The democratization of marketing technology has enabled enterprises to deploy innovative tools and platforms to optimize business results. But, mere deployment is never enough to guarantee success, as building a layer of mission-critical insights over the Marketing Life Cycle (MLC) is critical.
This analytics-powered marketing life cycle is essential to enable marketers define marketing goals in the preliminary planning phase. it will also support in achieving goals in the execution phase, and finally help businesses realize their strategic marketing goals. This analytics-focused MLC operates well even in an omnichannel marketing environment, backed by multiple marketing and ad platforms.
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Data analytics can empower the three stages of the business MLC to achieve marketing goals.
Plan
The marketing team’s primary step is to precisely define the goals of the specific KPIs for the marketing campaigns to promote a product. These goals include brand visibility, lead generation, or customer engagement efforts. Data Analytics is crucial to power this planning workflow with data insights by comprehending the audience being targeted.
This will be the base of goal defining activity, and on defining these goals, marketers will require to identify their audience for tailoring their content strategy. Here again, data analytics plays a critical role. Once done, the investments for the campaigns can be optimized and rolled out across multiple media.
Execute
Having rolled out the marketing campaigns to promote the sale, it’s critical for the marketing team to specifically monitor the tactical goals to steer the marketing campaign success. Checkpoint analytics can then help to ensure that the campaigns align with the goals defined in the planning phase.
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By running a micro-level analysis on such pre-defined KPIs, marketers derive granular insights on the campaigns’ performance to optimize them better.
Such powerful insights work the magic for brands across the industry, while the maximum benefit is extracted by the online retail store, which is any day more dynamic than others.
Measure and restrategize
The data-driven outcome analysis provides a holistic assessment of all marketing efforts intended to promote the seasonal sale. Aided by analytics, marketers can unveil macro insights in this phase to restrategize marketing efforts.
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Such holistic data analysis equips organizations with all necessary insights to restrategize and realign their marketing efforts, achieve their business goals, and enhance the profits. An analytics-powered MLC helps to reimagined in the form of concentric circles as they are deployed both at a campaign and at a strategy level.
To conclude, before a firm invests in any analytics platform to power the MLC, the below checklist needs to be adhered to:
- Data agnostic
- Cross-functional analytical capabilities
- Agile
- Scalable
- Collaborative
The key to running a well-fueled MLC to success lies in the analytical capabilities of the firm. So, it’s time for enterprises to unlock the magic of MLC platforms.
