Devlog Marketing Analytics
Assessment - Task 2 - Monitoring and Analytics
Importance of data analytics.
[Investopedia. 2021.] Data Analytics is important to any business/company's financial future, Data Analytics is the process of looking back at implemented Marketing techniques by the company, gathering and organizing the Data from them, and figuring out what can be done to make them more efficient.
This can be in the form of focusing marketing techniques more on a certain group, getting more adds posted on particular sites, or removing Marketing techniques all together.
By using Data Analytics businesses/companies have the chance to not only make more money from their products and services, Aswell as save some money that maybe going to waste. But can take this information forward for when and IF, they make more products and services in a similar if not the same field. [Investopedia. 2021.]
Three common measures used to evaluate effectiveness.
[Investopedia. 2021.] Technically, there are four types of measurements that help businesses/companies assess their effectiveness but seeing as the fourth and final is “suggested Course of action” from the measurements, I'll be going over the three that give Data on hoe the public is responding to their Marketing techniques used.
Note: in every business/company they will look at this data in order to get an accurate read on their marketing.
The first one is “Descriptive analytics”, this measurement collects data on what has happened with their marketing over a certain amount of time.
2nd is “Diagnostic analytics” is the measurement data collected on Why a marketing technique is working or failing.
And 3rd is “Predictive analytics”, this is the measurement data gathered to predict as closely as possible what will happen in the future should they stick the path they’ve layed out for their marketing, weather good or bad. [Investopedia. 2021.]
Three common analytics techniques in use.
Factor analysis:
Factor analysis is an early Technique a business/company can use, Factor analysis takes all the raw data collected from the customers and allows the company to condense it into fields of their choosing, yes, the software out there to do this already calculate and condense this Data from a preset, but it does allow the company to put in their own factors they want gathered up and listed Aswell.
What can be a Factor are many things, from simple things such as customer loyalty and satisfaction, to wealth and Fitness, all of this and more can be compiled in Factor analysis [Careerfoundry.com. 2021.]
Time series analysis:
Time series analysis is a technique that takes one common variable from the public user base, such as they all have an interest in sports gear for example and collect data on it over time and record it at preset intervals, for example, taking a month's data and looking at the users' fulgurations every week.
This technique is used to figure out whether the recorded figures show a positive or negative value in the near future alongside a trend. For if the company see’s peaple are buying sports gear, they will use a Time series analysis technique to keep track on how the sales are going, and if it starts to decrease, they will get the heads up to lower their spending of sports gear. [Careerfoundry.com. 2021.]
Monte Carlo simulation technique:
Monte Carlo simulation is a technique a company can use to figure out what the best course of action is moving forward. This is to figure out the pros and cons of an action and figure out which is the best one to take.
For example: you need to get supplies, but you have 2 choices, the far-off supermarket, where stuff is cheaper, but will cost fuel to get there. Or the nearer grocery store, no fuel will be needed to get there, but stuff costs more.
This is the sort of thing that Monte Carlo simulation technique covers. [Careerfoundry.com. 2021.]
Three common tools used for measuring data.
Box and whisker plot:
Box and whisker plot tool is used to analyze and display multiple factors in a single graph, along as they have something in common. For example, they could compare test results between different schools, lowest to highest.
Control chart:
A control chart is used to display data compared to old data about the same factor. For example, if sales for a type of game were recorded before going at a steady increase a year ago, they would use a Control chart to figure out if it is staying at a steady increase, the more erratic the line is though, the worse it is.
Histogram:
[Asq.org. 2021.] The most commonly used graph for showing frequency distributions, or how often each different value in a set of data occurs. [Asq.org. 2021.]
Investopedia. 2021. Data Analytics Definition. [online] Available at: <https: www.investopedia.com="" terms="" d="" data-analytics.asp#:~:text="Data%20Analytics%20Important%3F-,Data%20analytics%20is%20important%20because%20it%20helps%20businesses%20optimize%20their,storing%20large%20amounts%20of%20data."> [Accessed 1 May 2021]. </https:>
Careerfoundry.com. 2021. The 7 Most Useful Data Analysis Methods and Techniques. [online] Available at: <https: careerfoundry.com="" en="" blog="" data-analytics="" data-analysis-techniques=""> [Accessed 1 May 2021]. </https:>
Asq.org. 2021. What are Data Collection & Analysis Tools? | ASQ. [online] Available at: <https: asq.org="" quality-resources="" data-collection-analysis-tools=""> [Accessed 2 May 2021]. </https:>