Abstract
In today’s modern marketing scenario, a greater understanding of the
consumer’s mind and user behavior is vital in positioning a product or service.
Personalized ads that speak to the buyer’s specific needs and interests are inevitable for
brands to catch individual attention. With the advent of more advanced analytical tools
and approaches in recent years, companies and marketers no longer need to guess
buyer behavior patterns or their product preferences. Marketers can also better
understand current marketing trends, determine which programs worked and why,
evaluate and monitor trends over time, assess the market, predict future results, etc.
Marketing analytics helps the business to make decisions on everything, and gives the
business leaders significant new decision-making power. Insights gleaned from
marketing analytics can enable organizations to improve customer experiences,
increase the return on investment of marketing efforts, and craft future marketing
strategies. Even though, marketing analytics is a crucial element in business and
provides several opportunities, most of the marketers face multiple marketing analytics
challenges that restrict them from using the available data to the best potential. The key
here is to identify and understand these challenges. This research paper aims to identify
the various opportunities and challenges associated with marketing analytics in
business. Thereby assessing its importance in today’s competitive business landscape.