How Augmented Analytics can help Digital Marketers

It is always a challenging thing to operate a business that is successful and prospering constantly. Navigating the business through turbulent and complicated times like these can be even more difficult, and therefore, you will need assistance for going on winning customers. Even though it is always safe to invest in marketing to secure revenue and growth, with the tough competition and shrinking budgets, it is quite difficult to keep your eye on every moving part affecting your company's success.
Luckily, technology will come to your aid in such cases. It will be possible for marketers and business owners to see further and make prudent, data-driven decisions by using the advantages provided by advanced tech solutions. However, they might get lost in the noise with huge volumes of available information from quite a few platforms. This will be exactly where augmented analytics will come to use.

Making use of advanced data assessment methods to evaluate past information and create projections, alerts, and recommendations will provide you with a competitive advantage in the fast-moving market of today. Marketers and companies using top-notch data analytics platforms consisting of augmented analytics features will be able to invest wiser, act faster, and stay ahead in the competition.

What do you mean by Augmented Analytics?

Augmented Analytics is known to present a practical usage of an extensive range of information processing techniques such as statistical modelling, data mining, and machine learning engaged in evaluating a wide range of historical and present information for enhancing how it will be possible to explore and analyze data. It can achieve this by implementing complicated algorithms to the data to detect trends and anomalies, model the behaviour of the customers, and make sensible predictions that allow the companies to act according to insight and not instinct. By doing so, the technology can augment how businesses can use data for further study of business intelligence applications or end-to-end intelligent analytics platforms.

Gartner, which happens to be amongst the leading advisory and research companies in this world, explains the role of this technology in contemporary businesses as Augmented analytics helps automate the finding of the essential changes or insights in the business, optimizing the process of making decisions. This is performed by it in much less time, unlike manual approaches. It is precisely this level of process acceleration and automation that happens to be one of the most notable benefits provided by augmented analytics and other technologies based on AI.

Practical benefits provided by augmented analytics

Many benefits are provided by augmented analytics for the marketing practitioners, and here, we have mentioned 4 main areas where they are expected to provide massive advancements.

1. Maximizing ROI
Even though marketing teams across the globe, along with other businesses, are dealing with shrinking or frozen budgets, we can still expect them to build pipelines and grow the revenue. There is no need for marketers at present to depend only on experience, gut instinct, trial and error, or estimates with all the benefits offered by augmented analytics.

Instead, they can depend on marketing decisions that are driven by data and based on perceptions created by means of augmented analytics. It will be possible for the technology behind it to offer a clear picture of exactly which campaigns happen to be working and which are not. It will also aid you in achieving optimal returns on the budgets allocated by you to every single campaign. Below, we have mentioned 2 specific ways in which augmented analytics will help you in maximizing your marketing investments and allocating your budget efficiently for getting the best value for your money.

Maximize your marketing mix

One of the most notable things regarding augmented analytics happens to be its ability to take information from several channels like Facebook, Google Ads, and Shopify and implement robust machine learning algorithms to uncover essential insights, which will help save a considerable amount of money.

For instance, it will be possible for a budget allocation feature to figure out what mix of expenditure across different marketing channels will be, resulting in the optimum revenue for a specific budget. It offers intelligence on this by learning regarding the recent expenditure patterns and historical results and builds a regression model for every channel to comprehend how revenues have been affected by spending on each of them over a longer time. This particular functionality considers the proportion between revenues and spends allocation over a certain span of time and across every channel while comparing this to what it has learned from the previous ROI figures. Following this, it runs quite a few iterative calculations for figuring out the optimum budget spend for the forthcoming period.

Stick to the forecasted budget

One more sensible way in which augmented analytics will be able to assist with operational enhancements resulting in greater marketing success will be by means of budget forecasting. In fact, keeping track of spend versus allocated budget happens to be extremely time-consuming, and one can also make mistakes while doing so. Account managers in advertising and marketing agencies are aware of this pain quite well since it is imperative for them to simultaneously monitor several clients' budgets.

