Spending too much on ads? Disappointed with the results of
your ad campaigns? Then, this short article is for you. We’ve listed out a few
factors to help you maximise your advertising ROI.
Business Analytics, What?
Well, you can admit it if you are not aware of business
analytics. And read the definition here.
Business analytics, as defined by Techopedia, ‘refers to all
the methods and techniques that are used by an organization to measure
performance. Business analytics are made up of statistical methods that can be
applied to a specific project, process or product. Business analytics can also
be used to evaluate an entire company. Business analytics are performed in
order to identify weaknesses in existing processes and highlight meaningful
data that will help an organization prepare for future growth and
challenges.’
Hope the explanation is clear enough, even for a newbie to
understand the concept!
It’s Not Business Intelligence!
There’s another quick point to understand here, regarding
the difference between business intelligence and business analytics. While
business intelligence answers what happened, analytics answers will help you
understand why it happened and whether it will happen again. It includes
statistical and quantitative analysis, data mining, predictive modelling, and
multivariate testing etc. So it’s more useful in optimising ads.
Know What Works Best
Is that your Facebook campaigns making no impact? And
LinkedIn giving you best returns? Spend more on LinkedIn then.
We’re not suggesting you to go ahead with logics or gut
instincts. But you can effectively use business analytics to show you the way.
Your analytics tools will help in determining what works for
your brand. And obviously what does not.
When you know the marketing channels that help you maximise
your ROI, you can ignore the rest. At the end of the day, it leads to
cost-effectiveness. Apparently, your resources will not be wasted while you
depend of business analytics.
Good guesses on marketing is now a thing of the past. It’s
not a wise choice to go with your gut instincts when you have data to help you
in decision-making. So, optimise your ad spends by opting for best business analytics certificate courses.
We hope there’s more to come in the business analytics
arena!
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