How Data Analysts Are Helping Brands Evolve in a Data-Driven World

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Read more about author Thalya Hamilton.

Data is one of the most important tools brands and retailers can use to effectively meet the needs of their customers. However, privacy concerns have altered how it will be collected going forward. Consumer consent has become critical, prompting FirefoxSafari, and Chrome – three of the world’s most popular web browsers – to take measures toward requiring consumers to opt into data tracking.

As a result, marketers are looking to first-party data instead. First-party data is a logged-in state that consumers opt into, such as when they sign into a rewards program at their local supermarket. It can include information like names, email addresses, phone numbers, and other personally identifiable information (PII).

As we make the shift towards first-party data, brands will need to gather and analyze customer details, as well as develop strategies on how to best utilize that data. And that requires a unique level of expertise that only data analysts can provide.

In-House vs. Outside Vendor: Which Way Is Best?

Brands have been building in-house teams for years, allocating resources to internal agency teams that cover everything from media to creative. But these are tasks that can be outsourced more easily than data, which requires a special level of expertise and impacts everything brands do. From the materials and ingredients that are used to the way finished items are distributed and sold to consumers, data is invaluable – and the need for data analysts has never been clearer. 

Whether internal or external, the ultimate goal is for brands to understand their in-house data in order to identify when they can benefit from partnering with an outside vendor to strengthen that data, and thus their relationships with the consumer, and when they can keep those resources in-house.

Data analysts provide an irreplaceable service to brands, guiding decisions regarding how, when, and where to promote new products or sales. Analysts can, among other tasks, assist in research and development and help businesses come up with new products by highlighting consumers’ buying patterns. They are crucial to maximizing the value of customer information. Brands, specifically consumer packaged goods (CPGs), need analysts who understand the ins and outs of data. These experts can evaluate the information and transform it into a business asset and competitive advantage, creating new opportunities to connect with consumers and deliver products and services that meet their needs. Anyone can look at the data and study which products have been purchased, but it takes a special level of expertise to successfully act on that information – and that’s where data analysts come in. 

Let Data Analysts Lead the Way

As the world moves to a more transparent internet in which consumers opt in and out of data sharing and feel confident that their information is protected, the trust between brands and consumers will increase. Brands are excited by this evolution and they are eager to keep up with the growth of data. In order to do so, they’ll benefit from having data analysts to lead the way. 

Analysts can turn insights into action and unearth new opportunities for brands to explore. Businesses that are on the cutting edge of technology will be in a much better position to establish and maintain meaningful, long-term relationships with consumers – and those relationships are essential to everything they do. With the right talent guiding brands, they can form a Data Strategy that will yield outstanding results.

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