Marketing Analysis : Marketing Analytics Essay example

834 Words Jul 30th, 2016 4 Pages
With all these benefits, it is surprising that marketing analytics has not permeated through marketing departments. A 2014 study by the American Marketing Association, revealed that less than one-third of companies have integrated marketing analytics in its day-to-day operations. And only another 30% stated marketing analytics are occasionally used. (Ariker, Diaz, Moorman, & Westover, 2015) also concluded that even with proven, quantifiable results of marketing analytics, the application is limited across companies.
As with any analytical exercise for companies, there are challenges. Lord Kelvin said “if you cannot measure it, you cannot improve it” which was followed by Peter Drucker’s famous quote “what gets measured gets managed.” Marketing analytics help businesses measure and improve its marketing efforts. Unfortunately, businesses that do not measure marketing performance discover too late that its marketing plan is not working (Best, 2012). The obstacles to incorporating marketing analytics are weighty, but not insurmountable.
Practitioners and academics have strived to make marketing financially accountable. To spend money on marketing activities without any kind of rational way to monitor success or failure is irresponsible and ultimately destroys wealth to the business (Ehrbar, 1999). Yet, deploying marketing analytics is challenging because of the diverse and dynamic nature of marketing. There are tangible effects, such as sales, which is relatively…

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