Marketing analytics refers to the measuring, analyzing, and managing of data to optimize results by maximizing campaign effectiveness. Analytics enables marketers to run more efficient campaigns by visualizing what is and what is not working, reducing the time needed for manual optimizations, and helping ensure the best use of marketing dollars.
The need for reliable reporting and data is undeniable, as is the need for hiring talent or outside resources that are able to skillfully visualize, interpret and leverage that data. Businesses have notably been increasing their budgets for these data and analytics technologies year over year. The average percentage of US companies’ marketing budgets that are specifically being allocated to data and analytics is expected to rise to 22% in 2021, which is a 144% increase from 2017.
