Literature Review

The world is changing and changing fast. Technology, industry, education, health even eating
habit also change. There is hardly anything in life that is not changing. Some change we like,
while others create surprising factors.

In recent years we see a transformation of marketing is underway as we spend more time on

our mobiles, tablets and laptops. The challenge for brands is to connect with customers through
all these devices in real time and create campaigns that work across social media, display
advertising and e-commerce.

On the other hand, Marketing Analytics (MA) is a relatively new but increasingly prominent
field in which data tools are applied to quantify and monitor marketing performance and
customer information to optimize investments in marketing programs and maximize customer
interaction. In this literature there going to discuss about what is marketing analytics, main
opportunities and challenges of marketing analysis and more importantly how it is changing in
the marketing industry.

Marketing Analytics is the process of using data collected from consumers and on consumers
to perform analysis. Marketing analytics is used to make key marketing decisions, such as how
much money to spend on advertising. (Ron Bermon, December, 2016).

Marketing analytics (MA) professionals and organizations are currently tasked with
generating intelligence to improve marketing performance, to create insights and knowledge
for driving customer engagement, to measure customer lifetime value, and to help drive
marketing performance by optimizing investments of marketing programs and maximizing
customer interaction (Ramani and Kumar 2008).

Davenport claimed that analytics itself is a management strategy requiring top management
support and viewing analytics as a program where people skills, applied methodologies, and
technologies matter in gaining firm-wide adoption (Davenport and Harris 2007).

Successful organizations in the MA arena enjoy executive-level endorsement for the broad
use of analytics to manage day-to-day operations and shape future strategies (Kiron et
al. 2011). When executives foster analytics-driven decisions, then analytics champions are
more likely to exist within organizations.

Research suggests that a firm’s top management must not only commit adequate resources
in the form of employee analytic skills, data, and IT, but it must also nurture a culture that
supports the use of MA (Wedel and Kannan 2016). Such a culture can ensure that the
insights gained from MA are efficiently deployed (Germann et al. 2013).

Companies that are successful in adopting and deploying analytics tend to be more effective
at driving the information transformation cycle including capturing, analyzing, aggregating,
integrating, and disseminating information, and thus at embedding analytics in the
organization (Kiron et al. 2011).
Analytics can also inform critical collaborative investment decisions. As a result, analytics
is frequently used for strategic objectives aimed at increasing competitive advantage (Kiron
et al. 2011).

Digital Analytics is the analysis of qualitative and quantitative data to drive a continual
improvement of the online experience that your customers & your potential customers have
which translates to your desired outcomes both online & offline. (Avinash Kaushik, the
author of Web analytics 2.0)

Even though the term marketing analytics is not new, considering that the Nielsen rating
originated in the 1920s, the digital explosion has also created a widespread interest in digital
analytics, big data, and data mining (Petrescu and Krishen 2017). As conference panel
discussions revealed, business schools are trying to determine where to place marketing
analytics, since the field spans multiple departments and is interdisciplinary and inclusive in
content (Krishen and Petrescu 2017).

There are a few inputs and processes related to marketing analytics that can be clarified for the
benefit of marketing academics, researchers, and practitioners.

For example: What is marketing analytics and how does it relate to market strategy and
marketing research and their management of data? Where the field of marketing analytics
should be placed? Should we focus on breadth or depth in departing marketing analytics
knowledge? How can marketing analytics researchers better cooperate and evolve with
marketing practitioners? What are the actionable ways that marketing analytics provides
mechanisms and processes which connect data, information, and knowledge? (Krishen and
Petrescu 2018)

There is a role followed in Marketing analytics named as 10/90 rule put forth by Avinesh
Kaushik for magnificent web analytics success states, “If you have 100$ to spend on digital
analytics, spend:

- 10$ on tools
- 90$ on people

As tools and data become more affordable over time, your team remains vital.
Marketing analytics

Marketing analytics (MA) basically refers to measuring, analyzing and optimizing the
marketing performance of a campaign & customer information to optimize investments in
marketing programs and maximize customer interaction. The purpose of marketing analytics
is to maximize the effectiveness of a campaign and improve the return on investment.
Marketing analytics refers to the data that enables modern marketers to optimize their campaign
budgets and minimize resources wastage while creating maximum impact.

