Learning AnalyticsWhat is the best way to learning analytics?
There are many sources for learning analytics in marketing that are available to marketers and analysts. There are public courses, university courses, and private training courses.
Learning analytics for marketing requires a good background in statistics, business, and marketing. This is a hot new area for marketing and for university level course work and is now being offered by many of the major business institutions.
Understanding statistics and learning analytics
Understanding statistics allows an analyst to understand the quality of data and methodologies, as well as the validity of the analysis. Confidence levels and sample sizes are important components of market research and learning analytics. Hypothesis testing, discrete distribution, geometric mean and histograms are other elements required. All of these concepts and many more will help round out the background of the marketer in learning analytics.
For marketing analysts, some of the key methodologies include Last Touch Attribution, Experimental Design, Marketing Mix Modeling and Agent-based Modeling & Simulation. Analysts should be very proficient in these methods and understand the variants that are available.
Learning Analytics: Understanding business
Having a good understanding of business, including understanding costs and management accounting is very helpful to learning analytics. This will provide the analyst the ability to assign costs and properly allocate those costs across different media or other drivers of costs. Business intelligence, the supply chain, manufacturing, logistics and accounting are key components of learning analytics.
One of the big topics important for learning analytics and understanding the impact of marketing on corporate results is the concept of fixed and variable costs. For example, many of the results of a marketing effectiveness project is to determine the incremental level of returns delivered through an incremental investment in a particular campaign concept or media channel.
Learning Analytics: Understanding marketing
Critical components of understanding marketing to learning analytics, include media mechanics, market research, segmentation, choice analysis among others. Consumer behavior, marketing performance measurement, marketing ROI, econometrics, agent-based modeling and many others belong to the set of key components of learning analytics. Media mechanics is also a big component of learning analytics for marketing. Marketing analysts need to understand the concepts of Adstock, diminishing returns, surround sound marketing and many others.
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