Today’s world is driven by data and leading-edge companies are flying high with top-notch technological innovations. Giant companies like Netflix, Amazon, Airbnb, and even Google have been leveraging the power of analytics to achieve desired growth in relevant areas. When a business analyst collaborates with a digital marketing team, the results are marvelous.

Business Analytics helps businesses understand the business data, its target audience, market trends, and more to perform better. Without Business Analytics, all the efforts that an organization invests in marketing and promotion would go in vain. Thus, business analysis plays a crucial role in the effective operation of any organization. 

This blog will help you understand what business analytics is, why it is employed in digital marketing, how it impacts digital marketing for a business, and so on. In short, you’ll read all the progressive roles that Business Analytics plays in marketing for a business in this blog.

What is Business Analytics?

Business analysis is a process of reviewing historical data & technologies to gain new insights using specific techniques. It is also a process of performing a set of tasks to identify individual business needs and then recommending appropriate solutions to make smart business decisions.

Business analytics is being employed across industries worldwide. However, the core reasons behind the usage are to uncover patterns, trends, and correlations, make data-driven decisions, improve processes, and inform strategic planning.

As we proceed to the next section, consider getting started with GUVI’s Business Analytics and Digital Marketing Career Program, which lets you gain practical experience by developing real-world projects and covers technologies including Power BI, Excel, SQL, Tableau, Data Visualization, etc. for a thorough hold over the field.

Additionally, if you would like to explore Marketing Research Techniques through a self-paced course, try GUVI’s Marketing Research Techniques Self-Paced certification course.

Why use Business Analytics in Digital Marketing?

Many high-performing organizations saw 65% ROI just with 190% more use of business data analytics practices.

It is quite essential for analyzing the competition in the market to determine the areas of improvement and develop strategies to face the high competition in the market. Businesses should understand the true potential of their analytics to predict sales, identify consumer trends, and optimize their sales funnel. This data collection could help businesses better understand how customers think and act. By this businesses can adjust their strategies accordingly.

Now that your business enjoys the perks of digital marketing, you need digital analytics in the first place to evaluate the outcomes as well. This is the reason behind the expectation of recruiters for new-age marketers to possess the skills of business analytics to upgrade their careers. 

How does Business Analytics Plays a Major Role in Digital Marketing?

Here are the big profiting reasons for implementing Business Analytics in Digital Marketing. Read till the end for entering into a digital marketing career with the most appropriate guidance.

1. Understanding the Consumer

A marketer needs to understand the behavior and needs of a consumer. This helps to target the perfect customer at the perfect time with a perfect message to hook them toward our product.

Analytics will mobilize marketers to analyze customer behavior, determine their buying patterns, predict their purchasing pulse, customize their experience, and optimize pricing plans for accelerating sales.

With big data analytics in the picture, its usage has been evident in maintaining customer experience and satisfaction across all platforms.

2. Segmentation of the Audience

The latest tools in Business Analytics empower the marketer to prepare segment-wise reports, based on which the marketing manager can determine where to concentrate his resources.

Further, Analytics will enable the implementation of ‘cohort analysis’ to check whether user engagement is actually improving over time or is only appearing to improve because of growth. Consequently, a well-performing marketing funnel can be set up based on behavioral segmentation.

3. Optimization of Marketing Spends

The expenditure on marketing is one supreme factor for better budget distribution and high ROI.

Did you know this fact? McKinsey, the world-famous consulting company with the most trusted advisors, estimated reinvesting of about $200 billion worldwide in other areas by optimizing marketing spending with analytics.

Analytically optimized marketing spending will avoid the risk of inefficient ad campaigns, drainage of budget in PPC(Pay-per-Click), and wrong attribution costs.

By taking Business analytics data into digital marketing, businesses can find areas where budgets can be revised. New technologies or tools can be brought in to replace the older ones to save time, effort, and money. The data will keep the stakeholders informed of the expenses and cost savings from time to time.

With well-researched data and analysis, marketers can draft an efficient budget plan for rightly performing channels with attributes.

