Black Friday, once reserved for the Friday after Thanksgiving, has a new lease on life. It’s not just one day a year. Now, it can be any day of the year. Why? Customers the world over appreciate the deals and discounts as they get ready for the holidays, and the insights gleaned from previous years help businesses determine what will sell best in the current year.
Add in the rise of mobile marketing in which you can buy anything, anywhere, anytime, and more people working from home than ever before, and you have the recipe for Black Friday every day. Especially once the leaves begin to Fall and the holiday season comes knocking at our doors.
Behind Advanced Analytics & Insights within the Data profession, there are a host of professions which together help to create the products and launch them. Who could imagine the science behind the sales?
Five Important Roles Behind Advanced Analytics & Insights
There’s a reason that Data professionals are no longer siloed and must work across and within departments. Data influences every decision within business today. So, having the right people on your team in the right roles can ensure your business thrives.
- Marketing Analyst
Using a spoke-and-wheel analogy, the Marketing Analyst is the spoke. These are the professionals central to taking the information from their Campaign Analysts, Pricing Analysts, and Statistical Modelling experts to determine what will sell best and what price. In essence, their research and Data helps companies figure out ‘what the market will bear.’
- Campaign Analyst
Focused campaigns to a target market will find a Campaign Analyst understands consumer behaviors. Once the customer is understood – what they buy, when they buy, why and how they buy – can help analysts measure, review, and justify each campaign to justify ROI.
- Consumer Insights
While the Campaign Analyst is focused on targeted campaigns to specific customers, the Consumer Insights Analyst helps businesses tailor their marketing strategies to meet the needs of those customers. All of them. Whether they’re part of a targeted marketing campaign or if they’re prospective clients ‘window shopping’ when they download a ‘free product or click on an email’. Understanding these consumers helps to convert from passing interest to the purchase of a product or service.
- Statistical Modelling Analyst
Do you love puzzles? A jumble of pieces which need to be put together so everyone can see the full picture?
Statistical Modelling are the jigsaw puzzle solvers of the Marketing department. These professionals pull together data from multiple sources and analyze the information to help form a clear picture of their ideal consumer. Toss in a bit of psychology – why customers do what they do and predict what they might do next – and your executives will understand the best way to distribute funds to grow their business.
- Pricing Analyst
It seems simple enough. Determine how much it cost to produce a product or service and mark it up to make a profit, right? Not exactly. These days, calculating not only what it cost to make a product, any overhead to consider, and how much you need to mark it to make a profit is a complex prospect. Factor in what your competition is doing…on a global scale. Consider the fickle buying power of consumers – some days money flows and some days it’s reigned in tight.
How do you determine the best price at the right time to ensure maximum profit while keeping pulse on spending patterns? Pricing Analysts take complex data, study customer spending habits, and conduct analyses on what the math says and what the impact might be.
So, back to Black Friday sales. Taking what we know of the roles which help businesses set the tone for their marketing strategies, Black Friday every day makes sense. We’re home more. The lines between work and family life are blurred, but computers and phones are at our fingertips, and everyone delivers what we need right to our door. Why not get a jump on your holiday shopping?
And once that’s done, you can focus on what your plans are for the future. Are you looking for a career change or just want to see what the market looks like within the Data professionals industry? There is plenty of information to be collected and analyzed. What role might you fill?
If you’re looking for a role in Data & Analytics or are interested in Advanced Analytics & Insights, Harnham may have a role for you. Check out our current vacancies
or contact one of our expert consultants to learn more.
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