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What is Marketing Analytics?

Marketing Analytics includes technologies and processes, through which marketers can gauge the achievement of their marketing initiatives. It gathers information from various marketing channels and combines it into a common marketing view. Through this, one can excerpt analytical results that can provide vital assistance in driving the marketing efforts forward. It is the practice of managing and understanding metrics data in order to determine the ROI of marketing efforts likewise- channel performance, calls-to-action (CTAs), blog posts, and so on thereby identifying opportunities for improvement. It measures, manages, and analyzes marketing performance not only to maximize its effectiveness but also allows the marketers to create an optimized return on investment (ROI).

 

This process uses important business metrics, viz. marketing attribution, various tools, use of data that can help you make better decisions, get more insights, learn more trends thus impact overall marketing effectiveness. It also helps to analyze ‘How our marketing strategies are performing today?’, ‘How do our marketing activities compare with our competitors?’, ‘What should we do next?’, ‘What can we do to improve them?’ and so on.

 

Marketing Analytics thus plays a pivotal role by helping marketers take informed decisions by identifying the target audience and their thought process. It can also lead to improved lead nurturing and management, which in turn helps to grow more revenue and larger productivity.

What is Retail Analytics?

Retailers in the current times are facing multiple challenges, viz. declining sales, aggressive competition from online stores, changing consumer likings, and so on. But the reason why a few retailers are overcoming this situation and heading towards winning is due to the knowledge of ‘Retail Analytics’

So, what is Retail Analytics- It’s the art of running a business into science by gathering sales data, identifying trends, and presenting them in an easy-to-read format. It is the process of using data to provide insights and help make decisions on key retail functions (demand forecasting, procurement, logistics and warehousing, category management, pricing, and promotions). These will help in making better business decisions. It is the use of data to measure the performance of a retail operation and is useful for aspects of inventory management, accounting, cash flow management, employee scheduling, and much more. 

Data here plays an important role in setting up the realistic goal for a retail store and can help you respond to changes in customer behavior. 

How can you track retail sales?

Retail sales can be tracked by understanding which campaigns or strategies drive the most sales for a retail store. This can lead to your success and reduce mistakes.

 

As we are surrounded by competitors who aim for a bigger slice of sales or market share, here are few metrics that can be followed to track retail sales:

 

 

 

Your customer retention rate tells you the number of customers that return to your store that lets you know the loyalty of the customer, product performance and customer service. To retain customers, it depends on how well you manage your customer relationships. This could be done by tracking down customer’s purchases, offering them recommendations and providing a good loyalty program for them to happily come back!

 

 

Measuring these metrics allows one to identify revenue generated per square foot of sales space in a store and on the other hand, gives a snapshot of the sales associate’s performance. Thereby enabling you to make swift adjustments to the overall performance.