Marketing Analyst

What is Marketing Analytics? [Detailed Introduction] – Super Heuristics

Hello everyone now I’m sure that you’re somebody who’s probably a marketer or an MBA student or just someone who’s interested to know that what exactly is marketing analytics so in this video, I will be explaining to you what exactly is marketing analytics and how it helps organizations in improving their marketing efficiencies hi everyone I’m that one from super heuristics I am a marketing strategist and blogger and on my blog, you must go and read about the best resources to learn about analytics you can have the best online courses the best ebooks and even the best podcasts for the same so firstly it becomes important for us to understand that what exactly is marketing from here we will be able to really appreciate the fact that how does marketing analytics fit into our traditional marketing so for example we know.

That market research is all about understanding your audience by means of surveys and focuses groups then we know that the consumer behavior is about observing the audience it is about unearthing the facts which they would not state in a survey or which they might not even know then, for example, I have always stated that for me brand management is the same as product management as the objective is the same which is to oversee the lifecycle of the brand or the product so now that you have your brand in place you have your research with you you know the behavior of your consumer and you also have a product you would go-ahead to create a pricing strategy for it and then if your organization is online you will also employ things like Facebook Ads Adwords and all such things and finally obviously the objective of all of this in fact the objective of everyone in the organization is to achieve the sales because the sales is the ultimate truth now.

You would think that very exactly world marketing analytics fit in all of this here I must say to you that there is a big myth and what exactly is this myth this is that marketing analytics happens after all of these other things have happened so you have an impression that after all these things have happened you would go ahead and just analyze the history to see that if all of it was okay or not or it was amazing or not however the fact is not that the reality is that all of this all of this is happening at the same time it is happening in real time and all of this is marketing which also means that your marketing analytics is happening at the same time as everything else if you’ve not still been able to understand then I will explain it with one final example which will surely clear all of your doubts so for example you have a website and you would know that there are a lot of visitors which come in and for sure in real time you would be able to track all of your audience you can track all of.

Your audience in fact you can go ahead and track their location and other things about their demographic which means that all of your market research is happening right when the user is on your site you don’t have to do anything else now same way say suppose you use some cookies on your site in order to understand that what exactly is your user up to when he’s on Facebook or what exactly is he up to when he’s on Google here if you understand you’re basically trying to unearth a lot of behavior of his or her which he is not sharing to you straight away which means that you are finding out more about the consumer behavior you are trying to find about their affinity and everything else and mind you all of this happening in real-time then, for example, suppose you say that if the user is from the USA I would want to show him the price in u.s.

Dollars whereas if the user is from India then I would want to show him the price in rupees now what is is happening over here you are basically altering your pricing strategy in real time so all of this happening at the same time and then see suppose you are somebody who is also employing Facebook remarketing in order to chase your audience on Facebook as well what exactly are you up to here you are using social media marketing for your sales and hey you’ve applied digital marketing as well so effectively all of these things are happening in the real time and for all of this to happen you need to take some quick decisions for that you need to analyze data and for that you need to do marketing analytics so marketing analytics is happening with everything else in the real time now if you are a marketer or if you are a student of MBA you would know that there are a lot of things which you have to do in the organization for example you would be really interested to know that which of your variants is more appreciated by the audience or for example if you have a lot of features in the offering then you would also be interested to know that which of the features is highly appreciated by the audience same way you would be interested to know that if you were to create a marketing plan then very exactly should you invest your dollars in should you spend on Facebook should you spend on AdWords should you spend on newspapers.

Should you spend on TV where should you spend so all of these things you will have to solve then for example you would be very much interested to know that exactly at what price should I offer my product so there are a lot of things which you need to solve as a marketer in an organization now we will try and see that how exactly do we solve these so one of the age-old ways to solve this is this that you bring in someone who has a lot of experience of your industry and he with the help of his heuristics heuristics means thumb rules he with the help of his thumb rules will be able to make all these decisions for you so he will be able to say that ok you should spend X amount on Facebook you should spend a Y amount on this type of ad or your product should be priced at say Y points or whatever so one is a very classical way that you out of the experience of your management you use all of these things and you will take all of the calls however there is another way which is the new-age way and in this way.

