American Marketing Association (AMA) “Analytics with Purpose” Preview
The American Marketing Association (AMA) recently presented a webinar called “Close…To the Edge,” which gives us a preview of their full presentation of why data is important in marketing and the effective ways to analyze it.
It is essential to extract insights out of big data so you can use itto frame analyses and make it more organized and appealing. When marketing to a consumer, it is advantageous to understand the individual consumer, which can be accomplished through using big data for micro-targeting and understanding individuals’ data sets. The AMA recommends having formal processes in place to handle the data, as well as hiring people that know what to do with this data. They also recommend synthesizing data through working with multiple data sets, finding value in the data you already have, and understanding how much data is too much.
It is key to recognize that data isn’t just numbers and that there are more creative sources to obtain it such as social media, visual data, and text. The AMA also suggests associating data with emotions because you can use attitudinal and behavioral data to understand the role of emotion in driving decisions. Lastly, the AMA encourages marketers to figure out how big data changes consumers’ lives. Specific techniques used to analyze data include using neuroscience, segmentation and analytics, A/B testing, and prediction markets.
I Imagine agrees with the AMA in that analyzing data is imperative when strategizing how to effectively market a brand.