You want to know how to prioritize your marketing analytics skills learning and development. Businesses are getting more comforable with marketing analytics and are getting more specific on the skills people should have. There are basic and advanced marketing analytics skills you can get.
Marketing Analytics Skills List
Pretty basic quantitative skills. You can understand ratios, meaning making simple calculations to get (mostly) KPIs from web data (like google analytics), customer transaction data and social media data among others.
Whatever the project it will go through a spreadsheet at one stage or the other. With the right plugins it can cover many techniques you will use. Advanced analysts can use VBA to automate processes.
You can get data from the database yourself instead of asking someone else to do it for you. If this is a new project/operation then experimenting may require more data requests than planned. You can also do some analytics with SQL.
You may be asked to accompany your conclusions with some statistical support. Whether it is the “paid ads bring in more money than SEO” or “Variation A of the website has higher conversion from Variation B” you may be asked to prove that your conclusion is generally valid for some confidence level.
5. Modeling (statistical/econometrics)
Successful modelling is technically challenging as it requires knowledge of statistics and business. If you want to know how your sales or market share is affected by your price, your competitors’ price and a number of other factors, then modelling becomes really interesting. It can be used to discover relationships as well as make predictions.
These software packages can be used not only to get the project done, but also to operationalize and automate the process. These are commonly mentioned in relevant job ads and are also used in academic courses. Also, there are books that use these to teach analytical techniques.
7. Data MIning
Data mining techniques can be used for customer segmentation, customer churn prediction, sales problems etc. These may come in handy in projects of a more exploring nature.
8. Soft skills
People in the team need to communicate effectively to handle issues with the data, the client (from within the company or external), the deliverables etc. Also, you need to break up tasks and problems and manage projects (even if it is just your own) so that you can manage time and stress better. You may also be asked to present your findings, which is a good opportunity to look at your storytelling and presentation skills.
Your technical education background is to be applied on the job. Not all analytics roles require all of these skills and may depend on the company’s market strategy, as different industries may have different needs. Should you be looking for a structured training you can visit our education section. Finally, don’t forget that it’s marketing decisions that you are contributing to, so it is to your advantage to know what these decisions are about and how are made.
What do you think is the marketing analytics skill one must have?
Answer below in the comments