The Explosive collision of marketing and data science is moulding how we handle our day to day marketing tasks!
Every single day passing by we are producing more data than what was created in the past. As humans, we are formulating an exceptional amount of data, with only a few people who can monetize this data.
As the way to effective marketing is becoming more technical nowadays, the responsibilities of marketing executives are changing. To stay ahead, everyone now requires to leverage tech and data to get the appropriate information to the right customer at the right time and measure the results of their marketing purposes.
Marketing is now an essentially became the data-driven field, and marketing data is more broadly accessible than ever before. When used accurately, data science can do wonders for marketers to create successful marketing strategies. Below are five ways to advance your marketing through data science.
1. The market
Marketing campaigns get easily distributed across without any defined targets. But if you have an accurate data you will get to know about the exact demographics and areas are providing you with the best ROI. For small or local marketplace businesses, a data scientist can try networking or through word of mouth. Take advantage of such methods and include them in your marketing strategy. This will help you to grow organically without shredding out much out of your budget.
2. Advance your budget
It is not possible to use your budget to a great extent which makes it challenging and that consumes lots of time. A data scientist has this capacity to use your spending, response, and acquisition data to build a model that will manage your marketing process. This model can adjust how you allocate your budget across channels, campaigns, locations, and mediums to determine the reach of the brand, ROI or cost per action.
3. Determine the channel
It is not easy to figure out which channel to use for marketing your business, as there are the huge variety of advertising platforms present. A data scientist can determine the kind of lift noticed in various channels by using a time series model. It is always better to determine which time of the day or creatives and partnership will bring the highest returns, based on this information get your work done.
4. Marketing strategies for customers
Make your marketing strategies considering your customers and deliver the campaign effectively. Data scientists can segment customers by their behaviour using a customer lifetime model. Apply strategies to retain your customers by sending out referral or coupons. Customize your marketing campaigns using your customer data and making the strategies based on the same data.
5. Analysing the Social Media Data
Nowadays each and every person around the world are very much active on Social media, which is becoming the best platform for advertising and marketing. A single Facebook post, tweet, and the Instagram story provide loads of data. Through analysing the data you will get to know how much your customers liked your recent campaigns. Through this analysis, you will get to know who in the social media world is talking about your business.
Data scientists are making it easier for the marketers, by helping them out with the analysis and supporting in creating campaigns based on the data.