On the other hand, marketing analytics takes on a wider perspective. It focuses on your
marketing campaigns and activities, multichannel attribution, marketing mix modeling,
distribution of marketing efforts and the like, all within the context of discovering ROI and
how effective your marketing tactics and strategies are.

MA is a sub-discipline of broader analytics and includes the people, processes, and

technology to generate insights that improve marketing performance. MA address top
management concerns that may lead to a failure in allocating resources for marketing
investments. Marketing analytics can also provide an assessment & accountability for
marketing effectiveness.

Marketing analytics tools track the behaviors of individuals within the product so that teams
can monitor channel activity, tie activities back to revenue, gather insights, and test new
ideas. It has become conventional wisdom about a company’s ability to generate intelligence
continuously about customers’ expressed & latent needs, and how to satisfy those needs is
essential to create superior customer value.
There are five types of tools used in marketing analytics which are playing an important role
in driving superior industry growth.-

Marketing Dashboard tools

Marketing Dashboard tools are used for data unification. To save time, companies often deploy
marketing dashboard tools. Marketing dashboard tools like Mixpanel, Cife, and Klipfolio, as
well as a variety of business intelligence (BI) tools,

Telecommunication Industry

In telecommunication industry companies offer many packages, services to their customers

through their website and mobile apps. So among the marketing analytics tools event based
tools monitor the performance of such campaigns over customers and testing tools measure the
effectiveness and ROI from massaging in-app notification, e-mail notification. So we think
among different industries in our country, if telecommunication industry use this two tools they
can gain more success than the other industries. Both the tools, their usages, implications,
opportunities and challenges are given below-

A) Usages of two tools

1. Event-based tools

Event-based tools also known as click analysis. Event-based tools track the actions of
individual users within a website, app, or platform. There are some event based tools like mix
panel, heap analysis, oribi whose main goal is to track website one’s website or mobile app. So
these tools can track, count and take effective action to provoke targeted customers of those
mentioned industries.

Usages

Track the performance & behavior of the visitors, based on which segmentation can be made.

 Track any change automatically like how users interact with every feature
 Help increase user’s engagement & conversion rates from visitor to users,
 See from where visitors are coming, how they are referred to website, time
spend on it.
 Can create customized reports that segments data by traffic source, geo-
location, browsers & operating systems,
 Provide location based services and personalized advertising.
Testing tool

Testing tools, sometimes simply referred to as A/B testing. A/B testing tools are available as-

- Standalone tools: Optimizely, VWO,

- All-in-one analytics platform: Mixpanel.

The three most common messaging channels for A/B testing tools are:

 Email or Push notifications

 In-app notifications
 SMS

Usages

 Allow teams to test multiple variants of a feature or message.

 Based on the test results, the team can learn what users like and can develop product
thereby.
 Can test which marketing message convinces more users to make in-app purchases, or
whether emails or push notifications are more effective at resurrecting churned users

B) Implications on industry

So, by using event based tools companies can do the following things-

Real time analysis & - Control network dynamic congestion

decision making - Data interactive exploration
-location based services and personalized advertising.

Precise marketing - Offer optimization

- Churn identification & prediction
- Package design for specific over the top (OTT)
Operation efficiency - Preemptive customers interactive voice response
- Network ROI analysis intelligent network planning
- Cell-site optimization
Innovative business - Payment of data for increasing sales
model -Match demand & offering nearby.
Customer experience - Dynamic profiling & enhanced customer segmentation
enhancement - Detailed weblog enquiry
 C) Opportunity
 As behaviors of visitors can be tracked by event based tools companies can
segment & design different campaign or offerings customized to each segment.
After that by measuring the effectiveness of campaign they can understand
whether the desired demand is fulfilled or any other demand is created. That
may create another opportunity to introduce new campaign or offerings.

For example, telecom companies such as Robi axiata Ltd. are introducing new apps
continuously based on customer needs mentioned in their websites by visitors like-

- My Robi app for different internet packages

- iFlix for entertainment
- Robi shop for online smartphone devices
 Through controlling congestion & intelligent network planning, call drop is
reduced. For this facility usage rate can be increased which may lead to higher
profit to telco industry.
 Based on the information tracked, the top users can be encouraged by providing
different offering like Banglalink named top user as gold user, platinum user
against which the company provide internet packages & several offerings. So,
by providing such offerings companies can provoke customers more usage &
get more offerings.

