Marketing Analytics and Customer Satisfaction
Data and marketing analytics is sometimes referred to as the oil of the digital economy. This is because data helps us to understand what's going on in the real world in terms of our market and our relationships with our customers, Data commonly has 4 terms associated with it: volume, variety, velocity, and veracity.
Customer satisfaction analysis: The process to measure and identify if your customers are satisfied or unsatisfied with the products and/or services provided by your business.
Why is it important?
If your customers are happy with your product, they are more likely to buy from you again as opposed to from your competitor. Similarly, if your service is satisfactory or above satisfactory, they'll be more likely to come back.
Customer satisfaction analysis gives businesses the tools to access the customers feelings about their products and services. This allows businesses to adjust their products and services following the reactions and feedback that the get from customers.
How is it done?
The most common way to access customer satisfaction is a combination of both quantitative and qualitative surveys.
One way to conduct these surveys is online – via social media channels such as Facebook, Twitter, etc.
Marketing Analytics: Marketing analytics is the process of collecting, managing and analysing marketing activities in order to maximize the effectiveness of a product and also the effectiveness of a marketing campaign, and the goal here is to maximize the return on investment.
Why is it important?
Marketing analytics helps us to visualize the outcome of our marketing activities and to determine how much to invest in marketing campaigns in order to achieve success.
- Volume: There is a plethora of data in today’s age à big data
- Variety: The data comes from structured sources and unstructured sources. It can be in the form of texts, audio, video, images.
- Velocity: Refers to the speed at which the data goes across the internet. This has become amazingly fast.
- Veracity: It means the truth value or the ground truth of a piece of data, and whether it really reflects reality. This term has come into existence because with augmented tools, people can create fake videos, images, audio, webpages, etc. Thus, veracity is also something that we now have to think about and contend with.
Customer satisfaction analysis: The process to measure and identify if your customers are satisfied or unsatisfied with the products and/or services provided by your business.
Why is it important?
If your customers are happy with your product, they are more likely to buy from you again as opposed to from your competitor. Similarly, if your service is satisfactory or above satisfactory, they'll be more likely to come back.
Customer satisfaction analysis gives businesses the tools to access the customers feelings about their products and services. This allows businesses to adjust their products and services following the reactions and feedback that the get from customers.
How is it done?
The most common way to access customer satisfaction is a combination of both quantitative and qualitative surveys.
One way to conduct these surveys is online – via social media channels such as Facebook, Twitter, etc.
Marketing Analytics: Marketing analytics is the process of collecting, managing and analysing marketing activities in order to maximize the effectiveness of a product and also the effectiveness of a marketing campaign, and the goal here is to maximize the return on investment.
Why is it important?
Marketing analytics helps us to visualize the outcome of our marketing activities and to determine how much to invest in marketing campaigns in order to achieve success.