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Marketing Analytics Courses

Understanding Analytics: Data Analytics vs Business Analytics vs Marketing Analytics

Analytics is the need of the hour, but let’s take a minute before we bungee-jump into it, shall we? As you read on, in this one minute, there are:

  • 3.8 million Google searches being made
  • 3.3 million posts shared on Facebook
  • 448,800 tweets going out on Twitter
  • 500 hours of video uploaded on YouTube.

(Source: SmartInsights)

And that’s just 60 seconds on Social Media. Information that is stored to be used for a bigger purpose. Can you imagine the amount of information that is getting created, and stored every day beyond these social channels? Amazing, right?

There is a lot of information available around us. But all that data is useless unless it is applied. Analytics is about making sense of the information that is available and putting it to good use, benefiting the business along the way. More and more organizations are adopting a data-driven approach to running their business. Investing in Analytics has proven to help businesses increase their revenues, optimize marketing campaigns, improve operational efficiency, respond faster to new market trends, streamline customer service efforts and overall, get ahead of the competition.

Thanks to Big Data and some other easily accessible tools like R, companies are aggressively hiring analytical thinkers with an ability to make a real, measurable impact on the organization’s growth. While you still figure how you fit into the realm of Analytics, here’s your quick guide to different types of analytics that are changing the world as you read on.

 

Data Analytics

What is Data Analytics?

All the data that is available in the universe is useless unless it is applied. The process of analysing available data to draw relevant insights using specialized systems and software is Data Analytics. Various data analytics technologies and techniques are being used increasingly by organizations to make informed business decisions. These decisions are based on research, further extrapolated into theories and hypotheses.

It involves taking large quantities of in-depth data and creating reports that display the overall significance of the information collected.

What do they do?

Data Analysts use data to derive meaningful insights to address business problems or discover hidden trends. These insights can further be leveraged to meet business objectives.

Typically, they focus on data exploration and visualization using statistical models. They also create reports and develop metrics to measure the performance of a business.

The role of a Data Analyst includes initiatives such as:

  • Managing customer database
  • Understanding user behaviour on a website
  • Identifying useful data about the target demographic

Who is it for?

Much of a Data Analyst’s role focuses on complex databases, statistics and formulas. High technical ability, critical thinking and ability to identify trends are some of the traits sought in a Data Analyst; a math or information technology background is also helpful.

 

Business Analytics

What is Business Analytics?

Deriving insights from data that inform business decisions and optimizing business processes is Business Analytics. Data in this context is treated more like a corporate asset that can be leveraged for a competitive advantage.

What do they do?

The role of a business analyst is to understand the business problem, analyse the current state of business and then provide recommendations to solve the issue. Using various tools like surveys, group discussions, interviews etc. analysts capture all business requirements.

Someone in this role might perform research, organize, communicate, and oversee the implementation of key business tasks like:

  • Financing new initiatives or software
  • Creating a streamlined workflow
  • Ensuring a high return on investment (ROI)

Business analytics is less technical and therefore, involves simpler formulas and calculations.

Who is it for?

Business analysts are expected to have a stronger background in business administration, excellent communications skills and problem-solving ability.

 

Marketing Analytics

What is Marketing Analytics?

The practice of measuring, managing and analysing the performance of various marketing activities to maximize their effectiveness and optimize return on Investment is Marketing Analytics. It offers insights into customer preferences and trends.

Marketing Analytics goes beyond the function of marketing by providing real market feedback to sales, customer service and senior business management representatives. This further helps them guide decisions on where to invest and how to prioritize.

Marketing analytics offers a more holistic approach to the measurement of marketing efforts – both online and offline. It helps reveal the direct impact of marketing by connecting all areas of marketing with sales and lead generation results.

What do they do?

Some of the tasks Marketing Analysts are often involved in:

  • Collecting data on customers, competitors and market place and extrapolating information into actionable items, reports and presentations
  • Understanding business objectives and designing surveys to find out the preferences of prospective customers
  • Collating and analysing statistical data using both, modern & traditional methods

Who is it for?

Professionals with strong communication & presentation skills along with the ability to interpret large amounts of data are preferred for Marketing Analytics roles. Knowledge of statistical packages (SPSS, SAS etc.) and familiarity with search engines and web analytics tools is also helpful.

 

Opportunities in the Analytics domain are abundant. Organizations are looking for professionals with sharp analytical skills to help optimize their performance and discover new avenues of growth. If you are interested in pursuing analytics as a career, check out the range of analytics courses we have to offer.

 

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