In our data-driven era, the need for high-quality marketing analytics is greater than ever before. Advertisers have access to increasingly more data sources, which can generate valuable insights about their customers and their purchase decisions.
Future-oriented companies therefore use new analytics technologies and processes to optimize marketing. In this blog post, we discuss the top 4 trends that will shape marketing analytics today and in the near future.
1. MARKETING ANALYSTS NEED TO LEVERAGE A VARIETY OF NEW DATA SOURCES
In addition to technology giants such as Google, new providers in the market are also expanding their constantly growing marketing capabilities to include additional data sources. Thus, companies are having to deal with the ever-increasing complexity of data collection, data cleansing and data usage. The challenge of managing this flood of data is one of the main reasons why many advertisers still rely on conjecture or gut feeling for marketing decisions instead of making decisions based on existing data.
In order to obtain a holistic picture, different data sources must be interlinked. If this is successful, marketing analysts not only create valuable insights for marketing, but also help their companies to drive customer interest and generally offer a better customer experience. In addition to pure data analysis, analysts also need to identify where they can find relevant data, filter relevant data and develop strategies based on this data to drive marketing decisions.
2. ARTIFICIAL INTELLIGENCE BECOMES ESSENTIAL FOR ANALYTICS
The rapidly growing importance of Artificial Intelligence (AI) for data analysis is another trend that will even grow in 2018. Due to the amount of data that advertisers collect on a daily basis, it will no longer be possible to analyze it by humans alone.
The main task for integrated AI will be to find patterns in the large data sets and thus provide the analyst with information and suggestions on how a marketing strategy can be optimized.
The main task of data scientists will be to use this automation and to integrate scalable insights into intelligent business processes.
3. THE TASKS OF MARKETING ANALYSTS ARE CHANGING
Due to the growing data volumes and consequently higher information density, as well as the use of new data sources and AI tools, the field of activity of analysts will change. It is no longer simply a matter of preparing data, but of generating insights and deriving stories. Who is the customer? What are his likes and dislikes? Why is he interested in a particular product?
While traditional analyst tasks consist of skills like SQL, Excel or business analysis, more and more is expected of data analysts nowadays. Data must be obtained and consolidated from a wide variety of sources. The visualization of data into graphs or statistics is becoming increasingly important since the data must be prepared in such a way that even non-analysts can quickly and easily derive new trends and opportunities from them.
4. THE IMPACT OF GDPR ON DATA ANLYSIS
The General Data Protection Regulation (GDPR) is a regulation of the European Parliament, the Council of the European Union and the European Commission intended to strengthen and harmonize data protection for all persons within the European Union. The new rules will apply to all companies processing data of EU citizens, regardless of where the company is based.
In connection with data protection, big data analyses are discussed rather critically. The data analysis should therefore always be subject to a data protection control by the advertiser and provided with standard data protection functions (Privacy by Design & Privacy by Default).
Data collection and storage should therefore be geared to the purpose of the analyses. It is not about collecting as much data, as possible, but the right data sets. If a person cannot be identified, data protection does not restrict analyses. Users can be addressed according to their needs and interests without identifying the individual.
More information about the GDPR and its effects can be found in our FAQs.
Marketing analytics changes every second and continues to develop. New channels and technologies lead to new data and provide advertisers with more possibilities for data collection and analysis. The new opportunities and challenges are changing the demands on data analysis and data scientists.