Understanding the customers and building a right audience for your product/ service had always demanded innovative and revolutionary ideas in the past. In today’s scenario, with the evolution of Analytics, Marketing is no longer a skill to be mastered by extraordinary folks, and has been revolutionized as a science that everybody wants to master and cash upon.
Beyond the obvious sales uptick and lead generation applications, marketing analytics paints the uniqueity of its own existence through profound insights into customer preferences, sentiments and trends. It offers a diagnostic view as how your marketing campaigns and initiatives are really performing and what it takes to assimilate great involvement with your clients in today’s world of omni-channel psychology. It involves gathering data from across all marketing channels and consolidates it into a holistic marketing view.
The availability of better analytical tools has added decision-making firepower to the portfolio of successful business leaders across the globe. And, this spurt in Analytics has aptly complimented the reaping innovation in the country where numerous innovative Start-ups are supporting this very trend through delivery of innovative analytics based marketing solutions.
The analysis sourced from Xeler8 Start-up Dashboard reveals that out of 400 analytics firms in India, almost 26 per cent belongs to the Marketing domain, spreading across various horizontals like Social media analytics, Campaign analytics, Sentiment analytics, Customer lifecycle management, Web analytics, Speech analytics along with comprehensive solutions (including those offering a range of services around marketing).
The vibrating landscape has approx. ~100 firms with more than 55 per cent incorporated since 2010 onwards, thereby, witnessing the growing advent of start-ups in this domain. These nascent start-ups have been building upon their strength in emerging horizontals like Social media analytics, Campaign and Mobile analytics by leveraging on the connected world to map customer sentiments, preferences and choice to ensure better ROI on their marketing expenditure. The web is clearly a major game in the world and almost all the customers are utilizing the power of social media to gain competitive edge, and it has given a significant push to this high volume.
The funding pattern too points in the direction of the mushrooming marketing Analytics sector. On one side, we have seen several innovative start-ups raising funds from marquee investors, the other side proudly reveals the real success of Indian Marketing analytics market with ‘Inmobi’ which has graciously fetched its sweet-spot in India’s Billion Dollar Club with a valuation of over US$ 2.5 billion.
With companies like Manthan, Inmobi, Vizury, FusionCharts, Heckyl, Tookitaki, Qubole etc. raising huge amount of funds; displays the growing confidence of investors towards this growing segment. The segment has seen over US $720 mn of funding with more than US $246 mn of funding accumulated since 2014 onwards.
The Marketing Analytics web is growing faster as more and more founders make a beeline for this sphere the game is bound to get more interesting. With emerging concepts like content marketing, speech analytics, sentiment analytics etc., the ability to analyse things will grow leaps and bounds. Let’s cross our fingers and hope that these young businesses get the nutrition they need to grow bigger and better.