More and more, CEOs and senior management want their organizations to leverage their data, demanding data-driven decisions and results. When you look at the projected growth of Big Data by Forbes, business analytics (BA) is becoming an increasing priority. As marketers, we can take advantage of data derived from BA efforts to easily and quickly understand customers’ buying habits, the successes or failures of marketing campaigns, and how effectively we are engaging with clients and customers.
To understand campaign effectiveness, market information or product statistics, marketers need to turn to the data. And to help make that data as effective as possible, we need to visualize or present it in a way that is easily understandable. This is where the business analyst or more specifically, the marketing analyst (the terms are interchangeable), comes in. The data modelling that these specialists produce allows marketers to make data-driven, research-based decisions.
Why All This Is Important
To position themselves for success in this world of big data, businesses must take advantage of analytics. Whether you work for a small grass-roots organization or a multinational corporation, the marketing and analytics functions are tightly integrated, even if this might not be evident. Without both, you are not telling the full story and this will quickly become clear in your marketing efforts.
You can work with the existing data to understand it, improve it, and produce the right measures of return, profiling, or other benefits such as team work. Further, analytics is multi-disciplinary. It straddles the organization, and it has side effects that you can’t immediately see. This is “long-term vision”, rather than “operational, reactive, here-and-now”. Analytics can effect change within the organization, as the process of undertaking analytics itself means that the organization solves a business problem. You can start in the Marketing department and then seek to re-apply across different silos within the organization.
Bringing It All Together
It should be clear by now that marketers must work closely with business analysts, marketing analysts, and data scientists to make business predictions and better understand both organizational and customer/client needs. To ensure this effectiveness, organizations need to work to reduce silos between departments and organizational areas. Data analysts and business analytics professionals are required to act as the bridge, the translators and facilitators, of the data, and help ensure cohesiveness between organizational areas. It is this collaboration that will position organizations for the future.
One of the critical aspects of this new world of working is where these skilled professionals will come from. SAS is already saying that the skills shortage is the biggest problem in analytics right now.
Technology and analytics are rapidly merging. Analytics is becoming an important part of any marketing team. As the number of tools in this space increase and become more competitive, having the right tools and knowledge has never been more important to ensuring that you stay at the forefront of the industry. The PASS Business Analytics Conference 2016 is a practical event that specifically aims to develop the skills and knowledge of those people who currently are BAs, or who work closely with them, while also helping you understand the latest in analytics advances, data visualization, and trends. Use discount code BACAMA to enjoy a $100 discount on registration. Stay updated on Twitter @PASSBAC