Marketing analytics
Marketing can be referred to as the action that a company takes to promote the selling and buying of products and services. There are different ways that a company can use to market their product like advertising. Analytics, on the other hand, can be defined as the analysis of data or statistics systematically. Marketing analytics is the analysis of data that has been collected from marketing strategies. The analysis is conducted to know how the techniques have contributed to sectors like consumer behavior. Mcdonalds Company has been hitting news headlines this month. In this topic, I will discuss how Mcdonald’s trending relates to marketing analytics.
Mcdonalds is a fast-food restaurant in the United States. The company has been hitting the headlines this month after recording an increase in sales by 4.6%. The increase in sales is said to have been caused by the Travis Scott promotion. The coronavirus pandemic has widely affected the world economy doing many businesses to record losses.macdonals not being an exemption. It recorded a loss after the epidemic struck but started making a profit in July. The company signed a deal with singer Travis Scott, a rapper with a big following on all his social media platforms. The company put an offer on the rapper’s favorite meal and was going for 6$. The deal worked to a point where it recorded an increase in sales that has never been recorded in the last ten years within one month. Promotion is the marketing phrase used by McDonald’s and has helped the company record a 16% increase in shares. The company’s stock also increased by 1% after the Travis deal.
Concerning analytics, the promotion strategy has helped the business in increasing its sale during a pandemic. The company has recorded an increase in sales within three months compared to the previous year last quarter. The marketing strategy has helped the company gain power because the rapper’s meal has become one of the most ordered meals. The Travis Scott meal also had exclusive products that contributed to the meal being more attractive. McDonald’s has embraced the success of Travis Scott’s meal by signing deals with more celebrities. J.Balvin is amongst the next stars to sign the McDonalds deal. Due to the covid-19 restrictions, McDonalds has developed a new strategy that will help them work efficiently after the increased traffic in sales.
Marketing analytics is essential for a company like McDonald’s because it has helped in understanding their customers. The Scott meal has attracted a large group of people, and through this, the company can know the market share the business has. Marketing analytics is important because it helps in analyzing the company’s competitors. McDonalds can understand its competitor’s behavior after introducing the singer’s meal because it is new to the market. Through the competitor strategy, McDonald’s can know its weakness. Analytics is essential for a business entity when trying out something new.the company can analyze the market and know what method to use to promote its product.
Conclusion
From the McDonalds deal with Travis Scott, I can conclude that marketing analytics is essential for all businesses. A company that practices marketing analysis is most likely to thrive than a company that blindly runs its marketing. Analytics will help a company know when its best fit to market its products and services.proper marketing will increase sales, which will create a demand for increased production, promoting company growth.