ANALYTICS AND MARKETING
Most companies spend a significant portion of their overall corporate budget on marketing. Responsibilities of the marketing department vary, depending on the industry, the size, and the corporate structure. For some, marketing is the big spender “cost center,” while for others, it is a strong “revenue generator.” In today’s fast-evolving competitive marketplace, the predominance of business analytics, in tandem with the proliferation of data availability and technology, challenge the old notion of “spray and pray” marketing. Marketing is no longer expected to be only a creative center, but is also expected to be a strategic partner that is driven by analytics to support the overall customer acquisition and management process. The recent global recession has increased marketing accountability, while at the same time, companies reduced their marketing budgets. As a consequence, greater results are expected with fewer resources, and the need for transparency and accountability rules. Today, marketing departments have to track the return on every major investment they engage in. Whether it is branding, advertising, or driving the overall strategy by stimulating growth and rewarding customers, forward-looking marketing departments must leverage analytics to achieve their key objectives. Depending on the corporate structure, key responsibilities of the marketing department may include
- Owning the brand
- Managing customer relationships
- Focusing on customers’ experience ...