Marketers always need to post unique, relevant, and engaging content in order to attract customers. Data science can help marketers pull data that will help them craft the best content for every customer.
Data science has the ability to effectively gather and make use of the data to increase the ROI. According to research by DOMO, it is estimated that there are 2.5 quintillion bytes of data created every single day. It is also estimated that 1.7MB of data will be created every second for every person by 2020.
If this data could be properly decoded and analyzed, marketers can deliver valuable content and target the right customers at the right time to increase the ROI.
Let’s have a look at the top reasons as to why studying data science is important for every marketer.
1 – To Discern The Right Insights
As mentioned above, 1.7MB of data will be generated every second every person by 2020. Analyzing this huge amount of data will be immensely difficult for marketers. This is where data science comes into the picture.
Marketers with proper data science knowledge can extract meaningful information and can discern the right insights. The data can then be divided into various marketing aspects such as customer intent, experience, and online behavior.
In fact, marketers can also use data science to do customer sentiment analysis. They can also monitor the way customers are reacting to their marketing campaigns and then use the data to improvise the campaign.
2 – To Match Marketing Strategies With Customers
The best way to drive maximum profit from a marketing campaign, marketers need to match their marketing strategies with the right customer at the right time.
In order to do this, marketers with good knowledge of data science can create a customer lifetime value model to segment customers by their online behavior.
Marketers can then use the data to send special offers to higher-value customers and can build strategies to increase the lifetime value of other customers.
3 – For Advanced Lead Targeting
Data science can be used to narrow down the target audience list and know all about their online behavior and intent. Using the data, marketers can further segment customers as per their interest.
By looking at their historical data, marketers can analyze their business requirements along with the type of brands they were associated with, in the past year.
With the help of data science, marketers can also create a predictive lead scoring system. A lead scoring system is an algorithm that has the potential to calculate the probability of conversion and can segment your audience list.
4 – To Determine The Right Pricing Strategy
When it comes to determining the right pricing strategy, Data Science can help in improving the pricing strategy by focusing on factors such as customer’s purchase history and their economic situation.
Marketers can easily identify what drives the customer’s buying intent for each product segment and can then decide the right pricing strategy. This way they can set a dynamic pricing strategy and increase conversion rate.
5 – For Creating Successful Email Campaigns
Data science collates information through various channels such as website analytics, email marketing providers, and a variety of e-commerce platforms.
With the help of data science, marketers can figure out which emails appeal to which customers. Marketers can then use the data to send personalized emails to increase CTRs.
Data science also allows access to information such as how often the emails are read, when to send them, and what kind of content resonates best with the customers.
6 – Re-Engage With Customers Who Haven’t Purchased In A While
When it comes to re-targeting customers who haven’t made any purchase for a long time, a standard “we haven’t seen you for long” message is not enough to attract them.
Data science not only helps in creating personalized emails that win-back customers, but it also helps in determining the best time-interval to send the emails.
You can use a retargeting service provider such as Google Remarketing or Adroll to subsequently present a tailor-made ad to individual customers who have shown interest in your products but didn’t complete the purchase.
How Marketers Can Learn Data Science?
Companies can either hire a data scientist to analyze and synthesize huge amounts of data and provide relevant information to marketers or they can hire a data scientist trainer for in-house training to teach data science to marketers.
Additionally, marketers can also opt for an online data science specialization course. However, it may be better to choose a full degree program like the one offered by the Maryville University where marketers will get real-world experience throughout the coursework. The best part about online degree programs is that they allow you to go at your own pace studying in the evening while working full-time. Depending on your employer they may even offer education incentives either paying in full (or in part) for the degree program so it’s always worth having a conversation before enrolling.
With the huge amount of data available on the internet, marketers need to learn data science in order to decode the data and turn them into useful information. They can further use the information to boost revenue.
Data science in marketing will not only help marketers in increasing ROI, but it can also help them in improving customer experience by providing insightful information such as when and what email to send to a customer.