by Chris Hubble, CEO at Bastion db5
Statisticians are skilled at crunching and analyzing data in a variety of helpful ways, but does that mean you should hire an in-house statistician? In the business and marketing world, statisticians are the investigators we need to solve complex analytical questions. They can design and apply market research studies to compile data, providing businesses the insights they need as they bring a product to market, understand customer perceptions or assess an advertising campaign. Simply put, statisticians help businesses make data-driven decisions, increasing their likelihood of success.
Businesses leaders are taking note of the value data-driven insights bring to the table, as 83 percent of marketers plan on increasing the role of analytics in 2020. While there is an influx in demand for these number geniuses, not every business needs an in-house statistician. Here are a few scenarios that will help you determine if you should or shouldn’t bring a statistician on board.
You Should Hire
- If you are working on an ad campaign and want to know which of several potential messages would be most appealing to your target. A statistician can help you dial in the right message for communicating product benefits and help capture the attention and engagement of customers at optimized levels.
- If you are planning on bringing a new product (or an old product with new features) to market and you would like to understand demand and how much market share is available within your competitive landscape.
- If you have a product with several features and multiple potential pricing structures (monthly subscription, pay-per-feature, annual fee, etc.) and you would like to interpret which of the features or pricing strategies are the most optimal combination to maximize the product’s share in the market.
- If you feel various features of a product tend to appeal to different customer types and want to segment your target market in order to respond to each group’s needs. A statistician can use their market research analysis to help your brand create personas, a sample customer that will guide creative, ad placement, product development and lead generation strategies.
- If you want to understand customers’ perception of brands in your category. A statistician can help you identify high points and low points/areas of opportunity for your brand and competitors, give notes on your brand’s reputation and discover a path forward to help your brand stand out. Since 80 percent of consumers said that the experience a company provides is as important as their products or services, understanding your brand’s reputation is essential for any company looking for deeper visibility.
You Shouldn’t Hire
- If a market research agency would be a better fit. Depending on what your needs are, an agency could be the best choice for your company. If you need multiple strategies analyzed in a short amount of time, agencies often have a bigger team, with a variety of tools at their disposal. This allows agencies the ability to provide more analytics in a shorter period of time compared to one in house statistician.
- If you only want your current strategy confirmed or analyzed. Statisticians can open the door to several new ideas but, if your team isn’t prepared or willing to look at multiple angles, then the majority of insights gleaned might be wasted.
- If your brand is already locked into a media buy contract and/or strategy and there is no way to make changes on placement or creativity. In this case you might want to wait and bring a statistician on when you’re planning the next ad strategy and before you solidify campaign creative and spend.
- If you don’t have enough work and budget for a full-time in-house statistician. This is a prime reason many companies outsource to an agency. Agency’s can perform the same scope of work as an in house statistician and oftentimes can do so at a cheaper price compared to a inhouse statistician salary.
Are you hiring?
There’s no doubt that the data points and market insights a statistician can provide are valuable. By taking time to research and analyze market metrics, a statistician can help businesses skillfully reach their target audience and increase their market share. It’s not enough to simply complete the market research, it’s necessary to have someone who can dive into the data and extract those precious and actionable insights. However, not all businesses need an in-house statistician. By considering your businesses needs, budget and level of flexibility, you’ll be able to determine when you should (and shouldn’t) hire an in-house statistician.
Chris Hubble serves as CEO of market research and consumer insights agency Bastion db5. Before founding db5 in 2009, Chris served as Chief Executive Officer at Hall & Partners USA. Chris has 30+ years of experience in consumer insights with particular expertise in new product development, brand strategy, brand communications, and customer experience. He’s worked with over 50% of Fortune 500 clients. Bastion db5 has done work for Yahoo!, Verizon Media, and BuzzFeed.