How to Formulate Effective Marketing Strategies Using Data Science
Studies show that the global data sphere will grow to 175 zettabytes by 2025 from 33 zettabytes in 2018. It is an increase of more than 530 percent in seven years, and around 30 percent of the data will call for real-time processing, according to the studies.
Data has a significant role to play in shaping your business. But, you need to turn the enormous volume of data into actionable insights through data science and analytics. The insights will enable you to get a deeper understanding of your target audience so that you can structure your marketing campaigns in the right ways.
What Is Data Science?
Data science is a technology that is based on the collection of raw data and the subsequent analysis of the data. The analysis serves as valuable insights for decision making, analysis of customer behavior, and other marketing initiatives.
Scientific thinking, innovative technologies, statistical methods, and computer programming are the fundamental components of data science.
It enables you to monitor, analyze, manage, and visualize large volumes of data with the help of the latest technology.
Data Science & Marketing
When you incorporate data science into your marketing strategy, you get impressive results. The following are how you can do the incorporation:
Target the Right Audience
The first step in your marketing strategy is understanding your target customers. You must understand who your target audience is, what are their pain points, and what are their tastes and preferences.
While it is not very difficult to understand your target audience, figuring out the right persona can pose challenges. And it is where data science comes handy as it enables you to understand the behavior, demographics, and unique preferences of your target customers. So, you can formulate an effective marketing strategy.
It is not easy to construct a marketing budget that conforms to your marketing goals. As such, you can turn towards data science to build a predictive model for your marketing spending. You can use the model to distribute your budget smartly. You can maximize the performance of your current assets without taking a toll on your budget.
Social Media Marketing
If you are out of social media, you are out of business. It has become the norm of all businesses today. Marketing through social media has become one of the most impactful strategies to increase your customer base and hence boost your revenue.
As users, today, spend significant time on social media platforms, promotion of your products and services on the platforms can yield impressive results. And data science can help you to segregate the number of social media users that have shown interest in your brand. Likewise, it also enables you to determine how many users have read your social media page or clicked on your marketing content.
With data science, you also can keep yourself updated on the changing behavior so that you can re-orient your marketing strategy to the changing needs.
Implementing data science, you can successfully formulate an effective social media marketing strategy to enhance your online visibility and engagement.
Optimizing Marketing Strategies
There is no one-size-fits-all strategy in marketing. As such, you need to optimize your marketing strategies to cater to the individual needs of your target audience. To optimize your strategy, you need to segment your customers into different categories.
It is the area where data science can help you. One of the capabilities of data science is segmenting customers in terms of their shopping behavior and other tastes and preferences. You can thus create personalized marketing content that addresses the individual tastes and preferences of your target customers.
You can also construct a customer lifetime value model with the help of data science. The model will identify those customers who are likely to leave your brand. When you identify them, you can take corrective action, such as sending them cash-back or referral codes to woo them.
Communication is the key to the retention of customers. The more you communicate with your target customers, the more loyal they will become. But, it would help if you communicate with them in the right way.
Figuring out the right way to communicate with your target audience is not easy. You should know about their preferences, such as a direct SMS or personalized email.
You can pick up the right channel of communication if you implement data science, which can predict the appropriate channel of communication for each target customer using historical data. It also helps you to understand the types of messages to send so that there will be an increase in customer engagement. It will also help if you make sure that your messages reach your target customers at the right time.
It is needless to say that your business might generate a lot of leads, but all will not become customers. The more you know about your leads, the better is the prospect of converting them into customers.
Data science can help you to understand the interest of your leads so you can construct a lead scoring system to target those leads who showed interest in your products and services.
You can formulate an impactful marketing strategy when you group your leads in different categories. You can actuate a more personalized approach that will help you to increase your conversion rate.
When it comes to your marketing strategy, data science can help you to derive useful results. With data science, you can get valuable insights that will enable you to formulate impactful marketing strategies to convert more leads into customers. As such, your sales will increase, and hence your revenues will go up.