For tackling this, the forecasting feature makes use of historical as well as present data for providing a genuine picture of the budget spent so far and also depicts the manner in which it is going to continue in case there is no alteration in campaign settings. It will be feasible for the marketers to stay on the right track by acting on timely and specific suggestions offered by the system for any alteration in spending. These suggestions likewise consider typical seasonal variations. Therefore, there is less possibility that the budget will be spent quicker than planned, provided you monitor the info shown by this feature closely.

Mistakes can prove to be costly

If you make a typo, and you end up entering a daily budget value of $600 instead of $60 into Google Ads, your budget spends will be reaching $18,000 within a month instead of $1,800, planned initially. It is possible for this particular mistake to go undetected for several weeks in case you are not supported by any proactive analytics technology. However, if you use any anomaly detection feature, you will be receiving notification within 24 hours, which will help you save money in the long run.

2. Enhancing campaigns

Marketing is concerned with capturing the minds, hearts, and wallets and loyalty of the customers. It happens to be a multilayered and subtle procedure based on engaging and identifying prospects, establishing connections over time, and leading them through a procedure motivating them to become customers. Marketing campaigns happen to be the basic building blocks supporting this procedure. It is possible to operate numerous highly targeted campaigns at the same time across the spectrum of e-commerce sites, social networks, and ad platforms, including Google Ads, Facebook, and Amazon Marketplace, with the help of the digital marketing processes of the present day.

3. Enhancing customer experience

A motto was coined by the pioneering retailer's John Wanamaker, Harry Gordon Selfridge, and Marshall Field, which became popular in the 1800s: The customer is always correct. Although it is nevertheless quite true, it is likewise imperative for companies to make certain that they attract the proper customers and they are able to know them properly as well.

Even though augmented analytics was not accessible to these 3 individuals mentioned above, it will be able to provide accurate and comprehensive information to the present companies regarding their customers, who might not have been possible for them to obtain by means of other analytical procedures. Moreover, given that marketing is concerned about individuals, the more insights you will be able to collect, the more it will be possible for you to comprehend the activities, desires, and behaviour of the prospective customers, thus making your marketing endeavours more successful in the long run.

Advanced analytics procedures allow businesses to enhance the experience of their customers by creating a profound understanding of the manner in which the customers will be interacting with their brand via multiple channels. Moreover, it will provide comprehensive information to marketing teams to maximise customer value by merging a diverse range of datasheets such as CRM, website, demographic, and product usage information.

4. Reinventing tactical decisions

While it is possible for augmented analytics to transform marketing operations, you can likewise enable in-house marketers and agencies to bring tactical insights to customers from other business locations. These insights can strengthen decision-making throughout the company using accurate and timely information, contributing to the business's overall success. The proactive automation and insights provided by augmented analytics will aid in minimizing risk, reducing the effect of problems, decrease manual effort, and make quick performance enhancements in various departments, including marketing.

What do you mean by Augmented Analytics?

Augmented Analytics is known to present a practical usage of an extensive range of information processing techniques such as statistical modelling, data mining, and machine learning engaged in evaluating a wide range of historical and present information for enhancing how it will be possible to explore and analyze data. It can achieve this by implementing complicated algorithms to the data to detect trends and anomalies, model the behaviour of the customers, and make sensible predictions that allow the companies to act according to insight and not instinct. By doing so, the technology can augment how businesses can use data for further study of business intelligence applications or end-to-end intelligent analytics platforms.

Gartner, which happens to be amongst the leading advisory and research companies in this world, explains the role of this technology in contemporary businesses as Augmented analytics helps automate the finding of the essential changes or insights in the business, optimizing the process of making decisions. This is performed by it in much less time, unlike manual approaches. It is precisely this level of process acceleration and automation that happens to be one of the most notable benefits provided by augmented analytics and other technologies based on AI.