Advantages of Market Monitoring and Analytics for Business

1. Integrated Marketing Data

The marketing teams put a lot of effort across different platforms to get the relevant word out for the company and its products. The data gathered from various resources in one place requires a high level of coordination and accuracy. Marketing analytics will centralize the data for analysis. When you have all your data in one place, it helps in understanding what is working for you, and which are as need more effort or budget. It also helps in sharing the learning across different channels and teams.

For example, if an image is fetching a lot of clicks on Facebook, but your Twitter is not getting similar likes, you can bring the Facebook image to Twitter and see if it performs. You can add elements to your marketing mix over time to create a picture of what is working. Analytics is all about getting data in one place and in same format. This example only shows a small part of the wonders that market monitoring does for your business.

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2. Improved Efficiency Of Marketing Strategy

When you pay attention to customer experience it offers marketing insight that can go beyond quantitative data. Also, having a look at the metrics such as page views and time spent on a page can help in identifying the problem areas. When this type of data is combined with qualitative data like interviews, customer feed back, and surveys, it can help in prioritizing efficient and effective marketing techniques and tools. The marketing mix is a very complicated phenomenon, and market monitoring and analytics helps you in having a guideline for implementing the same in an effective manner.

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