In today’s data-driven world, the people and businesses with the most data and the deepest understanding of that data have the most power and knowledge. For marketers and business owners that are used to relying on their intuition or gut instinct, this can be a difficult pill to swallow.
These days, the best marketing strategies may not come from the most senior member of your marketing team. In fact, they may come from a 20-something data scientist. That’s because data science allows businesses to not just collect and store data, but also to use it to create models that can analyse and predict your customer behaviour. And that means you can make better marketing decisions.
Every time your leads click on one of your ads, explore your website, write a review, send an email, add a product to their cart, or quit mid-purchase, they’re generating data. And your business is collecting this data through web and mobile analytics, social media, digital advertising, transaction, and email data.
Having a wealth of data is a massive advantage- as long as you can gain understanding and insight from this data. This is why data science will be such an essential part of the marketing puzzle. But it’s not enough for a data scientist to be able to translate data into insights. They also need to communicate those insights as actionable information for your marketing team.
In the future, we can expect most marketing agencies to employ a data scientist. But for now, the shortfall is staggering. In 2018 alone, the U.S will need 190,000 data scientists, along with 1.5 million analysts and managers.
Data science gives you access to information about what your customers purchase, how long they spend on your website, and how many times they contact your customer service team. This can give you a hugely insightful narrative about your customers’ preferences and buying habits.
While most businesses are already capturing a lot of this data, it’s often captured in silos- meaning in isolation. Too few businesses use this data as a whole, and data is not shared between teams, when these patterns could be used throughout the business.
Customer data can be used to personalise outreach activities. Marketing teams can use this data to understand which type of content over which format and channel will have the greatest reach and conversion rate.
Analysing customer data also allows businesses to explore new products and business models, leading to innovative breakthroughs in applications and more.
Some businesses can now update their customer interactions in real time. For example, if your customer calls your business to talk about a concern, all relevant teams can get an update so they can better respond to his or her needs.
As you can see, data science allows you to gain a solid understanding of your customers from the moment they click on their ad, through to the moment they become customers, and later on once they have a question or concern.
But most businesses have more data than they can handle. While this may sound like a good problem to have, it can be just as bad as having no data at all if you can’t use that data effectively. This is why data science will be so crucial for marketers, business owners, sales, and customer service teams.
If you’re ready to get actionable insights into every aspect of your business and better understand your customers, you need data science. Get in touch today to learn how we can help.