Most marketing decisions in 2019 were not based on analytics despite increased spending.
This piece suggests that marketers should use different insight methods and analytical methodologies to produce quality analysis. Insights should be divided to reflect past performance (Hindsight), diagnosis (Insight) and potential future performance (foresight).
Integrating data from multiple sources and leveraging machine learning are among the initial steps that can establish effective marketing analytical methodologies. Marketers should invest in diagnostic analysis in the early stage of the analytical journey to get better insights. The analysis should be able to predict expected results and should be also incorporated into the brand’s KPI to detect deviations from the marketing forecasts.
Leveraging prescriptive analysis can help marketers better “manage customer lifetime value or even product development cycles.” This can allow marketers to look at probable outcomes and evaluate multiple scenarios to design better plans.
[4 minute read]