To begin with:
During our second Marketing Seminar Series lecture, Blair Roebuck, the vice president of Marketing Science Valtech, was invited to present about Marketing Science to the class. The presentation was divided into five parts which were "Who is Valtech," "What is Marketing Science," "Offering & Services, "and" Example of Work." The presentation ended with an activity of "Build your own optimization tactic" based on the data sets offered by her.
Blair defined Marketing Science as "a unification of Business and Technology." It is an approach that "objectively uses data to support decision making" (Brinker, 2013). It is divided into three main parts: Analytics and Data, Technology, and Business. By wisely observing various organizations' data, marketers can now analyze each customer's behavioural patterns, translating data into business insights with tangible outcomes. Marketing scientists take advantage of this complex data and design various business approaches to achieve an ROI as the ultimate goal of marketing science.
What should you expect as a Marketing Analyst?
Here are a few expectations of a marketing analyst. A marketing analyst needs to be capable of wrangling the data, and it is always important to collect valuable data and structure them to make work more accessible and practical. Then, a marketing analyst needs to be insightful and wise and find the meaning hidden in the data set while considering the specific business context. Next, a marketing analyst needs to develop tailor-made ideas for a particular business. Last but not least, a marketing analyst needs to have the ability to showcase their findings and insights in front of a group of people.
Marketing science can boost customer experiences among the target personas. Marketing analysts will segment users into multiple groups based on their data. Users always have various intents, which is why they need to be treated accordingly, even if they are browsing the same website. From the Rotman webpage example Blair gave us, she divided users into "Finance persona" and "Creative persona," which, as a result, has boosted the value per visit for visitors from the finance persona by 224% and from the creative persona by 55%. These promising results reveal how crucial it is to target personas rather than treat everybody in the same way.
Biggest Challenge in the Industry:
Blair mentioned that this industry's biggest challenge is the rapidly changing "legislation." The legislation change will significantly impact the tooling, which will cause the data collection process to become more complicated. A person who works in this field needs to be well aware of the change and be prepared to change with the trend because these changes will force you to adjust the strategies you are about to make.
Next, talk about the in-class activity based on Blair's data set. We found that geographical personalization is also essential and must be considered. The case we were doing was about Alcohol Distributing. Alcohol consumption is close to none in countries with a significant Muslim population. Besides, customers from different regions prefer different types of alcohol. Central Europeans prefer wines, while Eastern Europeans love beer. Thus, to design a business plan, the marketing analyst must consider geographical factors to avoid failure.
Questions for Blair:
I want to ask Blair, "How do you adjust to this rapidly changing environment?". I am incredibly interested in marketing science, but the legislation is changing daily, as she mentioned. So I cannot stop thinking about how I should survive in this harsh environment if I am working as a marketing analyst. Also, I want to ask, "How to increase understanding of the world from the cultural aspects." According to the presentation, geographical personalization is essential. We need to have a deep understanding of people from different cultures. So I want to ask her if there is any fast way to learn about different cultural norms and implications.
As a result, I have gained a deeper understanding of "Modern Marketing," and I think it will help me stand out from other job applicants if I apply for marketing science-related jobs. I will showcase my Google Analytics and Tag Manager certifications to prove my technical proficiency. Then I will also show my strong willingness to take on any challenges and my attitude to continue to learn. I genuinely think Blair's presentation was inspirational, and I might rewatch it in the future.
Reference:
Brinker, S. (2013, March 6). What do you mean by marketing as a science? Chief Marketing Technologist. Retrieved May 30, 2022, from https://chiefmartec.com/2013/03/what-do-you-mean-by-marketing-as-a-science/
Comments