So, by measuring the customer responses toward these apps, Robi can introduce new apps as
the solution of further customer problems.

D) Challenges
 There is a possibility that the cost required for arranging marketing analytics system may
not be covered by the revenue or conversion rate generated from visitors to users.
 As telecommunication industry is mostly service based, its effectiveness depends on
employee responsible for operating analytics technologies. But in our country finding such
skilled employee is difficult.
 Up-to certain period the costs of analytics tools is more than the benefit coming from that
technology. For example- Though the market leader somehow cover the initial cost but for
the market follower or a startup company have to face difficulty to cover the cost.
 Companies may have hunches, but until their ideas are verified as true or false, it’s
difficult to know if feature changes actually improve the product or not. So they have
to wait for the result that increase time and energy cost.
Automobile Industry

The automotive industry is a growing market comprised of many subgroups which include:
engineering, design, next generation manufacturing, distribution, and aftermarket. Automotive
companies are focused on controlling cost, improving efficiency and utilization of alternative
energy engines. Systems controlled by sensors have become integral in today’s automobiles,
as a part of sensors visual behavior tools has made most electro-mechanical devices that better
refined and more efficient with their application. The development and deployment of
numerous visual behavior tools support and enable the introduction of advanced analytics
systems, although there are challenges regarding robustness, reliability, quality and cost. New
these tools are emerging to improve system functionality and to enable future advanced
systems. Usages, implications, opportunity and challenges are given below-

A) Usages of tools

Visual behavior tools

Visual behavior tools reveal where users spend time looking at the screen. They’re often
compared to looking over users’ shoulders to see which content draws the most attention. It
can rather be seen as an integral approach combining visualization, human factors and data
analysis. Some of the most common visual analytics tools that highlights the most heavily
trafficked or clicked areas. —HotJar, CrazyEgg, and Sumo.

The visual analytics mantra:

“Analyse First
- Show the Important
- Zoom, Filter and Analyse Further
- Details on Demand”
Usages

 Using visual analytics provide deeper understanding of data & sense.

 Teams can use visual behavior data to rearrange their automobile’s interface and
improve the service.
 Visual behavioral tools identify a variety of sensors to perceive their surroundings, such
as radar, computer vision, Lidar, sonar, GPS, odometer and inertial measurement units.
 Though Advanced control this analytics tool systems interpret sensory information to
identify appropriate navigation paths, as well as obstacles.

B) Implications
 Due to deeper understanding companies can identify the latent demand of customers.
By identifying demand of visitors companies can add new features into their automobiles
that may fulfil their demand & can allure them from competitors.
 C) Opportunities
 Visualization is used as a means to efficiently communicate and explore the information
space when automatic methods fail. So, it creates opportunity for automobile
companies to keep more information on that space that may provide proper insight
about the potential demand of customers. So from that companies can design new
features that may attract more customers.

D) Challenges
 Visual analytics tools may overlook information among a large information space.
 The eye-tracking or body posture that is tracked by visual analytics tool may not always
the proper representation of human psychology. So, due to misunderstanding of such
behavior wrong decision may be made by the authority.

FMCG Industry

Today, FMCG manufacturers rely on consumers ‘pulling’ products through the supply chain;
thus, they require a better understanding of consumer behavior and choices. Consumers are
well-informed about product information—in particular, promotions and price comparisons via
the Internet—which makes predicting behavior very complex. This is where business analytics
plays a very important role, as it allows organizations to derive predictive insights to enable
competitive fact based decisions. Armed with deeper insights into consumer behavior, FMCG
manufacturers will be able to direct R&D investment, improve the effectiveness of marketing
and maximize supply chain efficiencies.

Digital marketing analytics tools

Digital marketing analytics tools collect data from marketing and advertising channels. They
fall into five categories such as SEO, SEM, Social media platforms, Display ad platforms, and
Predictive-scoring model platforms.

