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Business Analytics Data Analysis & Decision Making – Data science and big data analysis in marketing can give you unique opportunities for business and market development.
Data mining and analysis tools collect insights from various sources such as market research, CRM, digital marketing, sales, email, web, and social media.
Business Analytics Data Analysis & Decision Making
The tool then makes conclusions or predictions that are a solid basis for successful marketing decisions as well as growth in this era of innovation.
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Data analysis is the process of examining raw unstructured data to Summarize, make predictions, find trends or answer questions.
The process of data analysis is carried out by special software tools that combine data mining techniques and several algorithms.
Data analytics tools can analyze historical marketing data (such as customer purchase history from your CRM system) to reveal what happened in the past and why.
They also give you a comprehensive view of your customers across channels, helping you customize your marketing and engagement with your customers and helping you improve your social media strategy.
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In fact, the use and benefits of data analysis in marketing are great. Let’s look at some of the most important details.
Customer behavior analysis is an examination of how customers interact with your business (including brands, websites, products, applications, etc.).
Behavioral data is obtained from various sources such as websites, CRM systems, call centers, marketing automation systems, and billing systems.
The goal is to get a complete picture of your customers as well as insights that you can use to optimize customer conversion, engagement and retention.
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The most popular part of behavioral analytics is digital behavioral intelligence that lets you see everything a customer does on your website.
There are data analysis tools that can record every action that customers make on your website – from mouse movements and scrolling to device rotation.
They also reveal where and why your customers experience friction on your website, allowing you to solve problems related to the experience level.
That way, you can spot issues like poor product engagement or poorly performing surfaces, and then improve the customer experience and gain a strong competitive advantage.
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Loan exchange (a company that provides financial instruments) increased by 108% with the help of a behavioral tool – Decibel.
The digital experience is everything for Lone Exchange. Their website connects borrowers with lenders through an online application process.
The UI design team relies on data analysis provided by Decibel to clearly see where digital pain points exist and identify opportunities for improvement.
With the help of Decibel’s insights, The Loan Exchange designed a new website and mobile app.
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In addition to the new design, Decibel has allowed the web team to pay special attention to critical application processes to ensure a flawless experience and maximize conversions.
Conversational marketing is the use of platforms for direct interaction (such as live chat, chatbots, and social media platforms) to promote personal interactions with users in real time.
The most popular forms of conversational marketing are chatbots and live chat. But there are other ways to interact, including email, phone, replying on social media, etc.
Big data analysis in conversational marketing enhances the understanding of your customers. Additionally, the “cloud” component of big data brings conversational interactions (such as chatbots and live chat).
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For example, a chatbot works by turning raw data into conversation. To be able to answer customer questions, chatbots use information from past conversations, orders, search behavior, emails, phone messages, documents, etc.
Unlike humans, chatbots can process a lot of information related to a single customer. Therefore, data is invaluable in conversational marketing, leading to immediate personalized responses designed to increase customer engagement.
Information is also the reason for the important benefits of chatbot: 24 hours, immediate and frequent answers, endless patience, customer relations and increased sales, deep customer understanding, etc.
By helping car buyers find answers to a variety of questions, Kian has created 3X more interactions than the company’s website.
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Qian can also tell customers who have lost their keys, for example, how to get a new set and take them to a local dealer.
The bot also helps with services such as payments, roadside assistance and finding car inventory to compare with competitors.
With its chatbot, Kia aims to give customers everything they need within Messenger – from information to payments and more.
Predictive analytics is the use of data systems and techniques to determine the likelihood of future events or outcomes based on historical data based on past customer behavior and habits.
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It helps marketers to identify future risks and opportunities thus enabling the most effective data-based decision making process.
Predictive analytics allows you to predict your customer’s “next move” in your marketing model – especially online. You can predict the engagement points at which customers are likely to convert.
The ability to target the right audience at the right time is one of the most valuable marketing skills.
And predictive analytics software tools help you not only target the right audience, but also attract them with the most appropriate text, images and headlines with the highest conversion rates.
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It can also show marketers how likely consumers are to buy again and how to prioritize customers based on a variety of factors.
With predictive analytics tools, you can determine which marketing channels (such as social media, email marketing, PPC advertising, etc.) yield the best results in engagement and response rates.
To keep customer churn low, you can use predictive analytics to catch signals that indicate customers are likely to leave your brand or discontinue your service.
For example, Harley Davidson uses predictive analytics to attract leads and close deals. In addition, they can identify potential customers who are ready to buy.
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When registering on the Stitchfix website, users take a survey about their style. Predictive analytics are then used to offer customers the clothes they want and like the most.
Digital marketing includes all forms of marketing that use electronic devices or the Internet. The most common types of digital marketing include:
Today, the role of data analysis in digital marketing is the number one priority for many marketers. Because big data provides great insight into all of the above areas.
For example, a well-informed SEO tool not only helps you find the right keywords to rank your website better in search engines.
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It allows you to analyze your competitors’ websites, understand your competitors’ advertising budgets, analyze your traffic reports, do deep backlink checks, create SEO strategies, discover new niches, and more.
From finding prospects and scheduling social media posts to managing social content, measuring results and customer service, big data technology helps you do more with your social media.
In addition, social management tools analyze social messages at scale and understand what your audience is saying about your brand in them.
When it comes to advertising, special data-based tools can help you determine the best ad text and optimize your ad for more clicks and revenue.
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Big data can transform your email marketing by helping you create automated email campaigns, optimize email subject lines, choose the right time for your email campaigns, customize content to nurture leads, more opens, clicks and conversions, can also make you stronger.
Big data is also changing influencer marketing. Using influencer software, you can discover and manage influencers and develop relationships with your influencer community.
You can also process posts by Influencers and analyze them to understand how well a particular Influencer fits your brand.
Croatian camping agency AdriaCamps was founded in 2015. Entering a crowded market, the company wanted to use inbound marketing. So, they chose HubSpot to help start-up marketing.
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AdriaCamps is looking for ways to not only attract visitors to their website, but also gain insights that can help with lead nurturing campaigns.
With the help of HubSpot, AdriaCamps can identify buyer personas, research keywords that will help them rank higher with search engines and create content for their blogs, emails and landing pages.
They also added calls to action and forms on almost every page, which allowed them to collect valuable information about their visitors.
“HubSpot helped us exceed all of our budget numbers. In the first six months, we had 60% more leads and 66% more than expected. This has allowed us to learn deeply about our customers and target them in a perfect way – I recently sent an email campaign to just eight contacts! We can see that it is working. Our email open rate is 45% and our click through rate is 20%.
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And if you are a medium or large business, you need to customize this journey for 2,000 or 200,000 or 2,000,000 different buyers.
Data analysis software helps you understand the behavior and patterns of customers at scale and provide personalized recommendations for each buyer. This helps the buyer to make a purchase decision easily and quickly.
Marketers use data analysis tools for personalization to reduce friction for buyers and increase the quantity and quality of quality leads in their channels.
Marketing personalization can be of various types such as targeted advertising, personalized emails, product recommendations, dynamic website changes, targeted notifications, etc.
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The truth is that if you have a website, you should do personalization (such as product recommendations or related posts).
Therefore,
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