Marketing analytics are becoming increasingly important to companies across the world. Indeed, commenting on the process of information gathering and analysis in its 2015 Analytics Trends report, Deloitte described it as “the air that we breathe – and the ocean in which we swim”.
Such analytics can play a crucial role in helping firms to identify what they are doing well and what they need to improve on when promoting their offerings to consumers. With this in mind, here are some of the top marketing analytics trends to watch out for over the coming weeks and months.
Greater use of POS analytics in stores
One top trend that’s set to make waves in the retail sector is the increasing use of point of sale (POS) analytics solutions. A rising number of firms now rely on sophisticated digital POS systems within their stores and, as well as helping to improve the customer experience, this technology can enable firms to gather valuable data on a mass scale. Indeed, according to POS specialists CJ Retail Solutions, one of major advantages of these high-tech systems is the fact that they can deliver data on consumer behaviour.
For example, anonymous video analytics can be used to judge customers’ age, gender and their engagement to digital displays. Meanwhile, in-store intelligence systems can record the transmission and reception of WiFi and Bluetooth signals from people’s smartphones, delivering information on the number of visitors to stores, repeat visitors and more. In addition, anonymous tapping analytics allow retailers to gather information based on how customers interact with touchscreen displays.
With the help of this information, stores can tailor everything from their products to their store design, marketing messages and POS setups.
Looking to the future
It is also expected that this year will see a rise in the use of predictive analytics. Whereas firms have traditionally used the data they gather to analyse past behaviour, they will increasingly rely on it to anticipate how customers will behave in the future. Specialist software is now available that can help businesses to predict consumer actions with increasing accuracy.
Migrating to the cloud
Another trend is the move from server-based analytics solutions to those operated in the cloud. Because firms are collecting information on a much bigger scale than they did in the past, traditional storage solutions that rely on servers are becoming too expensive and difficult to manage for many companies. By migrating to cloud-based systems, businesses can reduce the risks, costs and difficulties associated with this information gathering and processing.
By being aware of these trends and by investing in suitable marketing analytics solutions for your company, you can ensure you don’t get left behind in the race for ever more detailed consumer insights.