Money Heist, Stranger Things, Wednesday, Lucifer, F.R.I.E.N.D.S, Indian Predator: The Butcher of Delhi, Mumbai Mafia: Police vs The Underworld, House of Secrets: The Burari Deaths, Tu Jhuti Mai Makkar, Mrs Chatterjee vs Norway, Virupaksh, Dasara, The Elephant Whisperers,

And……… oh God! The list is never ending.

As NETFLIX says:

“Nobody hits like Netflix”

We all agree that Netflix has got the best collection of all time. Be it TV series, movies, documentaries, and so on, it is like the platform has hand-picked and listed the content online. Netflix is counted as one of the best OTT platforms in the world.

But do you think Netflix did it all with a SNAP like Thanos? Well, that’s not possible!

So what makes Netflix “NETFLIX”?

Answer: Marketing Analytics

This streaming giant has mastered the art of leveraging data processing software, traditional business intelligence tools, and even open-source solutions to gather and store vast amounts of valuable information.

Netflix takes personalization to a whole new level by using its data prowess to pinpoint exactly what content to promote to specific viewers. How? It collects data of customer behavior while using the platform, such as:

- Customer response towards movies/shows
- Date, time, location and device used to watch
- At what time or which scene does a customer pause/play
- Customer search time
- Scrolling behavior of the user
- Duration of completing a series/movie

And, much more.

This laser-focused approach ensures that their audience remains engaged and captivated. It's no surprise that Netflix boasts an impressive 93 percent renewal rate for its original series. Also, according to Netflix research, their recommendations were accurate for 75% of subscribers.

Source

That’s how marketing analytics has helped Netflix offer exactly what its users were looking for, making it one of the most preferred OTT platforms in the world, with approximately 232 million subscribers.

Now, we have talked a lot about Netflix and Marketing Analytics. But what is Marketing Analytics?

Harvard Business School Online defines it as:

"...the process of tracking and analyzing data from marketing efforts, often to reach a quantitative goal. Insights gleaned from marketing analytics can enable organizations to improve their customer experiences, increase the return on investment (ROI) of marketing efforts, and craft future marketing strategies."

According to the definition, marketing analytics is crucial for brands to stand out while offering what customers want. However, it works best if you choose the right type.

Yes, marketing analytics has three types. Let's check them out one by one.

1. The Historian: Descriptive Analytics

Amazon rules the e-commerce market. How does it do that? For that, let’s first understand what Descriptive Analytics is!

Descriptive analytics is like looking in the rear-view mirror of your marketing efforts. It involves examining historical data to understand the happenings in the past. This type focuses on ‘what happened, and why?’

It helps you gain insights into customer behavior, marketing campaign performance, and overall trends. By analyzing past data, you can identify patterns, determine which strategies worked, and make informed decisions for the future.

Amazon uses descriptive analytics to study the purchase behavior of customers. These insights inform its recommendation engines. It helps the business catch the eyeballs of their existing or potential customers by popping advertisements or product images which might interest them. This is what makes Amazon the market leader.

2. The Fortune Teller: Predictive Analytics

This type of analytics works as the fortune teller!

Predictive analytics takes a leap into the future by using historical data and statistical models to make predictions about future outcomes. This type focuses on ‘what’s going to happen next.’

With the help of large volumes of data and machine learning algorithms, it enables you to forecast customer behavior, predict trends, and anticipate market changes increasingly accurately. By leveraging predictive analytics, you can make data-driven decisions and allocate resources effectively.

It empowers you to stay ahead of the game by anticipating customer needs and adapting your marketing strategies accordingly.

Did you know, Airbnb is a stellar example of how predictive analytics can shoot up your business like no other? With their approach of “humanizing data”, they were able to study the needs of their target market. Soon enough, the data hinted that people like revisiting their good old days.

So, Airbnb introduced the options of farms, treehouses, cabins, beachfront, and so on (as shown below) to make people revisit their days of nostalgia while meeting their current urban needs.

The end result?

Business growth of a whopping 43,000%!

3. The Advisor: Prescriptive Analytics

This type focuses on ‘how can you impact what happens.’

If descriptive analytics tells you what happened and predictive analytics tells you what might happen, prescriptive analytics guides you on what actions to take.

It combines historical marketing data, predictive models, and optimization algorithms to provide actionable recommendations. Prescriptive analytics helps you optimize your marketing efforts by suggesting the best course of action, identifying areas for improvement, and providing insights on how to achieve your goals.

It enables you to implement strategies that maximize your marketing ROI.

YouTube is a platform that cannot be ignored or forgotten. It will continue to rule the video content market. And, by now, you may have guessed the reason behind it. Prescriptive Analysis. How? Let’s see. For example, if you are watching cat videos on YouTube, its algorithm will analyze that data and suggest you watch more of the same or similar videos.

That’s how you binge-watch on YouTube. It is also true for watching reels on Instagram, Facebook, Tik Tok, and many more.

So, folks, this piece clearly implies that today, without marketing analytics, it is nearly impossible to be the commercial market leader, or even exist in it.

By now, you may have realized that Marketing as a sector or a concept is evolving probably each day. Thus, staying updated is extremely important to open the doors of opportunities that you deserve. Well, to imply or practice that by yourself is never possible. But MBA in Marketing Analytics and Digital Strategies at NICMAR University excels in making its students at par and ace the market. Grab the chance to be the best before you miss it!