Data analytics in marketing is no longer an additional resource for generating better ROI, but it has become an inseparable part of marketing in general today. Shaping marketing strategies across all online and offline platforms, marketing data analytics has become one of the most important factors that determine how to launch effective campaigns with high potential ROI. As we discuss some of the most influential and revolutionary changes that digital marketing analytics introduced to branding and promotions, it should help readers get a better mental image.
The Role of Modern, Predictive Digital Analytics: How It Changed Everything
Predictive Analytics and modelling are by no means new practices because financial analysts have been making them for a long time - well before the term digital marketing was ever coined. However, what predictive digital analytics did a few years ago was unprecedented because of how shockingly accurate the results were. Manufacturers and marketers were able to get an estimate of what their customers wanted from them and when, sometimes even fulfilling demands that were already there, but not fully realised by the customers themselves.
Thanks to artificial neural networking (ANN) powering intelligent algorithms, human analysts were able to sort, decipher, and rationalise the results into readable reports for executive decision-makers. They were also able to do so at an astonishing pace with surprising accuracy. In contrast to early apprehensions, the human analyst was never replaced by intelligent software, but AI tools augmented talented digital marketing analysts with abilities to create predictive reports that are becoming increasingly accurate by the year. From consumer behaviour predictions and quarterly sales expectancies to marketing campaign themes for the highest possible success rate, the scope and accuracy of predictive analytics is now far beyond anything that could have been imagined even in 2016.
How Were Things Before Digital Data Analytics?
Prior to becoming aware of how data analytics can have a revolutionary impact on marketing returns, marketing campaigns were mostly limited to guesswork based on historical evidence of success. Not that consumer data collected from surveys was ignored by every company back in the day, but it only played a secondary role in most cases. All one needs to do is look at the numerous disastrous marketing campaigns from the old days to know how much guesswork and personal opinion went into designing what should have been by default, customer-centric.
Even after the importance and significance of data analytics in marketing was realised later, it could not be properly maximised yet because the digital tools that made it all possible were not there yet. Nevertheless, as soon as data analytics became a big part of planning marketing campaigns from the 90s onward, ROI rates did improve drastically with each passing decade. However, the full extent and impact of combining digital marketing with data analytics was only realised in roughly the last 5-years. Thanks to the rapid and unprecedented progress of digital technology, social media platforms, and e-commerce in the last few years, marketing data analytics has completely changed both results and expectations from each and every campaign.
Impact of Data Analytics on Employment
Take a look at any of the managerial/executive job postings in 2022. You will notice that almost all of them specifically mention that the applicants should have a thorough understanding of digital marketing analytics. Now, look at non-executive marketing job postings from some of the best companies in marketing today. Once again, notice that they mention that applicants should/must have functional knowledge in marketing data analytics.
The point is that alongside changing how companies manufacture and market their products, data analytics also changed the modern employer’s expectations across the globe. Whether you are a working marketer or an aspiring student who is interested in marketing analytics, having a degree in digital data analytics will automatically put you in an advantageous position. You will have a better chance of getting hired by the top employers, receiving pay bumps, and progressing through the ranks in marketing and/or data analytics. In that respect, the Aston University Online Program in Digital Marketing Analytics can be a gamechanger for both national and international students.
On getting qualified from an internationally recognised university, students naturally become more eligible to apply for jobs outside their own respective nations. For professionals and students in developing nations, the popularity and demand for digital marketing analysts have expanded their potential job opportunities. Even when travelling to and working in a foreign nation is not a practical option for someone, they can still use their accredited and recognised skills to join international businesses as a remote worker. Even for digital marketing data analysts in the UK, the opportunity to work in other nations can be far more alluring. For example, the average salary of a marketing data analyst is roughly £30,000 here, but it’s close to £44,500/$58,000 per year in the United States.
The Impact of Data Analytics on Production and Marketing
To properly understand the impact here, we need to understand how digital data analysis turned the entire industrial process upside down. Whereas previously, marketing was a tool to promote premanufactured products to consumers for creating demand, production and marketing is now dictated by consumer demand instead. Digital analytics changed the perception that companies needed to manufacture products and create new markets for them because the manufacturers were now able to find the existing in-demand markets that were not being catered to.
Marketers previously needed to promote products that neither had a market demand yet, nor was there a guarantee that there would be one in the future. Instead, marketers only had to run intelligently designed and customised campaigns to promote products to an already identified target audience. Consequently, the ROI from marketing campaigns skyrocketed in comparison to previous records. Not that the job was easy now, but chances of success were a lot higher than it used to be. In other words, digital marketing analytics aligned customers, products, rate of production, and marketing campaign designs in statistical relevance.