SIMPLIFYING BUSINESS ANALYTICS VS MARKETING ANALYTICS
“ Without big data analytics, companies are blind and deaf, wandering out onto the web like deer on a freeway. “ – Quote by Geoffrey Moore, An American organizational theorist, management consultant and author.
At the very outset before we dive into the blog, let’s get the definition of a few key terms clear. The famous Merriam Webmaster defines analysis as “a separation of a whole into its parts”, and analytics is defined as “a method of logical analysis”. Data-driven marketers use both to make all sorts of plans & decisions, and each enables unique insights & issues required for analysing client behavior. Analysis refers to mulling over what has already happened, is done. Whereas analytics refers to using data to make forecasts to achieve certain goals. In this blog, we are looking at analytics only.
Marketing analytics refers to a holistic view of the interest & activities of trendsetters, clients, and prospects. As the name goes, it is reliant on the responses generated from the market. Based on the performance in the market, steps are taken to enhance or remove marketing outreach campaigns. The inability to capture data based on the marketing efforts will make it hard for proper analysis and future planning. Marketing teams view their website and analytics of social media as the first line of action. Website analytics quantify stuff such as clicks, page views, and conversions; social media analytics gives you a detailed overview of the brand’s performance across all social media channels in which you are present. Marketing analytics is much more than the totality of web performance - it also suggests options for offline marketing efforts. Marketing analytics is the best way to measure the effectiveness of marketing campaigns on pipeline generation and enhanced Return on Investment (ROI) thanks to all the efforts made.
On the other hand, business analytics provides valuable appreciation that aid in making strategic business decisions as well as refines select business processes in a number of ways including automation. The data available is key to making the decisions. The data hence needs to be up to data, clean and accurate. By clean, we mean no duplicate information or spelling errors and so on.
Marketing analytics is useful for many departments such as marketing, sales, client services as well as top management. This is because they provide important feedback which helps businesses fine-tune their priorities and secure their returns. Business analytics helps you to deal with real business issues & challenges, using advanced techniques like optimization, simulation, forecasting, and statistics. Marketing analytics is ideal for work on marketing issues; business analytics helps in general decision making process.
Though distinct, they can also be called “two sides of the coin ”. Both need the help of each other to ensure that the company does well. Hope the above blog helps you to distinguish between the two terms.