Why combine marketing and analytics?
Whether it’s through fear of the unknown, a lack of resources, or a determined view that they’ll get along just fine, some companies are still resisting the implementation of analytics in their marketing strategy. This puts them at a huge disadvantage. Understanding data helps businesses to make sense of a complex world. As Etienne Denis, Assistant Professor and Director of the EDHEC MSc in Marketing Analytics, explains, “Marketing relies on understanding consumer’s behavior and it’s always easier to explain seemingly irrational behaviors when you have data to do so.” (01:18)
However, along with the benefits come drawbacks. One of the worries intricately linked to the rising use of data and machine learning is that jobs will eventually push out the human element. But Etienne is not so sure, which is good news for marketing analytics students. He tells MASTERGRADSCHOOLS, “Working with machines? For sure. Being replaced by them? I highly doubt it. Again, one has to be a consumer to understand consumers.” (05:44)
What triggered EDHEC to launch the MSc in Marketing Analytics?
Against the backdrop of a hyper-connected world, EDHEC Business School spotted a real need to train professionals who can lead the charge in the future.
Marketing has traditionally been a creative sector. While key numbers such as return on investment have always been present, the industry as a whole has been slow to really drill down into a complex, data-driven approach.
At the same time, data science has been typically rigid. Its mathematical focus has always led to breakthroughs, but these were rarely connected to a creative outlet.
Etienne hopes EDHEC’s program can bridge the gap. As he tells MASTERGRADSCHOOLS, “We really needed to have this hybrid offer as a junction of, again, data science and marketing.” (02:17)
Who is the MSc in Marketing Analytics aimed at?
To connect such distinct disciplines, EDHEC has to be selective about the profiles it admits to the course. As you may expect, the cohort is largely made up of two groups. Etienne elaborates, “We mostly recruit two types of students. On the one hand, we have students with a strong marketing background willing to improve the data part. On the other hand, we have students with a stronger quantitative background but maybe who do not really have the marketing expertise yet.” (02:27)
Students with a marketing background
This first group is made up of people with experience in marketing strategy. They know how to identify buyer personas, attract attention, and plan a customer journey. These students are typically looking to gain more scientific skills to break through a plateau in their careers.
Students with a data science background
The more scientifically-minded applicants take the program to contextualize their analysis and work on their customer-centric skills. Analytical talents are in high demand in the marketing industry, and having a solid understanding is a huge benefit. Furthermore, speaking the same language as creatives is crucial when it comes to presenting ideas and strategies to marketing executives.
How is the MSc in Marketing Analytics different from other programs?
In short, Etienne sums up what sets EDHEC Business School’s course apart from the rest: “In our case, the emphasis is put on hard skills and we believe that’s really what differentiates us from other marketing [master’s programs].” (03:16)
Ultimately, there is no “right program.” Each has its own benefits and should depend on what the prospective student wants to achieve. However, it is worth bearing in mind what employers are looking for. In this respect, EDHEC’s MSc is a winner. With the market desperate for profiles that can scientifically structure marketing around data, there are plenty of opportunities. The US Bureau of Labor Statistics predicts that market research analysts and marketing specialists will grow 22% between 2020 and 2030. Compared to the average of 8% across all occupations, the sector promises significant growth.
What are typical jobs for Marketing Analytics graduates?
The fact that EDHEC’s MSc in Marketing Analytics focuses on the data side does not limit graduates to analytical roles. With a deep understanding and practical implementation of marketing strategy, students can comfortably apply for all kinds of marketing positions. However, the combination of marketing and analytics leads to an even broader range of jobs from which to choose.
Etienne gave us a few examples of the diverse jobs on the market:
- Web traffic analyst
- Customer analyst
- Panel analyst
“Again, all those paths that mix the analytical way of thinking on the one hand and the possibility to have a more creative perspective, and mixing both,” Etienne adds. (04:02)
What’s more, these are only positions that exist now. Looking forward, those who have delved into the world of analytics open themselves up to the jobs of tomorrow.
Furthermore, focusing on the dual disciplines of marketing strategy and data science opens doors to specialist roles in other areas. Although you won’t be able to walk into a data architect role upon graduation, it is a firm step in the right direction should you wish to change your career path at a later date.
To hear more about EDHEC Business School’s dynamic programs from those who know them best, head to our Ambassador’s page.