The main difference between marketing analysis and business analysis is scope. While marketing analysts focus on marketing products and services to customers, business analysts analyze the entire organization and operation of the company. What sets marketing analytics apart from other business analytics is that it focuses on real market feedback. Marketing analytics keep up to date the interests and actions of subscribers, prospects, and customers that your company focuses on serving.
Both functions differ in terms of the interpretation of what the numbers mean, marketing analysts must understand the numbers in the context of improving marketing strategies, while business analysts must think about rationalizing all business processes from the perspective of stakeholders. Data analysis also helps to obtain information about how consumers use social networks to interact with the company. With the explosion of lead and customer data available to sellers, it's no wonder that marketing analytics has become the rising star of business analytics. Typically, a business analyst is someone who is part of a business, financial, or marketing operations team.
In addition, business analysts often use data visualization and business intelligence tools, such as Tableau or SAP BusinessObjects. Business analysis can measure anything from warehouse efficiency and manufacturing information to the sales pipeline and the contribution to marketing revenues. Read the story of Manaspreet Kaur, a Great Lakes alumna, to discover how she made the transition to market research at Gartner, learning and applying business analysis. Business analytics is a process that helps use historical data to gain new insights and make smarter decisions for the company.
Today, since most business functions have moved to the Internet, it's much easier to access and analyze information from each department. In conclusion, marketing and business analysis are actually a two-way street: without marketing data, business analysis simply wouldn't explain everything and vice versa. For example, they might start with a position such as business analyst, progress to a position such as manager, and eventually end up with senior marketing director. Business analysts design solutions to the problems of the company as a whole and, therefore, must be able to communicate effectively with many areas of the company.
Business analysts focus on “final” metrics and KPIs, while marketing analysts emphasize metrics indicative of the success of marketing strategies and campaigns. Business analysts wouldn't need the same level of knowledge of SQL as, say, an actuarial analyst, but it's vital to have a fundamental understanding of its basic capabilities and functions.