Marketing can sometimes feel abstract and uncertain, yet professionals in the field must meet the challenge of justifying their expenditures and linking them to key performance indicators each day.
Sachin Gupta, the Henrietta Johnson Louis Professor of Management at Cornell’s SC Johnson College of Business, shares his statistics-based and data-driven approach to getting outstanding returns in his Demand Marketing online certificate program from eCornell.
Gupta recently spoke with the eCornell team about the program.
How do you embark on the process of data analysis in marketing?
“The data is typically collected in a survey-based setting online where you recruit participants in the study. When we come to the analysis of the data, that’s where the statistics kick in. The analysis is done using a model that is likely to be unfamiliar to most people. In the program, I explain that analysis in some detail. I demonstrate how to use R programming language to analyze data, interpret the findings and make decisions based on the results.”
How can marketing data influence decision-making?
“These decisions might involve product design choices for items like cell phones. Consider battery life as a feature: How should changes in battery life be tailored to meet demand? Similar considerations apply to pricing, which hinges on consumer willingness to pay for enhanced features. For instance, if you offer phones with a 12-hour battery life and phones with a 6-hour battery life, you must assess consumers’ willingness to pay for the extended battery life and use that information to determine pricing strategies.”
How can historical data inform future marketing decisions?
“When focusing on return on investment for your different marketing activities, you have to look back on historical data where you have sold the product, employed some marketing activities and spent money. This approach highlights what worked and to what extent and, therefore, comes up with a measured ROI. That’s a backward-looking accounting perspective from which information can be used to make better decisions in the future.”
What is the most critical information in digital advertising that drives decisions?
“The idea of attribution is pervasive in the industry. It involves analyzing spending on various digital channels like Facebook, LinkedIn, Google and others to accurately attribute or assign credit to the platforms and campaigns that are actively driving your conversions and sales.”
Applying these analytical techniques can assist you in crafting cost-effective marketing strategies that align well with demand. Sachin Gupta’s Demand Marketing certificate program is open to professionals who possess a foundational knowledge of statistics and Excel. Learn more and enroll now.
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