According to researchers from MIT, “companies in the top third of their industry in the use of data-driven decision making were, on average, 5% more productive and 6% more profitable than their competitors.”
But how does the knowledge of Data Science help Digital Marketers in their everyday duties? What is the role of Data Science in Digital Marketing?
In this article, we will discuss What is the meaning of Data Science, the role of a Data Scientist, and how data science can be used by digital marketers to plan their digital marketing strategy in order to increase sales and profits.
Firstly, let’s take a look at the specifics of the two roles and try to understand how they can complement each other to improve a business’s bottom line.
So, without any further ado, let’s get started.
What is Data Science and What Do Data Scientists Do?
In simple terms, Data Science is the use of algorithms, techniques, and systems to extract knowledge and actionable insights from huge amounts of structural and unstructured data.
The key role of a professional Data Scientist’s can differ depending upon the company they work for and the industry they are working in. Some of the daily tasks and responsibilities of a data scientist are –
- Defining, extracting, and cleaning data sets
- Creating machine algorithms to implement automation tools
- Analyzing data to understand patterns and trends.
- Creating visualizations or dashboards to reflect data visually
- Researching to identify opportunities for increasing efficiency
- Predict future trends
- Presenting findings to the company to help them in decision making
Generally, these tasks can be separated into four fundamental components
- Building and managing database
- Analyzing data
- Understanding data
- Communicating data
Data Scientists go through large amounts of data that is collected and assemble key sets based on the goals of the company or the desired metrics required by their organization. They try to understand what the data says and then communicate it to the decision-makers of their company.
Optimising Data Science In Digital Marketing
While the two roles might seem different, the skill-sets can complement each other to improve a brand’s bottom line. Data is revolutionizing the way marketing is done and sales are achieved.
Today, as an increasing number of people go online, the amount of data that they generate is immense. All information that gets collected helps you to tailor campaigns to be consistent with every customer’s behaviour and spending habits.
Here are a few ways through which skilled Digital Marketers can reap the advantages of Data Science by implementing it for their campaigns.
1. Optimization of Marketing Budget
Digital marketers always have a strict budget. Every marketer aims to derive maximum ROI from their allotted budgets. Achieving this is often tricky. Things don’t always go according to the plan and efficient budget utilization isn’t accomplished.
By analyzing a digital marketer’s spend and acquisition data, a Data scientist can build a spending model which will help utilize the budget better. The model can help digital marketers to distribute their budget across locations, channels, mediums, and campaigns to optimize for key metrics.
2. Identifying the Appropriate Channels
Data science can be used to determine which channels are giving an adequate return for the digital marketer. Using a time series model, a data scientist can compare, analyse and identify the kinds of lift seen in various channels. This can be very advantageous as it tells the digital marketer exactly which channel or medium are delivering proper and appropriate returns.
3. Search Engine Optimization
Search Engine Optimization is a way to increase the traffic to our website and data science is rapidly changing the way we optimize traffic to the website. Data scientists add search engines capabilities through data accumulation, interpretation, and reaction.
The goal of data science in SEO is to eliminate guesswork. Rather than guessing what works and how a single action affects your goals, data scientists figure out what’s getting you the results you want and how you can measure your success.
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4. Matching Marketing Strategies With Customers
To derive maximum value out of all their online marketing campaigns, digital marketers need to match them with the right customer. For this, data scientists can create a customer lifetime value model that can segment customers by their behaviour.
Digital Marketers can use this model for a variety of use cases. For example, they can send discount offers and referral codes to their highest-value customers while they can apply retention strategies to users who are likely to leave their customer base.
5. Advanced Lead Scoring
Not every lead that a marketer procures converts into a purchasing customer. If the digital marketer can accurately segment customers as per their interest, it’ll increase the sales department’s performance, and ultimately, revenue.
Data Science enables marketers to make a predictive lead rating system. This technique is an algorithm that’s capable of calculating the probability of conversion and segmenting your lead list accordingly.
6. Sentiment Analysis
Digital Marketers can take help from Data Science to do sentiment analysis. This will give them better insights into their customer beliefs, opinions, and attitudes. They can also monitor how customers react to marketing campaigns and whether or not they’re engaging with their business.
7. Going Beyond Word Clouds
For analyzing social conversations, marketers usually relied on word clouds. However, word clouds were useful when there was a high level of social activity. If the level of social activity was less, marketers often ended up using irrelevant keywords. With data science and natural language processing algorithms, they can go beyond word clouds by contextualizing word usage and delivering proper content to attract customers.
8. Email Marketing
Digital Marketers can use data science to figure out how many individuals and demographics clicked on an email, how many people and demographics visited the website after opening the email, and much more.
This information may be used to answer the questions such as who loves which item, who are interested in the product but hasn’t made a purchase yet, whom to promote emails more for the next season, what emails work and what don’t for which demographic, and so on. Digital Marketers can use this information to create more focused ads that result in more conversions.
Email marketing is one of the most powerful digital marketing strategies for promoting your business, and incorporating data science into your email marketing strategy will undoubtedly help your business grow.
And as email marketing is an effective tool, enrolling in an Online Email Marketing Course and learning will help to boost your knowledge.
That’s it! Those were some of the most popular ways by which you can use data science techniques in your digital marketing strategies in order to increase your sales as well as business.
The existence of great Digital Marketing strategies would not be possible without the existence of data science. That is why the knowledge of Data Science will help you earn the best professional opportunities and a better lifestyle in this digital era.
And not only data science but also digital marketing is the future. With the increase in internet users all around the world, the scope and demand of digital marketing professionals are increasing drastically. Hence, this would be the perfect time to start your career in digital marketing.
And with IIDE’s Online Digital Marketing Course that is designed by the industry experts, you can learn digital marketing at your own comfort, sitting at home and enhance your digital marketing skills.
We hope the blog was informative and you enjoyed reading it. Let us know your views in the comments section below.