Data is now a critical corporate asset. It comes from the web, smartphone, sensors, payment systems, and a huge array of other sources—and its value is tied to its ultimate use. Many organizations are hungry to use data to grow and improve performance—and multiple players see market opportunities in this explosion of demand. There are typically three steps between raw data and actual usage: (1) data generation and collection, (2) data aggregation, and (3) data analytics—the gleaning of insights from data that can be acted upon. Among them, data-based marketing analytics is where we expect to see the biggest opportunities for improving marketing performance and contributing to company’s sustainable profitability.
In the first session, students will learn three components for effective marketing analytics (i.e., treasure hunt) – business advantage (goals), clues (data and marketing metrics) and skills (analytics). In addition, marketing metrics and marketing analytics are briefly introduced to students so that students will learn the importance of measuring everything – from customer behavior to firm performance – and understanding empirical relationship between marketing inputs and company outcomes.
In the second session, a resource-allocation framework will be introduced. Marketing managers are often faced with the decision of the level of investment in different marketing activities and any firm should be able to determine the optimal level of spending it should make on each of its marketing channels to maximize success. Through several examples, I will explain the importance and difficulty of analyzing empirical relationship between company input activities and business performance.