As a Marketer, Do you often ponder upon the much-debated topic of the Importance of Data Analytics in Marketing? Well, then just wait for a second and look around. Try looking at any (or every) person around you. If alone, think about the people you meet every now and then. Thinking about them? Kudos, you are halfway there!
Now quickly answer this question. Every person who crossed your mind right now, do you know what the person thinks, wants, needs? For some, you may claim you do. But do you know how to approach them or react to their needs/wants? Maybe for some closer (or predictable) ones, you do. But can you guarantee what they are doing, feeling and want right now or at any other random moment? I see a reluctant “No” coming there.
So, if your answer to these questions at any part was No, CONGRATULATIONS you just succeeded in understanding the importance of Data Analysis in Marketing.
Someone correctly said once “Studying Marketing is no less than Psychology” (Yes, that was meJ). But to all the marketers out there, could you agree more with this statement? These days Data Analysis has kind of become a new buzz. But, do we actually understand the importance of it?
Well, let’s test that, on a scale of 1-10, how important do you think is Data Analysis for your business? If your answer is 10, well you got it right.
We have been hearing those clichéd lines about Data Analytics that, “There’s an ocean of data with a spoonful of important data”. Well, the fact is that this statement is both correct and wrong at the same time. Now, how could that be?
Simple, it is correct, because every customer segment is so specific with customers differing even within a segment, that what piece of data is applicable to one customer, may not be applicable to other. Now that makes our work difficult.
However, there’s a silver lining (what may click) shouting that like one idea may not apply to one entire set, at the same time there must be some unidentified ideas applicable for other sets of customers. This hidden “Treasure” is definitely present, obscure, waiting for us to start with our Treasure Hunt.
These two points bring us to the crux of Data Analysis:
- Identifying a rich set of approaches that may apply in different scenarios, needs, psychologies.
- Seeing what may apply to which set.
Definitely, all of this may sound easy, but needs a high understanding of customer behaviour and Data Analysis, to find that ‘Pin from the haystack”. So, next time you think about your business and your customers, think how you can increase and improve them, by “Seeing what others don’t see”. After all, that is what marketing is all about.
So, if you are all set, understanding the need of Data Analytics in marketing, Kudos, you could not be in better time. This is a time with galaxies of data building up (Courtesy exponential growth of Social Media and Internet Usage) and a range of analysis models like Data Mining (Finding data that may click), Data Exploration (Finding what may click), and Data Analysis (Finding what may click where). This does not end here; there is an entire range of operations and transformations that can be applied on raw heaps of data getting collected every second. Yes even as you read this blog.
And the various Data Analytics model and Tools act as our guide to use this data and use it in a way that brings in a number of advantages to our marketing process. To count a few, Data Analytics brings in new opportunities, enhance our customer relations, reduce costs, identify new product lines, new ways of communicating, new ways of presenting ourselves and what not.
With such Data Analytics support at your side, when you think about Marketing, I would again borrow a cliché “The World is in your hands” and this time it literally is!