4. Competitor Analysis and Content Marketing

Enlisting the major competitors, then managing and analyzing the information will come in handy for digital marketers. This helps determine the areas of improvement, and strategic tactics to be employed to achieve an edge over the competitors.

With the accurate target audience from analytics and comparing the content on the competitor’s website, a huge impact can be made through Search Engine Optimization (SEO), Email Marketing, and so on.

5. Precise Measurement of ROI 

In almost all cases, a professional with technical and business analysis skills is required to design, deliver and interpret data produced by multiple applications. 

Moreover, the increasing complexity of the technological ecosystem clubbed with a greater number of potential data sources generates the need for analytic tools to calculate what is practical and cost-effective.

However, even if the company is data-driven, the business analytic tools facilitate companies to predict the ROI of all marketing activities.

6. Catalyzes E-commerce business

A whopping 79% of smartphone users have made a purchase online using their mobile device for 6 months. Here, it’s not about data analytics, but observing the detection of device that is used for online shopping. This is possible through the implementation of business analytics.

Also, the traffic patterns that come through the interaction of social media users on Facebook or Instagram can rapidly level up the business through insights. Consequently, marketers can focus on giving a better experience to users according to the most used devices and media platforms.

7. Improved Strategic Planning

Insights on market trends, emerging tools, customer behavior patterns, and more might help businesses frame a rigid business strategy of their own. By leveraging these data-driven points, businesses can develop more effective strategies that best suit the appropriate market conditions.

Aspiring for a Career in Digital Marketing?

Kickstart your career by enrolling in GUVI’s Business Analytics and Digital Marketing Career Program where you will master technologies including Power BI, Excel, SQL, Tableau, and Data Visualization and build interesting real-life business-analytics projects.

Alternatively, if you want to explore Marketing Research Techniques through a Self Paced course, try GUVI’s Marketing Research Techniques Self Paced certification course.

Synopsis

We’ve tried to list down the reasons why you should start extracting diamonds from your data. If you are still confused about getting started with Business Analytics, you should remember these points in the first place!

Business Analytics is one big ladder to climb high. While it is not a mere skillset but you can see its importance in executing growth in any business.

• Business Analytics is the key to unlocking consumer trends, needs, and demands. 

• Business Analytics tools are essential gear for marketing and sales professionals to implement efficient segmentation.

• Business Analytics determines the areas of improvement, and competition in the market and helps in better resource allocation.

• Debugging the loopholes, and minimizing wrong spending and attributions while raising sales performance are some prominent features associated with business analytics.

FAQs

1. Why Business Analytics is vital in the current digital age?

Business Analytics plays a vital role in enhancing the customer experience. Business analytics data are the source to understand the preferences and behavior of customers to make more informed and intended business decisions.

2. Which is best- Digital Marketing or Business Analytics?

Digital marketing helps companies to engage large sets of customers while business analytics would help them understand and analyze the outcomes of the strategic efforts laid by the marketing team. This will ensure improvement and continuous development in the offerings of the business. Digital Marketing and Business Analytics- Both terms are interrelated. They bestow limitless benefits when employed together in any organization.

3. How do I learn Business Analytics for Digital Marketing?

You can learn Business Analytics for Digital Marketing from a structured online Course offered by GUVI’s comprehensive and online Zen class program. Through this course, you can learn Business Analytics and Digital marketing through live sessions available in Tamil and English. This course has a list of benefits like placement assistance, globally recognized certification, unlimited access to recorded videos, expert-led mentorship, industry-led curriculum, discussion forum support, easy EMI options, and more.

4. What are the benefits of Business Analytics?

The benefits of Business Analytics for a business include data-driven decision-making, cost-efficiency, enhanced customer experience, improved planning and strategy execution, and more.

5. How long will it take to learn Business Analytics?

There are millions of resources available on the web to learn business analytics. However, one can’t master business analytics overnight. It takes time to gain expertise. So, you can take up an online course that will suit your learning needs. GUVI’s Zen class offers 6 months (weekend) of live classes and unlimited recorded course content to learn business analytics and Digital marketing. Of course, the expertise comes with practice and GUVI offers hands-on project experience with expert guidance.