Customer Analytics vs Marketing Analytics
Published by: Pritee Verma
I have seen my clients and potential audience interchangeably uses terms Customer and Market analytics. Although both analyse similar sets of data, they are quite dissimilar in terms of application and use.
So, what’s the difference?
Customer Analytics: The processes, technologies, and enablement that give brands the customer insight necessary to provide offers that are anticipated, relevant and timely.
Marketing Analytics: The processes and technologies that enable brands to assess the success of their marketing initiatives by evaluating performance using important business metrics, such as ROI, channel attribution, and overall marketing effectiveness.
If the definitions above are too heavy to munch on a busy week then let me explain simply:
So what’s Customer Analytics?
Here we analyse customer related data such as customer behaviour data, identity/history, buying pattern, web presence, and anything that one can think of that create customer touchpoints online as well as offline to understand customers. Understanding customers mean knowing who they are, where they belong, what they prefer, what’s their current and future needs and what satisfies them. Such insights help marketers, sales, services and product development teams to develop targeted offers and also deliver superior customer experience.
And what’s Market Analytics?
On the other hand market analytics is the analysis of data about the whole potential market. The data is sized, segmented, sliced and diced to reveal market insights such as need, trend, willingness to buy, buying power and much more. This helps marketers craft relevant marketing materials, product development teams to develop specific functionalities in products and executive to make future strategies that help stay ahead of the competition.
Very basic isn’t it? And simple!
Do you think differently? Have you seen people using the above two terms frequently and without much thought? How do you define Customer and Market Analytics?