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Unit VIII: Marketing Analytics

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Table of Contents

Unit Lesson

References

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Glossary

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Unit VIII: Marketing Analytics

Being able to understand marketing analytics is vital when evaluating digital marketing strategies. Marketing analytics consists of the ability to analyze data to “derive reliable, relevant, and useful information of value in performing the marketing function” (Tuten, 2020, p. 381). With a greater understanding of marketing analytics, it allows users to directly apply the variables of the marketing mix in a more effective manner. Based on this value, it should be one of the most significant priorities for a marketing manager when creating a research report or presentation.

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One of the most important metrics for marketers to evaluate is the overall performance of the firm. According to Tuten (2020), marketing performance includes the ability of a firm to evaluate effectiveness and efficiency or marketing activities as they relate to organizational objectives. Performance can be derived into measurements or metrics. These two attributes are used to create inputs that are used for analytic decision-making. Although we can measure performance with analytics, it is also important to determine how the value can be managed. When we evaluate the systemic level, we need to determine what is happening in the marketing environment that could potentially be impacting buyer behavior, competitive threats, future opportunities, and tactics or strategies (Tuten, 2020). Other issues that would be pertinent include innovation, relationship building, and bolstering brand equity (Tuten, 2020). The solutions can be formulated for these issues and can be used for asset-based decision-making, which is vital for delivering performance results to all stakeholders impacting the firm.

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Unit VIII: Marketing Analytics

As digital marketing has evolved, it has morphed into Industry 4.0. According to Tuten (2020), this evolution has turned into three respective spheres, which you can see in the image on the right.

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With progression into Industry 4.0, it has allowed technology to develop a stronger relationship to the analytics that are used by firms. Many of these technologies fall under one of the aforementioned spheres. The first example involves cognitive technologies. According to Tuten (2020), this would include natural language processing, semantic computing, sentiment, and text analysis. Some of these analyses include the use of statistical techniques that enable the analysis of written and spoken human languages by a machine (Tuten, 2020). Additionally, within this realm, artificial intelligence (AI) can be used for workflow automation and analysis of complex data sets.

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Unit VIII: Marketing Analytics

Two other useful tools for the use of technology and analytics include Internet of Things (IoT) and augmented reality. IoT “sensors capture continuous, real-time streams of data which can be analyzed at the sensor point using artificial intelligence and/or piped to an off-site platform to become part of a larger data set and used in predictive analytics and modeling” (Tuten, 2020, p. 17). This is very valuable data that can be used by a producer. For example, this has been very valuable for Apple in making respective changes to the Apple Watch. In their most recent iteration, it allows the Apple Watch to track blood oxygen levels. If blood oxygen levels are low, it could be a potential warning sign of COVID-19. This is valuable information for the consumer and producer.

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Unit VII: Brand Management and Value

Another surging technology to improve the relationship between the consumer and producer is augmented reality. This adds value from the analytics perspective, as “augmented reality devices and applications can capture data on user behaviors which can be integrated to complement data on other relevant variables for analysis” (Tuten, 2020, p. 23). Augmented reality allows consumers to experience a simulated reality, while simultaneously allowing for observation from third parties. Some examples of augmented reality being used by certain firms include Pokemon Go, IKEA mobile application, Disney’s Coloring Book, L’Oreal Makeup Application, and the U.S. Army. Please click on the 7 Incredible Examples of Augmented Reality Technology webpage to view video examples.

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As these Industry 4.0 technologies continue to evolve, it will continue to make marketing analytics a more valuable component in the future. Marketing analytics will be continuous in the requirements for advanced data and computer system integration that will allow for improvement in the collection of information that can be used to improve firm performance and consumer interaction. Next, you will answer just a few questions about this unit.

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Artificial intelligence would fall under which of the following spheres?

Digital

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Physical

Biological

None of the above

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Which of the following can offer improvements for employees relying on marketing metrics and the benefits of analytics?

Semantic computing

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Semantic computing

IoT

Text analysis

Augmented reality

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When is the impact of marketing analytics experienced by a firm?

Before the marketing activities are evaluated

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After marketing activities are assessed

After marketing activities are implemented

Before marketing activities are created

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References

Tuten, T. L. (2020). Principles of marketing for a digital age. SAGE. https://bookshelf.vitalsource.com/#/books/9781526485359

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Unit Glossary

Marketing analytics The ability to analyze data to derive reliable, relevant, and useful information of value in performing the marketing function.

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(Tuten, 2020)

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