Marketing teams need to have an understanding of mathematics. Even if marketers see themselves as creative people, their math skills help them to make informed decisions rather than relying on gut instinct. They must understand certain metrics to be able to track and analyze performance.
Unless they do this, it is difficult for them to understand how to optimize performance. In marketing, real-world applications of math are seen on a daily basis. Online marketers help businesses to make money and see a return on their investment. Here are some of the ways math helps in marketing.
Marketers need to make evidence-based decisions
Marketers have to come up with campaigns that offer the best value for money. Relying on instinct is not enough. They need to know an audience, develop buyer personas, target different customer segments and use different marketing channels. They are working in the dark unless they have access to data and data analytics.
One of the metrics marketers use frequently is the return on investment (ROI). This figure gives the return on investment generated by a campaign with respect to the budget provided for it. ROI tracking is a crucial aspect of marketing.
Marketers have to use many mathematical ratios when making decisions.
- Click-through rates refer to the number of people who click on a link as a percentage of those who see the link.
- Conversion rates refer to the number of people who buy a product as a percentage of the total number who see a campaign.
- Cost-per-click refers to the money spent per click as a percentage of the money spent on the total campaign.
Help with math homework
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Marketers have to know what type of marketing works best
Online marketing today involves the use of many different marketing platforms. The potential is available to reach a wide range of consumers through search engines, social marketing platforms and email marketing. Marketers have to check analytics to see which platforms perform best. Does most traffic come from searches on Google or from social media platforms?
Marketers need to know whether they get more conversions through advertising on social media platforms or by sending emails with promotions to email subscribers. They have to know exactly how much it costs to display ads. They must know how many people see the ad, click on it, and complete a form. For each ad, they need to take the numbers and see which ad is performing best. Using these metrics helps them to tweak ad performance.
Marketers need to justify marketing
Marketing activities are a cost to a business. The finance team has to know what benefits a marketing campaign will offer to allocate a budget for it. This is why they need marketing reports with useful numbers from marketers.
Students who study marketing have to learn how to use equations to calculate market growth, market share, cost, price elasticity and more. Without learning how to do so, their reports would not be convincing.
Market research analysts and market research
Market research shows best how practical math influences marketing decisions. Marketers have to compile and analyze information about potential or actual customer bases. They have to estimate how they will respond to products or services. They may do this through holding focus groups, using previously acquired data, or through surveys. Once they gather all the information, market research analysts have to make sense of it.
As marketing is seen as more of a creative activity, it is sometimes hard to put math and creative people together. If you’re a creative person and you want to get involved in marketing, don’t be put off by the fact that you will need math. The math marketers use is not really that difficult. It is possible to execute a campaign based on conversion rates that use the basic principles of division.
Marketing professionals need to accept that mathematics is a vital component of the industry. It is what makes marketing campaigns more successful and helps them to offer the best return on investment.
Karl Bowman writes solidly on various matters that concern the education process and student life. His ebooks and articles on blogs get a lot of readers because of the unique topic he covers and the solutions that he brings out. From the mental health of students to green campuses and racism to the role of technology in education, he knows his work amazingly well.