Harnessing marketing analytics for enhanced decision-making and performance in SMEs
1 Independent Researcher, Australia.
2 Independent Researcher, London, ON, Canada.
3 Ulster University, United Kingdom FDM, UK.
4 University of Chicago Booth School of Business, USA.
Review
World Journal of Advanced Science and Technology, 2024, 06(01), 001–012.
Article DOI: 10.53346/wjast.2024.6.1.0037
Publication history:
Received on 23 May 2024; revised on 07 July 2024; accepted on 10 July 2024
Abstract:
In the contemporary business landscape, small and medium-sized enterprises (SMEs) are increasingly leveraging marketing analytics to enhance decision-making and improve performance. This paper explores the transformative impact of marketing analytics on SMEs, emphasizing its role in driving data-driven decisions that optimize marketing strategies, enhance customer engagement, and boost overall business performance. Through the systematic collection and analysis of data, SMEs can gain deeper insights into customer behaviors, preferences, and trends, enabling more targeted and effective marketing campaigns. The implementation of marketing analytics facilitates the measurement of key performance indicators (KPIs) such as click-through rates, conversion rates, and return on investment (ROI), providing a robust framework for evaluating the effectiveness of marketing initiatives. By utilizing various types of analytics, including descriptive, predictive, and prescriptive analytics, SMEs can make informed decisions that not only respond to current market conditions but also anticipate future trends and opportunities. Moreover, the adoption of marketing analytics supports the personalization of customer experiences, allowing SMEs to deliver tailored content and offers that resonate with specific audience segments. This level of personalization fosters deeper customer relationships and increases the likelihood of conversions and customer loyalty. The continuous monitoring and analysis of marketing data enable SMEs to remain agile and responsive to changing market dynamics, ensuring that their marketing strategies remain relevant and effective. By embracing a data-driven approach, SMEs can minimize the risk of ineffective marketing efforts and allocate resources more efficiently, ultimately driving sustainable growth and competitive advantage. In conclusion, harnessing marketing analytics is crucial for SMEs aiming to enhance decision-making and performance. The ability to derive actionable insights from data empowers SMEs to optimize their marketing strategies, improve customer engagement, and achieve better business outcomes. As SMEs continue to navigate an increasingly data-driven world, the strategic use of marketing analytics will be pivotal in securing long-term success and growth.
Keywords:
Decision-Making; Performance; Marketing Analytics; Harnessing; SMEs
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Copyright © 2024 Author(s) retain the copyright of this article. This article is published under the terms of the Creative Commons Attribution Liscense 4.0