Benefit criteria Business challenges Description

Usage

• Build a linear regression model to

understand the impact of demand drivers
on sales volume and calculate base
volume.
• Identifying the proper price
and discount point that • Calculate actual cost of promotions
Trade promotion maximizes sales and return based on the individual components.
optimization on investment (ROI)
• Calculate ROI for promotional events.
 • Optimizing promotions to Implication
improve sales performance of
newly launched products • Gain insights into the profitability of
promotions across stores, regions and
products.

• Enhance ability to benchmark scheme

performance
Usage

• Calculating ROI of • Develop a framework to show the

advertisement spend across impact of various marketing campaigns
various channels like on sales
television, print and web
Help in • Evaluate the effectiveness, ROI and
Marketing mix • Understanding consumer simulate what-if scenarios
modelling behavior with regard to
exposure to advertising Implication

• Prioritize advertisement and promotion

spent in favor of channels that provide
better ROI

• Reduce the total spending on

advertising and promotion
Usage

• This tool uses Analytic hierarchy

process (AHP) that is a prominent
• Finding a vendor evaluation approach in solving multi-criterion
method to facilitate an decision-making problems.
objective, unbiased selection
process • The method allows the incorporation
of judgements on intangible qualitative
• Identifying the key metrics criteria alongside tangible quantitative
Improve vendor of vendor performance that criteria.
selection model can help during negotiation
with vendors on specific • Measure vendor performance among
points peers and across time

• Finding a robust framework Implication

that can measure
vendors’ performance • Help avoiding conflicts through
collaborative decision making
 • Generate a repeatable process that
saves time
Usage

• Identifying a scientific • Develop a robust sales forecasting

methodology to accurately model through aggregation and
predict future sales volumes statistical analysis of data

Help in Sales • Improving target market • Develop a structured what-if analysis

forecasting setting by identifying current mechanism to create multiple scenarios
market conditions and their
impact on customer sales

Implication

• Predict sales volumes based on critical

demand drivers

• Improve decision making through

structured scenario analysis
• Understanding the impact Usage
on sales for a given change in
price (pricing elasticity) • Build a pricing model to enable an
across products and effective pricing policy for various
understand the impact on the product categories
contribution margin
Help in Pricing • Optimize pricing to improve margins
recommendation • Ensuring a consistent and bottom-line profitability
scientific methodology is
being applied to pricing Implication
decisions across
categories/outlets • Data-driven pricing suggestions for
greater sales and incremental
contribution margin

Usage

• Capturing customer • Capture unstructured data across

feedback across various various social media platforms through
social media platforms and using web crawlers or web spider.
 derive meaningful • A text mining model for parsing
conclusions conversations into positive, neutral and
Sentiment negative buckets.
analysis • Improving brand strength
and engage with customers in Implication
a meaningful way
• Sentiment analysis can help to track
consumer behavior in real time across
channels, monitor online brand health
and also uncover the levers that can have
a significant business impact.
Usage

•Employ statistical modelling

techniques to perform inventory stock
• Align inventory planning, level vs lost sales scenario analysis
forecasting and execution
capabilities across the •Develop robust demand forecasts
organization through statistical analysis of data across
outlets
• Obtain insights from vast
Inventory volumes of data at the stock Implication
optimization keeping unit (SKU) location
on a weekly/daily level to • Suggest recommendations to reduce
improve inventory out-of-stock frequency
forecasting
• Optimize balance between inventory
stock and lost sales based on economics
& competitive environment of the
business.
• Understanding which Usage
combination of ad exposures
interacts to influence the • Quantify the contribution of each
consumer to make a purchase element of advertising

For example: A TV ad can • Real-time redistribution of resources

prompt a Google search on a across marketing activities according to
mobile phone, which can lead optimization scenarios
Multichannel to a click through on a display
advertising ad and ultimately end in sales. Implication
analytics
• Identifying whether the Measure how TV, print, radio and online
company is investing the ads each functioned independently to
right amount at the right point drive sales
 in the customer decision
journey to purchase a product
Usage

• Using modelling, PwC’s price and

pack analytics optimizes channel
• Defining the right brands, performance, package diversity, and
packs and prices for the pricing and other key value drivers.
Price and pack specified channel/customer to
analytics meet targeted consumer and Implication
shopper needs
• Increase revenue across the portfolio

