SALES & MARKETING - MARKET DATA ANALYST 18 17 SALES & MARKETING Marketing Data Analyst You just completed your online grocery order. Everything went smoothly and you managed to pick up a few deals. However, at some point during the purchase, you had trouble deciding between two brands of cookies. You put both in the cart but ultimately decided on the mangoflavoured ones because you’ve never tried them before. Behind the scenes during your purchase, there was data being collected. Specifically, you decided to remove an item from your cart. This data becomes a powerful tool for market data analysts when they are trying to understand consumer behaviour. It’s all about the numbers and their interpretation when it comes to being a market data analyst. 1. Marketing Data Analysts Analyze Data Marketing data analyst are responsible for collecting, analyzing and interpreting data to help businesses with decision making processes. They work with business teams to devise hypotheses and objectives and determine what data would be required to answer these questions. With the data collected they apply a wide range of statistical and quantitative analysis methods which they then interpret into actionable plans. These professionals work collaboratively with marketing staff by helping them to validate their marketing, digital and product team plans. Different methods can be used to create these plans however a common way is to develop statistical/mathematical models. These models for example can predict likely consumer behaviours such as their customer’s lifetime value. This considers age, demographic information and spending habits. At it’s core the job of a market data analyst is to collect, interpret and present data. They will collect data that helps to answer a research question and uncover insights that lead to solutions. This could involve setting metrics that track how many products are sold in a particular month. Nonetheless a key component for their role is how they present their findings. They have to take dense numerical data and turn into something digestible for other staff members. These data transformations come in the form of dashboards, metrics, presentations and reports. Overall, using their insights market data analysts develop solutions and strategies to business opportunities and challenges. 2. Marketing Data Analysts Collect Data Before a data analyst even analyzes any data they need to identify a question that they would like to answer. Questions could include: • How many sales were completed during this quarter? • How often does a customer complete a purchase after they go through this many steps on the website? • Are mango flavoured cookies a viable product flavour for this market segment? After they know the question they want to be answered they can get to work. The first step is to explore if their company is already tracking data which could answer these questions. Sources of data include web traffic data, email lists or grocery sales purchasing records. If this isn’t the case than they will explore and find ways to acquire it. Marketing Data Analyst Analyzing data for actionable insights Photo by Markus Spiske/Pexels Photo by Tiger Lily/Pexels
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