Businesses are increasingly more dependent on the revenue streams that come from their online marketing campaigns and revenues. Most firms with a web presence are using visitor tracking software, usually implemented in their web analytics tool-sets to monitor their advertising campaigns performances. Several emerging technology trends are supercharging the information that marketers are able to get from their analytics tools.
This article discusses 4 technologies that are enhancing web anayltics.
- Big Data
The internet is a busy place these days. Google reports processing 40,000 search requests per second, 3.5 billion searches per day, totaling to 1.2 trillion per year. Those are just raw search figures. There is also an enormous amount of multi-dimensional statistical data related to the keywords queried, users’ interactions with the pages, lead generation and conversion rates and those can be analyzed even further into highly valuable information for online advertisers.
Big Data is the term used to describe these extremely large packed-with-information datasets. Having access to this huge amount of information gives marketers new ways to examine trends, their competitors and their customers’ behaviors in ways that had not previously been possible.
Tools such as Hadoop and related utilities such as Flume, Chukwa, Hive, Mahout bring the power of Hadoop’s MapReduce technology to marketers needing to process large amounts of analytics big data.
- Cloud-Based Technologies
It used to be that the investments required to purchase the hardware and software, maintenance and upgrades to perform analytics comparable to what the largest companies have access to was prohibitively high for the mid-size and smaller firms, making those technologies inaccessible to them and often having no option but to develop their own.
The cloud-based industry has introduced high-end features using a pay-for-what-you-use model. Mint.com, Amazon Web Services, Amazon Machine Learning and Google Analytics are just a small sampling of free or price-scalable cloud solutions that allow users to customize their own easy-to-set-up data processing solutions, meeting their web analytics processing needs.
As a web-based software solution, cloud applications can be accessed from anywhere a laptop, tablet or even a cell phone can connect to a website.
- Machine Learning
Research and market study leader Forrester Marketing, estimates that Artificial Intelligence spending will triple this year and grow to a $100 billion industry by 2025.
Machine learning gives online marketers a competitively advantaged source of analytics to draw from. Supervised learning, a technique where the AI software is trained to categorize data into already known sets gives marketers an extremely powerful analytical tool that provides valuable insights into aggregate marketing data.
However, unsupervised learning, where the machine learning algorithms are trained to examine the data and find relationships that marketers don’t even know exist, increases the power of the analysis by several orders of magnitude.
Businesses that don’t implement machine learning in their analytics can expect to be outperformed by those firms that do use AI in their marketing analysis.
- Prescriptive Analytics
In their efforts to implement website visitor tracking, advertisers used to be satisfied with understanding their target demographics by their collectively shared attributes, what is referred to as descriptive analytics.
In 2016, the focus shifted to predictive analytics to gain insight into trends and explore the impact of campaign changes using “what if” hypotheses.
In 2017, the paradigm has shifted to prescriptive analytics, a heuristic for locating the best solution that should be implemented given the known set of parameters of the business problem being examined.
IBM Watson, the Google Predictive API, Amazon Machine Learning and an ever increasing suite of more exotic high-tech tools allow online advertisers to benefit from the same technologies that are used to mine medical studies and discover new cures for cancer.
The power of a campaign that can tune itself in real time is presently unfathomable.
Newer technologies including Big Data, Cloud-based applications, Machine Learning and Prescriptive Analytics are increasing the performance and returns of online advertising campaigns such as Clickback.