• Increase market share and value share

Usage

• Forecasting incremental • Identify true cost to serve of vending

volume and contribution machine network, including both direct
margin associated with new and indirect costs
vending opportunities
Vending • Develop data-driven fact base for
machine ROI • Understanding ROI of precision price setting, with and without
adding cashless swipe to new cashless swipe
and existing machines,
including both cost and Implication
precision pricing
• Profit drivers quantified (commission,
location, cost to serve, etc.)
Assortment • Tracking the competitors’ Usage
intelligence assortments and their pricing
dynamically (real time) to • Real-time price monitoring and
optimize personal product analytics using advanced artificial
portfolio intelligence (AI), semantic analysis,
data mining, and image-recognition
• Identifying products, brands algorithms
and categories with
competitive advantages • Trend analysis (trending now, popular)
using predictive algorithms in order to
• Identifying gaps in sell the right products at the right time
catalogues so as to take and drop products that are cooling in
decisions on adding them and popularity
overlaps to price them at
extremely competitive rate Implication
 • Provide a view of competitors’ product
assortments, enabling a company to
quickly adjust its own product mix and
pricing so as to make profitable pricing
decisions and drive sales performance

Automotive Industry

Dashboard tools provide unique solutions for automotive industry that struggle with the
overbearing tasks of creating manual reports, report consolidation, analysis, and planning. This
tool integrate with the most important data in Automotive Industry and securely store it in our
data warehouse in the cloud. It doesn’t matter how many dealerships you have or even if they
have different software providers. Reporting dashboards have long been used in business
intelligence to summarize information into instantly digestible analytics that provide at-a-
glance visibility into business performance.

Marketing Dashboard Tools

A dashboard report is a software application that is used to track and monitor the health of an
organization or department by reporting on KPIs, business metrics, and analytics. Marketing
dashboards are designed to provide teams with a real-time window into marketing
performance. Marketing dashboards are marketing reports designed for continuous monitoring
and a broad distribution. Like a car’s dashboard, a marketing dashboard allows the team to
drive towards their goals with ready knowledge of what’s going on under the hood. This type
of visibility enables course corrections on a daily, and even hourly, basis, in contrast to
traditional monthly or quarterly reports.

Features of dashboards

At the most basic level, business dashboards share certain common features. This section
explores some of these features and their impact on dashboard project.

Data visualizations: Selecting the right visualization for automotive industry is an important
part of dashboard design. Data visualizations are graphical representations of data, and are used
to simplify the transmission of sometimes complex information. Here's a short guide with some
information about the most common types of data visualizations in dashboard design.
 Tables Line charts Bar charts Gauges

There are different type’s dashboard tools which are used in different industry sectors, like-
Automotive industry, Insurance Industry, Food and Beverage Industry, Dental Industry etc.

A) Usages of Dashboard Tools in Automotive Industry

 Customer Relationship Management (CRM): Marketing Dashboard Tools integrate
with automotive’s lead and appointment data, they work with just about every provider
(Vinsolutions, Eleads, DealerPeak, Pro Max, CRM Suite, Higher Gear). Nothing is
done by Manual.
 Inventory Checking: Historical and current inventory is sync’d, Marketing Dashboard
Tools also update multiple times per day automatically.
 Digital Connecters: If the Automotive Industry grant them permissions to establish a
platform like Facebook, Twitter, YouTube, Google and others social media and they
connect to their own Applications.
 Google Analytics: Marketing Dashboard Tools add automotive industry’s website to
Google Analytics and SEO of Google and we take care of the rest
 Custom Audiences: Automotive Industry’s data and Marketing Dashboard Tools
learning predictions pushed directly into your Facebook Ad Account.
 Business intelligence solution: Marketing Dashboard Tools provides the luxury of
having all of your key dealership metrics consolidated into one dashboard.
B) Implications
 By gaining insight regarding customers, companies can do effective management of
marketing budget.
 This analytics has the potential to inform automakers about the impact of incentives on
a specific model, in a specific geography for a specific customer type.
 Dashboards and planning tools will enable original equipment manufacturer (OEMs)
to better plan make data driven decisions on allocation of finite marketing spend.

