompasses performance measurement processes and technologies that enable marketing directors to make a sophisticated assessment of the success of their initiatives. With metrics such as ROI , attribution and effectiveness, it provides comprehensive reports on the performance of marketing programs.
It gathers data from all marketing channels and consolidates it into a single platform, providing valuable planning assistance.
Don't make decisions based on isolated data
Over the years, as businesses expanded into new marketing categories, new technologies were adopted to support them. Because they were typically applied in isolation, their results were presented in isolation from one another.
Consequently, marketing directors began to make decisions based on specific data, the “tip of the iceberg”, without taking into account the entire volume of data behind the isolated result in question.
After all, a non-contextualized snapshot of a situation has little or no effectiveness in providing specialized diagnoses. Marketing linked to statistics, on the other hand, considers all efforts across diverse channels and time intervals, allowing solid decisions for project execution.
What do you gain by applying statistical knowledge to your marketing project?
By combining marketing and statistics, you get answers to important questions such as:
How are my marketing initiatives performing today? What about long-term results? How can I improve them?
How do my marketing team’s activities compare to those of my competitors? Where are they investing time and money? What channels am I ignoring?
What’s next? Are my resources being invested in the right places? Am I dedicating time and money to the most successful channels?
How to prioritize investments next year?
Marketing and statistics: three steps to success
When we think about statistics, business analytics and data science, we have to collect data, analyze russia whatsapp number it and generate results. Therefore, to be successful in the following steps, it is essential to be careful in understanding and processing the data.
To generate the best results based on data science, follow these three steps detailed below:
1 — Analyze data continuously
To reach maximum potential, your marketing and statistics strategy should combine distinct techniques, as shown in the graph:
dothemath1
Descriptive analysis: by creating reports of past actions you can understand which elements of the campaigns generated the greatest return.
Explanatory analysis: understand what is behind the results presented in the descriptive analysis.
Exploratory analysis: Gain broader insight into patterns, trends, outliers, and unexpected results.
Predictive analytics: accurate predictions based on rich data to outline future actions.
Prescriptive analytics: have the answers you need to achieve a specific goal.
Such in-depth analysis of the data allows for the raising of hypotheses and determination of tests, such as those applied by CRO (Conversion Rate Optimization).
2 — Assess your analytical ability and fill blind spots
Organizations have access to a wide range of analytics capabilities to support marketing objectives, but the vast majority have blind spots. Filling these gaps in your analytics platform is an important step.
Therefore, it is very important to have data scientists on your team or hire a marketing consultancy specialized in data to obtain efficiency and positive results. Invest!
Another point, answer the question “where am I on the analytical spectrum currently?”, identify vulnerable points and start developing a filling strategy based on the notes that emerge from there.
3 — Act on what you have learned
The data collected by analytics tools is meaningless if you don't act in accordance with the guidelines they set out.
The joint application of marketing and statistics is a process of constant testing and learning through which you:
Identify deficient channels;
Adjust strategies and tactics according to needs;
Optimizes processes;
In conclusion, without the ability to test and evaluate the success of your marketing efforts, your organization would have no idea which strategies work and which don’t, which areas need to be changed, and how they should be implemented. Likewise, what’s the point of obtaining rich data and doing nothing with the insights generated?
So, do you know where to start? Follow our blog and stay informed!
In the banner below, you can access our free whitepaper on CRO strategies. One of the ways to use data and statistics to benefit your business.
This post is based on content originally published by the North American company SAS Analytics.