Marketing Analytics Course – Online Free

Marketing Analytics is the study of marketing performance, including analysis of goals, objectives and performance metrics.

The goal of a marketing analytics program is to enable marketers to make smarter, data-driven business decisions and to develop a clear picture of how campaigns are performing.

Marketing analytics is a combination of marketing science and marketing information technology that merges the analytical and statistical disciplines with marketing operations and communications. Analytics professionals use methods and tools from business and economics, statistics and computer science to analyze marketing data.

The biggest challenge for marketing analytics programs is clearly articulating the value that they bring to business and marketing decisions and then clearly demonstrating their value over time. The biggest advantage of a marketing analytics program is its multidisciplinary approach which ensures that even specialists can build a valuable skill set that is directly applicable to their work.

Key Takeaways

  • Marketing analytics is the analysis of marketing performance, including marketing objectives, metrics, and performance measures.
  • Marketing analytics is a combination of marketing science and marketing information technology that merges the analytical and statistical disciplines with marketing operations and communications.
  • The biggest challenge for marketing analytics programs is clearly articulating the value that they bring to business and marketing decisions and then clearly demonstrating their value over time.
  • The biggest advantage of a marketing analytics program is its multidisciplinary approach which ensures that even specialists can build a valuable skill set that is directly applicable to their work.

Why a Marketing Analytics Degree?

The first question you might be asking is, why should I pursue a marketing analytics degree? And the answer is that it depends on where you are in life, what your career goals are and what you wish to achieve professionally. Here are a few reasons why.

1. High Demand

According to the U.S. Bureau of Labor Statistics, there will be a shortage of 1.8 million marketing analysts and marketing technologists in 2022. So if you are looking for a career in this field, then you should consider pursuing a degree in marketing analytics. This field is relatively new, and there are a lot of opportunities for degree holders. There are also a lot of job openings, some of which can be found online.

2. Career Growth

The average wages for marketing analysts and marketing technologists are expected to grow by 19% to $73,000 and 14% to $56,000 respectively between 2022 and 2027. So if you’re looking for a career that will pay well and offers ample opportunity for growth, then you should consider pursuing a marketing analytics degree.

3. High Profile

If you are a brand that wishes to become more agile and effective in the market, then you should consider acquiring marketing analytics software or hiring a firm that specializes in marketing analytics. There are a few tools out there that can help you dive into the data and gain valuable insights into how your campaigns are performing. Furthermore, you can use your data to develop targeted marketing campaigns and automate analysis tasks, making you more efficient and productive.

4. In Demand

According to Dice, by 2022, marketing analytics will be the fifth-largest market in the United States, with a salary average of $70,000 and a projected job growth of 75%. If you are looking to enter a field that is in demand and high paying, then you should consider a marketing analytics degree.

5. Competitive Edge

If you are interested in a career in marketing, then you should consider studying marketing analytics because it is closely related to your studies in marketing. Not only will you be able to apply the knowledge you gain in a corporate setting, but you will also be able to showcase your analysis skills to prospective employers.

How Is Marketing Analytics Different From Marketing Research?

Marketing research is a form of marketing analytics that is focused on gaining a better understanding of consumer behavior and customer preferences through surveys and experiments. However, marketing analytics also incorporates other data sources such as web activity and social media to gain a holistic understanding of marketing performance.

Marketing research is typically applied to existing products and/or services, whereas marketing analytics is used to develop and implement marketing campaigns. Furthermore, the analysis conducted in marketing research is usually used to improve the product or service, whereas marketing analytics is geared towards improving marketing performance.

Marketing research focuses on understanding consumer behavior and customer preferences, whereas marketing analytics incorporates other data sources such as web activity and social media to understand marketing performance.

What Kind Of Data Is Used In Marketing Analytics?

Data used in marketing analytics can come from various sources, including but not limited to:

  • Interactivity data (i.e., data on which activities trigger particular outcomes)
  • Log data (i.e., data records of user actions, e.g., pages visited, items added to cart, etc.)
  • Behavioral data (i.e., data on user activity, e.g., time spent on site, items bought, etc.)
  • Demographic data (i.e., data describing the population, e.g., gender, age, income, etc.)
  • Customer surveys (i.e., data collected through interviews with customers about their opinions and experiences)
  • Sales and marketing activity data (i.e., data on past sales and marketing performance, e.g., cost-per-acquisition, average order value, etc.)
  • Social media activity (i.e., data collected from social media platforms, e.g., number of followers, engagement rate, etc.)
  • Website traffic data (i.e., data on how many visitors a website receives)
  • Brand awareness (i.e., data on how well known a brand is among consumers)
  • Product or service preferences (i.e., data on what products or services users want)
  • Market share (i.e., data on the market shares of a brand or product within a market segment)
  • Market size (i.e., data on the size of a market segment, e.g., dollars spent, etc.)
  • Operations performance (i.e., data on the performance of a company’s operations, e.g., cost control, delivery time, revenue, etc.)
  • Competition (i.e., data on your competitors, e.g., pricing, revenue, etc.)
  • Cost-per-acquisition (i.e., data on the cost of acquiring a new customer)
  • Customer lifetime value (i.e., data on the total earnings over the life of a customer)
  • Churn (i.e., data on customer churn, i.e., the rate of customer cancellation or transition to a non-customer)

Why Should I Major In Marketing Analytics?

With all the job opportunities in the field and with the potential for high pay and steady employment, it is easy to see why more and more people are choosing to major in marketing analytics. If you are looking for a career that will pay well and offers ample opportunity for growth, then you should consider a marketing analytics degree.