C) Opportunities
 From this tool they can get advertising & incentives properly. So, there is opportunity
to drive both increasing sales performance & profitability.
 Connecting with all types of social media and Google SEO, it creates opportunity for
marketers to reach more customer with new car design.
 By measuring vehicle sales rate and growth rate, companies can measure the
effectiveness of websites or different campaign over online that help companies to
invest for promotion wisely.
 Counting number of customer and visitors who visit in online may create opportunity
to induce them with different car models based on their interest they show by clicking
online car advertisement.
 By expanding the organization’s knowledge of KPIs, it enables the companies to take
smart business decision about the direction of all current market situation, which creates
opportunity to come up with new ideas.

D) Challenges
 As it is a statistical tool, there requires enough skilled employees to manage or run the
program. But it is also a challenge for automobile company to have skilled employees
always.
 The data collected & analyzed using dashboard tools maybe sometimes incompatible.
So, it may make the decision difficult.
 As people are more concern about security and aren’t willing to give their own
information. For that reason they may feel insecure to visit website. So, it maybe
challenge for automatic industries in future to have more information regarding
customers.
Insurance Industry

With as many real-time issues as insurance clients face on any given day, they can’t afford to
be making uninformed business decisions. For that the insurance industry may use marketing
dashboard tools to conduct or communicate with their clients. Businesses in the Insurance
Sector collect data in volumes. From policies and premiums, to claims and pay outs, data is
recorded all the time. But with so much information being collected, it can be difficult to bring
it all together and realize the value that’s lying within.

A) Usages of Marketing Dashboard Tools

 Marketing dashboard tools connect to multiple sources of data, from various
departments, and display them side-by-side in a centralized dashboard.
 All data shown in real-time using this tools. Putting the data at the user’s fingertips
it allows them to visualize it in charts and graphs.
 For using structured data and knowing customer insight insurance companies can
lunch effective marketing campaign what their customer want.

Figure: The usage of analytics in insurance industry

 B) Implementation
 Improving customer-centricity
Customer centricity has become the very fundamental goal of every industry and same is
the case with the health insurance industry as well. Clients or patients want a trusted
consultant who can help them avail the insurance service that they actually need. Health
insurance analytics can help brokers fulfill that role. Insurance companies can now allow
agents to take the help of health insurance analytics to gain actionable insights based on the
data of the customer. With the help of health insurance analytics, instead of blindly cold-
calling, insurance companies can call when they know their client is actually missing
something they need. This will make the client feel like the insurance provider is actually
looking out for them.

 Preventing frauds
Health insurance analytics tools have the ability to identify people who are most likely to
commit insurance frauds. The data obtained would allow companies to develop plans to
overcome instances of frauds and monitor insurance-related data in real-time. Leveraging
insurance analytics would also prevent companies from losing money in the name of false
insurance promises.

 Reduction in costs
Leveraging insurance analytics tools would help customers and clients to drive their
overheads, speed up their claim processes, and optimize operational efficiency. Moreover,
such tools also help companies to implement the appropriate network discounts, physician
incentives, accurate pricing models, and optimal fee schedules. The data obtained through
insurance analytics can help target high-cost demographic areas efficiently.

 Quality care and treatment

Health insurance analytics also helps improve the quality of consumers or patient’s care, while
simultaneously regulating and controlling costs to provide better care for less money.
Predictive algorithms can be brought into use to enable savings, direct decision-making, and
bring about efficiencies.

C) Opportunities:
 The challenge for most insurance companies, given their fixed marketing budgets,
is to decide where to allocate resources to obtain the best marketing return on
investment. Analytical tool helps address this problem.
 For a new customer, customer lifetime value is normally determined using only
demographic details. And this demographic details can be obtained by tracking
information from customers using dashboard analytics tools, which help marketers
the opportunity to provide lifetime value & create loyal customers that increase
profitability.
  This analytics model can help insurance firms classify their existing clients into
Platinum, Gold, and Silver categories. So, the opportunity is that through this
classification it will not only motivate customers to purchase but also encourage
them others to purchase policy from that insurance company.
 It provides a central location for users to assess, interact & analyze up-to-date
information so they can make smarter data driven decision.

D) Challenges
 Putting in place a broader data strategy to make more business-ready information
available to analyst and business team.
 Modern digital age competitors are challenging the business model of incumbents
making them embrace digital transformation or become extinct.