Analytics in business is the way in which a business or marketer can use statistical methods to gain insights into strategic marketing methods and campaigns. This helps to maximise brand awareness and profits.

There are 3 main types of marketing analytics for businesses and marketers.

Predictive Marketing Analytics

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Predictive analytics is an advanced method and more complicated than descriptive analytics. It uses probabilities to make assessments to understand what could happen in the future with marketing and branding.

The predictions from data collected with predictive marketing analytics can be used to understand problems and see which opportunities there are for growth. It uses statistics and machine learning techniques to see the likelihood of future outcomes based on the historical data of visitors to their websites.

Prescriptive Marketing Analytics

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Prescriptive marketing analytics help companies to see which options in marketing are the best way forward. It borrows heavily from maths and computer science and uses statistical methods in technology to further understand a company’s client base.

It’s relatable to predictive and descriptive marketing analytics except that it has an emphasis on insights instead of data monitoring. It’s done by gathering data from a variety of descriptive sources. It applies these sources’ data to making the right decisions in marketing.

Descriptive Marketing Analytics

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Descriptive analytics act as a way to analyse historical data by using two key methods. The methods include data aggregation and data mining. These methods are used to uncover some of the latest trends and changes in patterns.

Descriptive analytics is often displayed using visual data representations in charts and give insightful information. It forms the core of most data reportings in any business module. It’s the perfect method to get insights into new trends and patterns.

Types of Marketing Analytics