Current condition

Massive changes happen in our daily life from time to time, including in business and marketing. Every marketer has to decide an appropriate resolution. To draw a conclusion accurately, decision maker must be based on data. These transformations force a need for data analysis.

Nowadays, both computer engineers and statisticians have developed nice and powerful tools to give a solution for the decision maker translating data into a right business decision.

Problem arises

The rise of enormous data drive the managers distracted.  There are many statistical models available out there. If they do not know how to use the appropriate one, they will be confused and then it can triggers a wrong conclusion.

The managers may waste their time trying utilize several possible tools or models that will be the most fit for the data set they are built.

There is another problem, by arising of big data. It needs high availability computing and high storage.

Solution

Now, the tools are available with golden models that may fit for your current condition and need. In addition to this, you can try it for free ( for limited resources ) before you buy , utilize it in your business and perform complicated analytical effort.

Moreover, there are some tools offer cloud service to overcome your current computing and storage problem in your office.

The most important thing is, you must utilize the tool and model based on your business condition and your need. If you only need some basic statistical model such as: mean, modus, average, regression and correlation analysis, simple forecasting, etc., you may utilize Microsoft Excel ( or libre office for free ) for this. Furthermore, with this spreadsheet tool you can analyze the data with pivot table and get a report via chart.

You can try more complicated model for data analysis, like the Hidden Markov Models

Now, you have finished reading solution for marketer and manager to help them undertake data analysis for make a strategic decisions.

The conclusion is marketer must be possess basic math, statistics, and data analysis skills.

Examples of database for sales and marketing analysis

Afterwards, we will see examples of data, data analysis, and data analysis tool that marketer must know.


Sample data set

Database ( a set of data ) or we can say a data set can be anything. It is based on your need and requirement.

For example:
If you want to track how much sales in your all retail shop ( main and branch ), you can set the data. Set what fields ( particular items ), what tables ( group of fields ), what database ( groups of tables ), etc.

Database name: shop
Shop database contains two tables, they are: main_shop and branch_shop

Table name 1: main_shop
Fields: ms_name, ms_location,ms_sales

Table name 2: branch_shop
Fields:bs_name, bs_location, bs_manager, bs_sales

Notes, database above is only sample. That’s why it is very basic. I show you this in order to explain you database concept. So, you can understand when use it with data analysis tools.

Examples data analysis functions in daily life

I will show you how beneficial data analysis when you perform it with a correct way and with a right tool.

- marketer can fetch data, translate them with tool and do some analysis to make decision, such as: is this product should be discounted?

With appropriate tool, marketer can analyze anything, like market analysis, breakeven analysis, profit and pricing, competitive environment, customer loyalty level, and so on.

After conducting data analysis, marketer can summarize the idea, make a special report with chart, diagram, and deliver a presentation to higher management.

Once the information is completely obtained, manager can decide the product should be discounted or not.

And many other examples, such as: decide to open new branch in new location or not, choose what branch must be closed, define the correct price to entice new customer, decide how much money will spend for new campaign, and many more.

Examples business data analysis tools

As I mention above, you can choose your tool or software based on your requirement and need. Selecting and utilizing the correct tool and statistics model for your database is leading to great effects for your business and marketing decisions.

Here are the data analysis software for your business and marketing examples:

1. Software : InfoSphere Data Arcitect

I straightforwardly give you a real study case that is published in their website for several company. Below is the sample company.

Company: VP securities A/S

They want to replace some software to solution and must decide what is the appropriate solution and get some beneficial like cost reduction in its implementation, etc.

The company utilize this software and get the good result, see full story here.

2. Harvad Business school marketing analysis tools.

Five marketing toolkit that you can buy from here, they are:

a. Market size and market share toolkit
this tool is for size the market share and opportunity both for current product or new product.

b. Situation analysis.
This toolkit is for helping marketing manager to develop marketing strategies.

c. Breakeven analysis.
This is for helping manager to decide whether particular program is executed or not. This tool assist manager to make sure that the program will return on their investment by breakeven analysis method.

d. Customer lifetime value analysis.
This tool make marketing manager understand clearly with his strategy: customer acquisition, and customer retention.

e.Pricing and profitability analysis.
This toolkit will help decision maker decide the pricing policy.

Browse directly to the website above to get more information.


Recap

This summary is dedicated for entry level marketer or beginner marketer. If you understand this thing, you can achieve your good marketing career.

1. Enhance your analytical skill.
Whichever the tool you use, with good analytical skill, you can get a good conclusion.

2. Practice a lot.
You have to practice your analytical skill and practice utilizing data analysis software and toolkit.

3. Once you obtain hands on experiences in analysis with tools, you can adapt against massive change in every model of method and in every tools.