In the age of analytics, The Marketing Analytics Practitioner’s Guide serves as a comprehensive guide to marketing management, covering the underlying concepts and their application.
As advances in technology transform the very nature of marketing, there has never been greater need for marketers to learn marketing.
Essentially a practitioner’s guide to marketing management in the 21st century, the guide blends the art and the science of marketing to reflect how the discipline has matured in the age of analytics.
Application oriented, it imparts an understanding of how to interpret and apply research data and big data with the aid of the analytical tools that practitioners use.
Quantitative research (quant) is widely used in marketing to methodically investigate markets via theoretical models and statistical techniques. As a marketer, you will find the practical, diverse applications of quant useful for formulating strategies and refining the marketing mix of your brand. Applications such as brand image tracking, market segmentation and measurement of brand equity, discussed in earlier chapters are a few among the multitude of examples of quant in practice.
This chapter covers the basic processes and practices in quant, including topics such as problem definition, research design, questionnaire design, information needs, sampling, data collection, online research, and the analysis process.
For the practitioner, the chapter serves as a guide to the use of quantitative research, and imparts an understanding of how to conduct quant studies.
Data is like a jigsaw puzzle; you need to put the pieces together to see the big picture. Individually each piece is factually true — depending on the touchpoint, the elephant has the shape of a pillar, a rope, a branch, a fan, a wall or a pipe. Yet, these conclusions from individual snippets of data are misleading.
Much like the elephant, the business issue must be addressed from different angles. You need to immerse yourself in the data, and put the pieces together to form the complete picture. Most market metrics need to be examined in conjunction with other metrics, not only because each alone presents a restricted view, but also because individual research methodologies have limitations and constraints.
The picture in its entirety is often revealed by looking beyond the confines of a single research study, linking different research studies/sources of knowledge to enhance your understanding of the issues, and improve your confidence in the findings. This use of multiple approaches to examine an issue, in order to enhance confidence in the ensuing findings, is referred to as triangulation.
Facts gleaned from any research programme need to be critically examined. Answers often lead to more questions. It is often useful to examine sub-samples and drill deeper for an improved understanding of the marketing issues, provided the data remains statistically significant. Eventually a coherent scenario should emerge.