You completely democratize all of your decisions which can only happen when everyone in the organization has the access to something which is gold which is data so if you are an organization which makes its decisions based on data then almost anyone in your organization can be smart enough to know that what exactly he or she has to do for example if you go ahead and hire a young intern even he would know that where should he spend and how much should he spend say suppose on on the Facebook ads however what I would want to ask you is that should the entire thing happen only through data or should there also be some heuristics involved in it well if you ask me then I would say that yes there has to be some amount of heuristics involved in this and that is why I always say that it should be something called as super heuristics where you have your data as well as you have human context and when these two meet then you have something which is unbeatable so here we have established that in the organization you have a lot of data and.

Your eventual goal is to take some actions basis a lot of insights now for that I’ve also explained that yes you should employ a lot of data however you should also somewhere employ some human intelligence in now in this slide I will explain to you that how much of human intelligence can you include and what can be the outcomes so for example if we are about to do an analysis of what happened in the organization say suppose you spend an X amount on your Facebook ads and all you want to do is an analysis of what happened after it then you would need a lot of human input to actually give you a final insight of what happened and what you have to do secondly if now you want to understand it why it happened so say suppose you spend some X amount on Facebook and you had some v amount of leads from it which was.

The extremely small number and you would want to understand it why it happened like this so then you would have to do some sort of analysis and also some amount of human input however now the human input has to be smaller because a lot of analysis can happen with the help of data itself so now the human analysis is slightly smaller further if you have to understand it okay something happens but now I want to understand that what will happen now for that can you use some algorithms which can explain to you that okay yes if this this this this these things have happened then now I feel that it will happen now suppose if you were to do this entirely on the human element it can go wrong it can go vaguely wrong however if you are employing a lot of data here then it will surely give you an algorithm which will give you a very high amount of accuracy so hence for this kind of analysis you need to use more of your data and the software’s to do this entire analysis and finally if suppose.

You want to know that okay why it happened what will happen now and if what happens then what do I have to do after it if suppose you want to go to the extreme extent of what do I do after it so then you would have to completely understand your data you would have to employ algorithms which will help you find out what will happen and then you would have to use some of the industry 4.0 tools, for example, IoT and robotics to even automate the entire thing that if something happens then what exactly do we have to do so all of this is marketing analytics so here I will share some of these examples so I have already explained to you some four styles of analysis and I will now just explain to you that what are some of the examples for it so for example for the first kind if you have to know that what happened so say suppose you just have to know that comma was the traffic from the USA so it is just about that.

You will go and you will open up your Google Analytics account and you will just go and see that ok what was the USA traffic so here you just had to understand it what happened that I just have to know that how much was it from the USA same way if you have to know that ok how much sale was for the first five products then all you have to do is that you just have to go to your misreports and you just have to see that by sales I want to arrange all of my products and you would have your answer so it is the most simplistic way of the analysis where you just have to find out that what happened a second example is that you would want to to know that why it happened so suppose by the end of the year your sales had gone completely down and you have to now basically understand why it happened so, for example, I can share a story of my own to help.

You understand this now in December of 2019 the traffic on my blog went down by 15 percent suddenly out of the blue and I was not sure that why exactly it happened I was not very sure about this then when I kept on analyzing that okay why would it have happened to me then I realize that all of this traffic was from the USA and hell we have the holidays of Christmas so then I knew that ok it happened because of the holiday’s same way if you have to understand that what will happen now suppose I have to create a budget for my future and I have to know that ok how much sales am I expecting in the next quarter or in the next month so then I will have to use some sort of analytics through which through some algorithm it can help me understand at how much sales can I expect and finally so if you have used Facebook Ads or if you have used Adwords then you would know that it automatically.

Adjusts your bidding how it happens it happens through this entire prescriptive analytics where first it understands that why is it happening and how much should you bid in order to show your ad so we have one amazing example of how it happens like this so finally we are at the end of all of this and I have something to ask you I want to ask you that according to you do you think there should be some amount of human intelligence when we are trying to do marketing analytics or not what is your opinion on this I would love to know your opinion please go ahead and share your opinion in the comments below thank you so much you

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