Marketing
analytics software includes various technologies and processes which
enable an organization to evaluate and quantify its marketing
efforts. Marketing analytics software offers tools to manage,
measure, control and analyze marketing performance. With the use of
marketing analytics software, organizations are able to improve the
effectiveness and optimize the return on investment (ROI) of
marketing activities. Marketing analytics software enables
organizations to gain insights about consumer behavior, buying trends
and preferences. Such information plays a crucial in during various
processes including customer survey, product design and customer
support. Thereby, organizations can make use of marketing analytics
software throughout its product’s lifecycle.
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In
addition, marketing analytics software enables organizations to
manage multi-channel marketing campaigns including online marketing,
social media marketing, email marketing, video and audio marketing.
Thus, organizations can evaluate every medium and method of marketing
used to identify the effectiveness of such varied marketing efforts.
Thereby, marketing analytics software plays a crucial role in
optimizing an organization’s marketing strategies and activities.
Organizations are able to identify correct marketing medium and
method to target their potential customers. Marketing analytics also
enables organizations to gain feedback about its products and
services to improve their offerings as per customer’s requirements.
Marketing analytics software has found a wide range of applications
including prototyping, acceptance testing and developing marketing
strategies with correct time, place and target. Marketing analytics
software are widely used in various industries including banking,
financial services and insurance (BFSI), e-commerce, healthcare,
media and entertainment, consumer packaged goods (CPG), energy and
utility, retail and high-tech manufacturing.
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Market at:
One
of the major factors driving the growth of marketing analytics
software market is increasing social media activities. Social
networking websites such as Facebook, Twitter and Instagram have led
to the generation of large volumes of consumer related data. The data
thus obtained proves vital for an organization to assess and evaluate
their marketing strategies. Another factor driving the growth of this
market is the increasing need to calculate return on investment (ROI)
of the marketing activities. With increasing competition and economic
challenges, organizations across the world need to make correct
marketing expenses. Other technological factors including rise of big
data analytics and cloud computing have offered a viable solution for
organizations to effectively and efficiently manage and analyze large
volumes of data. However, the marketing analytics software market
faces a few restraints due to the availability of open-source
analytics software. On account of its high deployment costs, small
and medium enterprises (SMEs) prefer to use open-source analytics
software over customized analytic solutions.
Increasing
opportunities in customer analytics, sentiment and behavior
analytics, the marketing analytics software market has been lucrative
in recent years. Companies in this market seek to offer comprehensive
solutions to its customer to cover various aspects of product
lifecycle. Depending on the requirements, marketing analytics
software providers can deploy both on-premise or cloud-based
solutions. Some of the key players in the marketing analytics
software market include Oracle Corporation, Adobe Systems, Inc., SAS
Institute, Inc., Harte-Hanks, Inc., Experian Plc., IBM Corporation,
Wipro Corporation, Teradata Corporation and Pegasystems, Inc.
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