The world of marketing analytics can be complex. There are numerous tools to choose from, each one boasting various features and functionalities. With so much information to process, it’s essential to have the right training for the job. Luckily, there’s an excel tutorial for marketers that’ll get you up to speed fast.
Well, first off, Microsoft Excel is the most popular spreadsheet application in the world. It’s available on almost all computing devices, and has been around for more than 70 years. This makes it an extremely versatile tool for any marketer. What’s more is that Excel is constantly improved and updated by Microsoft. This ensures that it stays fresh and relevant even to those who had the opportunity to learn how to use it in the 1970s.
In addition, many marketing analytics tools are actually built on top of Microsoft Excel. This means that you’ll most likely have access to all the data you need, regardless of which program you choose. If you’re looking for a simple spreadsheet application, with a few bells and whistles thrown in, Excel is the tool for you.
Last but not least, it’s totally free. You don’t have to purchase any software to get started. There are plenty of resources online that’ll teach you how to use Excel, even if you have no experience whatsoever. So, if you’re looking to expand your skill-set or want to try a new profession, consider becoming an Excel analyst.
Building a Foundation
Now, let’s get to the good stuff… Once you’ve downloaded the Excel application, you’ll need to establish some ground rules for how you’ll use it. Start by setting up separate sheets for each type of analysis you plan on running. This ensures that each spreadsheet is easily accessible, and that there are no messy collisions as you switch back and forth between tabs. Also, learn to use conditional formatting correctly. This will make a massive difference in the quality of your work. Instead of just using colors or fonts to highlight different cells, you’ll be able to use any Excel function to determine what should happen in a given cell.
Now you’re ready to start using Excel to its fullest. You can establish a baseline understanding of the software by taking a look at the following tutorial:
Creating a Spreadsheet to Track Sales
If you’re already using Excel for other purposes, you may have an existing spreadsheet that you can use as a template. This is a great place to start, as it’ll probably be the simplest model you’ve used so far. Let’s say that you’re a retail store and you want to analyze sales by product. You can use Excel to keep track of your daily transactions, and use its many functions to pull data from there and analyze it. You’ll simply need to enter the appropriate information.
For example, if you sell pants, you may want to track the following information:
- The date (this will be useful for determining how long each item stays in stock)
- The size (small, medium, or large)
- The style (classic, modern, or sport)
- The color (black, white, or brown)
- The price
You can then use the following formula to calculate the sales for each item:
This will add up all the prices listed in B2:B8, which are the prices for the pants in that particular order. You can then use this formula to create a total for all the sizes and styles you want to track. Remember, you can always pull specific parts of your data into separate columns. This makes it easy for you to keep track of everything, and make more meaningful insights based on the information you have. You can take a look at the tutorial for more information:
How to Calculate Sales Using Excel
If you learn from the tutorial videos, you’ll have the opportunity to practice using Excel functions as you go. This way, you’ll be able to dive into the subject matter faster than you could if you were simply reading the text. In order to get the most out of the tutorials, you should have a good understanding of the software. This means that you should be able to solve problems yourself without needing help from the tutor. What’s more is that you’ll be able to pinpoint specific areas in the tutorials that you’re struggling with, and perhaps even figure out a way to solve the problem yourself. Just remember to review your work frequently, and try to solve as many problems as you can. This way, you’ll establish yourself as an expert, and your work will become more valuable in the eyes of your boss and fellow analysts. Practice makes perfect – and you’ll be able to apply this to Excel, as well.
Creating a Dashboard for Marketers
Now, here’s where things get really interesting… Once you’ve established yourself as an expert in the field, and you’re comfortable with the basics of Excel, you can move on to creating more complex spreadsheets to assist you in your day-to-day work. The purpose of these spreadsheets is to present you with a fully functioning dashboard, loaded with various metrics and numbers you can use to gauge the health of your business. Think of these spreadsheets as your personal dashboard, with all the information you need to know at your fingertips.
For example, you may want to create a worksheet where you track the following information:
- Demographics (Gender, Age, Race, etc.)
- Customer Experience (Based on email marketing data)
- Product Usage (Which products are the most popular, based on site traffic)
- Churn Analysis (Why are existing customers dropping off, and what can you do about it?)
Each metric and piece of information you include in your spreadsheet will contribute to the final product you’re building. This ensures that you’re keeping track of everything, and that you have a clear view of the overall picture. In order to complete a quality analysis using this method, you should become familiar with the following:
- Pricing (Creating and using formulas to determine price points)
- Inventory (Using formulas to manage your inventory – how much should you order, and when should you order it?)
- Forecasting (Using what you already know to predict future revenue and expenses)
If you take the time to learn all of this, you’ll be able to create a functioning dashboard that you can use to its fullest. You’ll need to learn to use a few different functions in Excel, but you’ll be able to do this with relative ease. What’s more is that you’ll be able to pull data from anywhere in your spreadsheet, and use it to create useful insights about your business. This way, you’ll have a clear view of exactly how everything relates to each other, and how you can use this information to make wise business decisions. This also means that you’ll most likely be able to create a spreadsheet that doesn’t appear as clunky to someone else as it does to you. While some prefer to use an existing template, or just use Excel for basic tasks, using a dashboard to present you with key information at a glance will make your life much easier. What’s more is that you’ll be able to print out specific parts of your worksheet, and have them available when you need them. This way, you’ll never be stuck for an errant piece of paper, and you’ll always have the data you need right at your fingertips.
So, what exactly can you do with an Excel spreadsheet? Well, you can perform any sort of analysis you want on the data, using the various formulas and functions the software offers. You can then use these numbers to create visual representations of your findings. This can all be done on a tiny budget, and you don’t necessarily need the software to do any of this. Just have a computer and an internet connection.