Thomas Ligor of New York is the sales and marketing specialist for Chelsea Market. Thomas Ligor enjoys adding his personal touch to marketing, as well as engaging in media outreach as well as social media marketing. Mr. Ligor pursued his entrepreneurial dreams after graduating at the top of his class at New York University, opening several businesses that he successfully grew and sold. Now, working with Chelsea Market, Thomas Ligor discusses below the marketing industry in 2022, some of the trends driving the future of the industry, and how it will improve over the next few years.
The marketing analytics industry is a collection of businesses that use data analysis to help clients improve their marketing campaigns and better understand their customers. Their methods and services can include customer segmentation, customer journey mapping, marketing mix modeling, and more. As the industry continues to grow, it’s expected to reach a market value of $189.56 billion by 2030 explains Thomas Ligor of New York.
This growth will be propelled by a number of ongoing trends, as well as the implementation of new software developments. To better understand the current state of the industry, Thomas Ligor of New York looks at how and where it’s being applied.
Current Applications of Marketing Analytics
One of the most common applications of marketing analytics is customer segmentation. This is the process of dividing customers into groups based on shared characteristics, such as age, gender, location, income, and so on. This helps businesses better understand their customer base and target their marketing efforts more effectively says Thomas Ligor.
Another common application is customer journey mapping. This involves tracking the various touchpoints a customer has with a brand, from initial awareness to purchase and beyond. This helps businesses identify pain points and areas for improvement in the customer experience.
Finally, Thomas Ligor of New York says that marketing mix modeling is a technique used to optimize a company’s marketing budget by understanding which channels and activities are most effective in driving sales. This helps businesses get the most bang for their buck with their marketing efforts.
All of these applications require a deep understanding of data and analytics. Without accurate data, businesses cannot make informed decisions about their marketing campaigns. This is why the marketing analytics industry is so important – it provides the data and insights businesses need to make smarter marketing decisions says Thomas Ligor.
Trends Driving the Future of Marketing Analytics
One of the most significant trends driving the future of marketing analytics is the rise of artificial intelligence (AI). AI is being used more and more frequently to automate various tasks, including data analysis. This is important because it frees up time for analysts to focus on more strategic tasks, such as interpretation and recommendations.
AI is also being used to create better customer profiles says Thomas Ligor. By analyzing large data sets, AI can identify patterns and trends that would be difficult for humans to spot. This information can then be used to create more accurate customer profiles, which can be used for segmentation, journey mapping, and mix modeling.
Another major trend is the increasing use of cloud-based software. This is important because it allows businesses to access their data and analytics from anywhere in the world. It also makes it easier to share data and insights with team members and clients.
Finally, Thomas Ligor says that the marketing analytics industry is becoming more and more specialized. As the industry has grown, so has the number of businesses that focus on specific niches, such as social media analytics, web analytics, email marketing, and so on. This trend is important because it allows businesses to find the right analytics partner for their specific needs.
How These Trends Will Contribute to Growth Within the Industry
These trends have a number of implications for the future of the marketing analytics industry. First, the industry is becoming more and more competitive. As the number of businesses offering analytics services has increased, so has the level of competition. This is good news for clients, as it means they have more options to choose from when selecting an analytics partner.
Second, the industry is becoming more specialized. Thomas Ligor of New York says that this trend is likely to continue, as clients demand more individuated services. This is also good news for the industry because it opens new potential avenues in an increasingly crowded market while providing clients with exact solutions for their specific industries.
Additionally, as the industry becomes more and more reliant on AI, businesses will be able to automate tasks and identify insights that would be difficult for humans to spot. When paired with a cloud-based business model, the industry will become more flexible and accessible with its analytics services explains Thomas Ligor of New York.
The Bottom Line
The marketing analytics industry is expected to continue to grow in the coming years. This growth will be driven by a number of factors, including the rise of AI, the increasing use of cloud-based software, the growing demand for specialized services, and the increasing competition in the industry. In time, this growth will provide more opportunities for businesses to find the right analytics partner for their needs.