Don’t underestimate the power of data science. You can use it to analyze both past and real-time statistics to predict future events. Wield this power wisely to maximize your digital marketing strategy.
What is Data Science?
If you combine the disciplines of computer science, math, and business you build your data science foundation.
Companies understand how they can use this tool to predict future buying behaviours from their customers. Look at what Amazon and Netflix do to accurately predict what products or shows you’d be interested in. When you log onto Netflix, for example, the algorithm suggests to you shows based on the data you send to them.
Algorithms for these marketing strategies are based on what researchers uncover. They feed the metrics founded on data science to build a robust recommendation engine. As you sit there reading these benefits, how do you think this type of knowledge will help you?
Take a look. There’s a lot more of what you can do with data science by your side.
- You can analyze the journey of your customer, studying how they interact with customers and advertisements
- After you learn what your customers are really interested in, you can optimize search engines to suggest future purchases or next steps
- Then, you can research users with similar personality types on how they interact with marketing material
These aspects of data science allow you to envision a clear path to your future marketing success.
How Data Science is Being Used in Business Today
Aside from pointing out what works with your audience, you’ll be surprised to find out insights you don’t expect. An excellent example is how Walmart uses data science. Through the data they compiled, they found that strawberry Pop-Tarts are the most popular flavour customers buy. What’s noteworthy is that this preference comes before a hurricane storm.
Why should anyone care? Well, with this insight, Walmart easily found a way to boost sales. To boost sales by 7x, they knew they had to place strawberry Pop-Tarts in the front of the store the days before a storm. This is a clear example of how a company matches the demand for what the customers want.
How else do major companies use data science? Data science is also useful for dynamic pricing as well as churn forecasting.
- Companies can optimize changing prices based on the data they find in their supply and demand models
- Researchers can take a close look at the red flags and pain points to find out what causes users to churn
- Uber understands how to optimize dynamic pricing. They can change the price for rides based on what they find to meet their supply and demand curve.
Learn the ins and outs behind data science and how it can help you. If you don’t understand the best way to take advantage of this unique tool, don’t worry. The following infographic further explains how data science is used in marketing today.
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