Predictive Analytics, Machine Learning, Data Science, and Marketing are terms that we hear more and more. This reflects the idea that technology drives marketing to deliver better results and gives it the power to optimize and automate.
With this in mind, traditional marketing data analysis constantly evolves, and we are now in a more advanced stage where technology, along with marketing, stands as a key element to provide calculation, tracking, and prediction that was previously unattainable. In other words, Advanced Marketing Analytics (AMA), the fusion of technology and marketing, has arrived to help us optimize, predict, and better analyze our digital activity.
Advanced Marketing Analytics helps marketing specialists automate and optimize an increasing number of marketing decisions and processes.
Relying on statistical techniques and machine learning models, we can detect patterns and relationships within our data to predict consumer behavior and optimize our activity. Leveraging cloud technologies from major tech partners such as Google Cloud, we always personalize the message or content based on the user’s preferences or needs.
But, how do we get started in the world of Advanced Marketing Analytics? What are its advantages? How can we include this in our own projects?
First of all, we need to clean our data, which must be vast and diverse, to use Advanced Marketing Analytics techniques. Our results will only be as good as the data we provide.
Once this preliminary step is completed, we can use different techniques depending on the case. Here are the most current ones:
Customer Lifetime Value
Predicting a list of users with a propensity to buy can be crucial for our business. However, determining which leads are the most valuable will help even more. The goal is to predict a customer’s expected Customer Lifetime Value based on a brief transaction history. This helps you minimize spend on unprofitable customers, optimize acquisition channels, and reactivate customers with a high probability of being profitable.
Marketing Attribution
Attribution enables us to identify the most effective channels within the customer journey, and using reliable data, we can allocate more or less investment accordingly. This approach optimizes our budget and strategy, focusing on the channels that resonate with our customers and drive conversions.
Clustering
Segmenting prospects and customers into clusters or groups with similarities among them (due to their activity) can help us differentiate the messages we send according to the group. Once these clusters are identified, automated communications should be sent so that the messages vary depending on the group, promoting conversion.
Conversion Prediction
Identifying users with characteristics or behavior indicating a high probability of conversion can help us improve profit margins, as we can direct the right message to users with a higher propensity to buy. Factors like age, gender, location, or device type can help us detect these users. This technique can also identify which factors have the greatest impact on conversion.
Anomaly Detection
Real-time marketing can cause anomalies to appear unpredictably, requiring constant attention to all campaigns and activities. Real-time anomaly detection technology can be crucial for business, allowing us to react quickly and fix the issue affecting our activity.
Forecasting
By analyzing the historical data we have, we can predict trends or anomalies that may affect us in the future, allowing us to react in time and avoid them. When it comes to marketing campaigns, this technique can help us adjust certain parameters to achieve better benefits.
Maximizing Results with AMA Techniques
Thanks to these Advanced Marketing Analytics techniques, we can activate the data collected by our company. Then, we can improve and optimize both budget and processes while achieving greater benefits.
Implementing these techniques was quite difficult in the past, but now there are different technological solutions in the market to carry them out. However, an important point is the prior knowledge and research of these techniques and their needs, so as not to rely on unsuitable tools that end up not helping us solve our business problems.
At Making Science, we have extensive experience implementing these techniques for a multitude of clients, each with completely different requirements and objectives, but always with the common thread of betting on technology to improve marketing activity.
If you are interested in implementing any of these techniques, don’t hesitate to discuss your case with us get in touch by clicking the button below. Or, check out this article to learn about workshops run by Google to help improve your results.
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