Data Analysis and its Role in Marketing

Data analysis is a set of actions that tries to turn data into Information, Knowledge, and even Insight so that it can be used in making decisions or identifying situations. The data alone are not enough to make a decision or plan. It is necessary to pay attention to the data in a coherent and integrated way and to process it in order to create value from it. In general, the most important steps that take place in the data analysis process are:

  • Exploration and identify data
  • Data Preparation
  • Data cleaning
  • Data Structure and Algorithms
  • Pattern recognition and modeling
  • Extract logical relationships between segments of data
  • Data visualization

A set of these actions can add value to data and make it a valuable resource for decision-making. Methods and approaches of data analysis are constantly changing and evolving. The same data can be analyzed at the same time, with different methods and techniques, and get relatively different results. Choosing a method of data analysis is very important. There are also many differences in the style and approach of data analysis. Especially in the case of qualitative data, these differences are more tangible. In some methods of data analysis, such as Content Analysis, the type of attitude and insight of the analyst plays a decisive role in data analysis and conclusions This is especially important when it comes to Commercial and business analytics. In general, data analysis in marketing can be considered knowledge, based on the following three elements:

  1. Knowledge of data analysis techniques and methods (technical and specialized knowledge of data analysis)
  2. Experience
  3. High understanding and knowledge in the field of marketing (marketing knowledge)

In many cases, the data analysis process is done by teams that are most highly specialized in the field of statistics and data analysis and have little familiarity with marketing topics. However, in marketing data analysis teams, the presence of experienced experts in the field of marketing is necessary and statistical analysis without considering the role of a marketing expert, will not bring good results.