Over the past decade, online marketing has surged rapidly than it ever, thanks to the world wide web, which acts as a medium for companies to connect with their customers directly. The statistics say, more than 2.7 million Terabytes of data gets generated every day and nearly 2 Megabytes per person at every second.
For many marketers, this 2 MB of data is no less than a gold mine because the businesses need data to understand customers and to provide better products and services. Therefore, the very first question popping into your mind would be, “How do businesses get data?”, “What are the resources available for collecting data?”, “Is data always accessible?”
Yes, data scientists help businesses in many ways by extracting the data, processing, and analyzing them, and delivers valuable insights to the marketers so that they can use them to target their customers. However, understanding the hidden patterns from data chunks sometimes prove to be a mammoth task, and this is where technologies like data science immensely help marketing using cutting-edge technologies. (Related article: Market Research and Data Science: Two Faces of a Single Coin). It helps businesses to understand various marketing aspects - intent, experience, behaviour, and other factors to optimize in a better way and generate maximum revenue.
How Data Science is the Biggest Tool for Marketing Industry?
Below are the factual reasons that make data science the biggest blessing for the marketing industry;
Understanding Attribution and Analytics
When data science and the Internet of Things (IoT) combine, they make marketing more transparent and super-efficient through various additional services that have the potential to make customers stay for a long time. It includes personalization – which makes customers feel they are more important than the business. Instant Service makes them the most valuable customers of the company.
“In the end you should only measure and look at the numbers that drive action, meaning that the data tells you what you should do next.”–Alex Peiniger, CEO at Quintly 25.
More advertising opportunities give them hands-on PPC to reach more audiences in the minimum time. Analytics and attributions help data scientists to understand various insights through Machine Learning Algorithms using predictive analysis to understand the future pattern. IoT helps in google analytics to understand the complete purchase path of the customers.
Optimizing Right Budget For Marketing
Businesses follow a strict budget for marketing and the different processes involved in it. (Most related article: 7 Steps of Business Analytics Process) Therefore, the main goal of marketers is how to generate maximum ROI in the minimum budget. Achieving this is always tricky, and lots of experiments are involved in it. You may call it a time-consuming process. A little mistake in this process can cost big and huge losses for companies.
Data Scientists build spending models to utilize the budgets in a better way by analyzing marketer’s spend and acquisition reports. And this helps marketers and decision-makers of upper management to distribute the sum efficiently for locations, channels, and campaigns to optimize their key performance indicators.
Match Your Marketing Strategies With Your Potential Customers
To make marketing effective and generate more revenue, marketers need to build their marketing strategies that should match the buying intent of potential customers. For making the whole process smooth, data scientists create a customer lifetime value model to segregate customers according to their behaviour.
It helps marketers understand their customers in better ways and look for customers who have the buying intent. They can provide coupon codes, discounts, and cashback and retain them for a longer time. (More to know about how to analyze customer behaviour, click the link)
A glimpse of analyzing trends and patterns by data experts
Sentiment Analysis With Cutting-Edge Technologies
Marketing has become more productive with the application of sentiment analysis. When it comes to sentiment analysis, data science plays the most crucial role by analyzing customer sentiments - through opinions and reviews after they purchased a product.
“Numbers have an important story to tell. They rely on you to give them a voice.”–Stephen Few, Information Technology innovator, teacher, and consultant 26.
Using NLP and Machine Learning Algorithms helps marketers to understand and segregate the customers through classification problems based upon Neural Networks, Regression Analysis. You will feel surprised to hear that many of the marketers and data scientists overlooked sentimental analysis as here lie the biggest opportunities.
Market Basket Analysis
Market Basket Analysis is one of the advanced level marketing tactics based on unsupervised data mining techniques. It helps to understand the buying behaviour of customers and discovers the co-occurrence relationship between the purchases.
Data scientists use this technique to predict the future purchase of their potential customers, and marketers target those customers through retargeting ads. Therefore, market basket analysis helps to send potential customers the best recommendations through personalized messages and emails, and it turns out as an efficient way of marketing.
Identifying The Right Channels
Data Scientists use the time series model to find out the right kind of channels for their audience because it gives marketers adequate information about where the audience spent most of their time and what kind of products they look to own? So that marketers can find a variety of ways to connect with their potential customers through personalized emails and messages.
In other ways, marketers can reach their targeted customers through targeted campaigns – and ads over cross platforms. Therefore, if data scientists can say to target which channel or medium, this method is beneficial as here, customers are more likely to get converted.
Optimizing Funnels for Better Conversion
Funnels are the best way to get more conversion as it follows three processes to educate the target audience, therefore here chances of conversion are maximum. It uses awareness, acquisition, and conversions using marketing psychologies. Machine Learning helps to understand the strategy to understand customers, and Artificial Intelligence helps to understand which customers are influencers for a brand, the quality of content, engagement rates, along with brand affinity.
These are the 7 practical ways; why data science is the biggest blessing to marketing. Data Science, along with the blending of all the cutting-edge technologies like AI, ML, and the Internet of Things, gives adequate exposure to the marketing industries through better customer experience by making marketing over online platforms smooth and trustworthy.
The application of data science into marketing got more targeting, more conversion, and high retention of old clients, and every new move towards success makes an inspiring journey to integrate new technologies into the marketing by adapting the changes for a better future.