What Can Analytics Do To Boost A Company’s Brand Awareness

What Can Analytics Do To Boost A Company’s Brand Awareness

What Can Analytics Do To Boost A Company’s Brand Awareness

Let’s face it. You cannot expect your brand to keep its head above a ruthless and competitive market without having a clue on what your customers might expect from it. A company cannot be expected to thrive if its target audience and investors do not know what they will be in for if they grace such a company’s brand with their valuable patronage.

What is Analytics?

This is where the process of analytics comes in. What does it do you ask? Well, technically, analytics is defined as a science that deals with the process of analysis itself. It is basically used to come up with realistic decisions regarding certain matters. In other words, it is a collection of previous experiences extracted from single, or sometimes multiple sources, which can be added up. This collective data makes up an integral aspect in any decision making process.

This is also why the process of analytics is integral to the field of business which involves the data collected by the managers of any company. This collective data, accumulated via different data mining techniques and combined with a certain company’s performance history, is what goes into predictions about a certain market. This is usually done in comparison to an existing model of operations. Data can be in the form of graphs or sheer numbers alone.

What is Market Analytics?

If seen in the field of marketing alone, analytics becomes a process by which companies ascertain the efficiency and effectiveness of an advertising campaign. In other words, marketing analytics involves a framework where companies can analyze every level of their campaigns in order to determine what messages would work best on specific products or brands.

Data Mining verses Web Analytics

Companies usually use the following means to collect data –

Data Mining

Data mining has been called a lot of things in marketing circles. It is basically a process for analyzing data and includes the following steps –

• Formulating problem areas

• Transforming and selecting data

• Training models

• Analyzing models

• Launching models

• Monitoring the results

Predictive Analytics

This is basically an umbrella term that accommodates both predictive modeling and data mining as well other analytical techniques. It answers questions such as -

• Who is more than likely to react or respond to a campaign?

• Which types of customers are likely to default?

• What amount are first time purchasers likely to spend?

Predictive analysis also includes other analytics such as experimental design, operations research and text analytics.

Web Analytics

This is what separates the amateurs from the big boys. Almost every up and coming business depends on analytics to garner customer temperaments. This is where social media analytics leads the pack with social media sites like MySpace and Twitter serving as convenient vehicles for web campaigns. With smart phone technology being all the rage for trendy consumers everywhere, every business is now scrambling to get their brand name on the World Wide Web. This is also why many companies are now having their social media analysts focus on new media that can serve as a vehicle to promote its services or sell its brand to a consumer audience.

Almost no successful company depends entirely on traditional marketing means to promote their brand anymore. This is because online analytical means, such as web analytics, allow companies to get a more hands on view of customer preferences and in return have a global outreach to customers and consequently increase sales.

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