16 Practical Ways to Implement Data Science in Marketing

Over the past decade, online information consumption has significantly shot up due to the wide affordability of the World Wide Web. According to an estimation, there are over 6 billion devices connected to the internet right now. Around 2.5 million TB of data is produced every single day.?

For marketers, this huge amount of data is a goldmine. If properly processed and analyzed, this data can deliver valuable insights which marketers can employ to target customers. However, digging into enormous volumes of data is a mammoth task. This is where data science makes your life easy.?

Data science is a field focused on obtaining meaningful information from data and assists marketers in discerning the right insights. These insights can be on different marketing aspects such as customer behavior, intent, experience, etc. that would aid them in efficiently optimizing their marketing strategies and derive maximum revenue.?

Let’s take a look at 16 practical ways in which Data Science can be implemented in Marketing:

1. Marketing Budget Optimization

Marketers are always under a hard line budget. The primary goal of every marketer is to maximize ROI from their allotted budgets. Accomplishing this is always tricky and time-consuming. Things don’t always go as planned and efficient utilization of budget is not achieved.?

With analysis of a marketer’s spend and acquisition data, a data scientist can establish a spending model that can assist in utilizing the budget better. The model can assist marketers distribute their budget across channels, locations, mediums, and campaigns to optimize for their key metrics.?

2. Marketing to the Right Audience

Generally, marketing campaigns are roughly distributed irrespective of the location and audience. The result is high chances for marketers to overshoot their budget. They also may not accomplish any of their revenue targets and goals.?

However, if they employ data science to analyze their data properly, they can comprehend which locations and demographics are giving them the highest ROI.?

3. Identifying the Right Channels

Data science can be employed to determine which channels provide an adequate lift for the marketers. With a time series model, a data scientist compares and spots the kinds of lift seen in different channels. This can be very beneficial as it reveals to the marketer which exact channel and medium are delivering proper returns.?

4. Matching Marketing Strategies with Customers

To obtain maximum value of their marketing strategies, marketers have to match them with the right customer. To do this, data scientists can set up customer lifetime value models that can segment customers based on their behavior. Marketers can employ this model for different use cases. They can send referral codes and cashback offers to their highest value customers. They can implement retention strategies on users who are likely to leave their customer base and so on.?

5. Advanced Lead Scoring

Every lead that a marketer procures does not convert into a customer. If the marketer can accurately segment customers as per their interest, it will boost the sales department’s performance, and ultimately, revenue.?

Data science allows marketers to establish a predictive lead scoring system. This system is an algorithm that can calculate the likelihood of conversion and segments your lead list. This can be categorized into the following: curious prospects, eager customers, and disinterested customers.?

6. Customer Personas and Profiling

While marketing a service or product, marketers look at setting up customer personas. They continually build specific lists of prospects to target. With data science, they can accurately determine which personas have to be targeted. They can decide the number of personas and the kind of characteristics they have to need to create their customer base.?

7. Product Development

Data science can assist marketers collect, aggregate, and synthesize data on their products of multiple different demographics. According to the insights given by this data, they can create products and set up highly targeted marketing campaigns to their intended demographic.?

8. Pricing Strategy

Data science can assist marketers when it comes to enhancing their pricing strategy. By focusing on factors like individual customer preferences, their past purchase history, and the economic situation, marketers can spot what exactly drives the prices and the customer’s purchasing intent for each product segment.?

9. Customer Communication

With proper data analysis, marketers can determine the appropriate time to communicate with their prospects and customers. For instance, they can learn that a customer reads and responds to emails but is not very receptive to SMS. Such insight can aid marketers know the right channel and time for communication.?

10. Real-Time Interaction Marketing

Data science can yield information about real-time events and enable marketers to tap into those situations to target customers. For instance, marketers of a hotel company can employ data science in real-time to determine travelers whose flights were delayed. They can then target them by sending ad campaigns directly to their mobile devices.?

11. Improving Customer Experience Using Data

Offering a rich customer experience has always been an essential factor in accomplishing marketing success. With data science, marketers can gather user behavior patterns that will predict who might want or need particular products. This enables them to market efficiently and offer customers an enriching experience.?

12. Customer Loyalty

Loyal customers are the ones who assist in sustaining a business. They are cheaper than new customer acquisition. Data science can assist marketers enhance marketing to current customers and therefore increase their loyalty. For instance, Target employed data science to gain a profile of pregnant women according to their purchases before pregnancy. The company then targeted these customers with product offers during their pregnancies. This marketing strategy turned out to be very successful in terms of purchases and loyalty for the company.?

13. Social Media Marketing

Customers these days are very active on social sites such as LinkedIn, Facebook, and Twitter. Marketers can employ data science to see which leads are exploring their social media page, what content they clicked on etc. With insights like these, they can formulate a proper social media engagement strategy.?

14. Ad Offerings

Marketers can employ data science to particularly target ads to customers and measure clicks and results of campaigns. It can ensure that the intended people are viewing the banner ads and boost the chances of being clicked.?

15. Email Campaigns

Data science can be employed to determine which emails appeal to which customers. How often are they read, when to send them out, and what type of content resonates with the customer, etc. Such insight allows marketers to send contextualized email campaigns and target customers with the right offers.?

16. Digital Marketing Platforms

Digital marketing platforms flourish on data. Marketers can get better insights by inputting the right data on these platforms. Data science can enhance digital marketing platforms by offering the right data and thereby allowing marketers to determine what they need to do to accomplish their marketing goals.?

To Wrap Up?

Inqline offers Data Science Autopilot which is a combination of 3 products: Attract, Engage, and Retain. It allows you to segment your customers, estimate their lifetime value, and predict their likelihood of ending their relationship with you. Data Science Autopilot employs machine learning to perform all these tasks and gives highly accurate results.?