Assignment task: Share your opinion on this response:
One way that using marketing analytics has improved marketing decision-making is it allows organizations to be proactive and anticipate their consumer's needs rather than guess or rely on frequently buying customers. According to Neil Hoyne, chief measurement strategist at Google, "the companies that are going to win are the ones who are using data, not guessing" (Marketing the Future, 2020). Being able to leverage data points where people express thoughts and opinions can help businesses remain competitive and can lead businesses to deliver the right product to their consumers. Since goods sold are every organization's existence, this is typically the largest investment companies are making, and not understanding what your consumer's needs/wants are could cost the organization significantly (Marketing Analytics, 2020). With that comes personalization which optimizes the customer experience, and the use of analytics can help benchmark yourself against KPIs and continue to enhance the experience for consumers. Overall, big data boosts a business's performance, improves customer segmentation, and enhances the decision-making process. More specifically, 29 percent of marketers in the US say that marketing analytics has helped them grow their organization's sales revenues by as much as 26 percent. Additionally, 54 percent of companies using customer analytics have seen their profits grow considerably (Villanova University, 2020).
One disadvantage of having a heavy reliance on marketing analytics within decision-making processes is the potential for data misinterpretation. Inappropriate data collection methods can lead to inaccurate information which could lead to wrong decisions or create unrealistic financial projections, both of which can be detrimental to a marketing campaign (Wagner, 2017). While using analytics within marketing decision-making is undoubtedly positive, this flaw highlights the importance of using the data in conjunction with your marketing team's experience. Running any potential projections by the right professionals can help identify any pitfalls and can help businesses avoid an inept marketing strategy based on a flawed analysis.