Microsoft Excel Formulas Every Digital Marketer Should Know
Analytical thinking, innovation, curiosity, and more are vital traits for a marketer. However, it won’t be easy to market if you do not combine these virtues with the right tools. Big data solutions that are helpful for marketing purposes can be expensive for small businesses.
Such businesses rely on Microsoft Excel for all their data analytics work. Excel is an effective tool for analysis, evaluation, recording, and displaying data. This article will help you know the Excel formulas you should master to handle complex marketing analysis work easily.
This is an essential and easy-to-use function on the Excel program. But then, many people forget about it and how it can help them analyze data. Its purpose is to gather data and put it in an interactive database, making it easier for an average user to understand the data.
Table formatting allows users to make decisions that affect more than one piece of data. For marketers, it is one of the best collaboration tools to use. Marketing teams can work on one table from different locations, view the information in real-time, get notified of anything new, etc.
It is possible to extract any information you need from a data table using SUMIFS. This formula is almost similar to COUNTIFS, but it works as a sum rather than counting. It makes it possible for a user to specify more than one condition at a time. For instance, you can use it to sum up keywords that meet specific marketing criteria.
The syntax for this formula is =SUMIFS(sum_range, criteria_range1, criteria1,criteria_range2, criteria2….). You can extend the formula as much as you wish to ensure it has accommodated all the cells you want. SUMIFS function can make your data analysis more manageable.
This formula is worth learning about if you are going to present marketing data to your team. It can help you present data in diagrams, which makes it more appealing and easy to digest. Diagrams have visual features that make them look better and more professional than lists.f
There are simple steps to follow when using the charting function on Excel. Start by selecting all the data you want to use and click insert. Then choose the type of chart you’d like to use, then choose a way to fill it out from the various options that will appear.
Another formula that’s worth looking into is COUNTIFS. It helps analysts count the number of cells within a particular collection. There are specific criteria to use when doing this with COUNTIFS. But then, COUNTIFS is a bit complex, and you need to learn its various uses.
The best way to master COUNTIFS is by undertaking training. Acuity Training courses can help you learn about this function from scratch and become an expert. You’ll get to know everything, including the COUNTIFS syntax and its augments you need to master to use it more efficiently.
You can use COUNTIFS for a wide range of marketing tasks. For instance, you can use it to analyze data from a CRM export or Google Sheets. This can include marketing data about keywords, lead sources, customer attributes, employee data, etc.
5. IF & AND
These are two functions that you can combine depending on what you want to do. You can use them as one when you want to solve two or more conditions. These functions make it possible to evaluate if the data is true or false then take the desired action.
The syntax you need to work with this function is =IF(AND(chosen cell= data inside that cell, chosen cell=data inside that cell), “yes”, “no”). You only need to understand how IF & AND functions work when combined to get started and use them for the desired outcome.
6. IF Statements
This formula also makes analysis and evaluation of marketing data easy. You can use it to determine if your data meets specific conditions. For instance, you can use it to differentiate between true and false data when looking to evaluate the performances of your campaigns.
Here’s the syntax to use; a. =IF (logical_test, value_if_true, value_if_false).
7. Conversion Rate
You can consider using this function if going to present data. It is also effective for evaluating the performance of various business aspects. For instance, you can use it to check and assess your sales click-through rates and even get a clear view of your lead generation.
This function can help you calculate different outcomes. It all depends on the kind of data you feed into it. You can use it to reduce the time needed to calculate these outcomes. The syntax for the conversion rate function is a.=(number_of_target_interactions/total_interactions)*100.
This function can help you save a lot of time when working with Excel. You can use it to pull two sets of information in different columns together. It saves you time because you won’t need to copy and paste from one column to another. You apply one formula and transfer all the data.
There are simple steps to follow when using CONCATENATE. You start by creating a new column to input the collected data. Then use the CONCATENATE syntax; =CONCATENATE and the exact columns you’d want to combine by indicating them as (B2, C2).
You can count the number of characters within a cell using this function. But then, it only works for a string of characters within the same cell. This saves marketers from the lengthy manual process of counting the characters one by one before making key marketing decisions.
LEN increases the speed of working with data. It also improves accuracy because manual counting can be susceptible to human error. All you need to complete the LEN function is this syntax; =LEN(chosen cell). Once you do, the function quickly returns an accurate result.
Marketing is changing and becoming more data-driven. Marketers need more visibility to design campaigns that can bring good returns. Data makes it possible for them to understand the needs and expectations of their target audiences then customize marketing messages.
However, analyzing and evaluating big data isn’t easy. It would be best to use tools like Microsoft Excel to ensure you draw helpful insights from complex marketing data sets. This article has explored the formulas that help simplify complex marketing analysis on Excel.
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