Essentially, that value is almost guaranteed, substantially improved, marketing ROI if undertaken properly.
Companies applying data-driven marketing are six times more likely to gain an advantage over the competition and increase profitability says, Forbes.
Data science can map social networks, illustrate better customer personas, identify and define demographics and locations, and track target audience responses, behaviours and moods.
The Big Data Problem
Companies can gain huge profits through analysing and extracting invaluable insights and information from their data in order to target customers more accurately. The issue is that too few marketers know how to mine it.
Ways to apply data science in marketing campaigns to boost ROI.
- Get rid of departmental silos
Business departments must be able to share data. If not, that means marketers cannot gain a full end to end holistic view of customer/prospect behaviour. Data science can only consider the available data. Having departmental silo barriers can negatively impact any business.
Ways should also be found to allow your platforms to integrate and share data. Even Facebook page demographics could influence not just your social media marketers, but also your affiliate marketers as well as your SEO team.
- Update your data streams
Real-time data analytics provide best advantage when the data is current. Then you can act quickly whilst opportunities are still warm.
By creating streams of data, marketers can see consistencies, trends or even economic influences in customer buying behaviour and map that against prospect segments. Such analytics can help you invent new business models, make product innovations, and create new revenue streams – all boosting ROI.
- Invest in visualization tools
You can gather data only when you have the technology to do so. Don’t hesitate to invest in tools and technology, especially visualization tools.
Numbers can justify numbers. So ROI performance can become predictable to a large extent, if you have the data science insights. Today’s data visualization tools can simplify complex data and capture numbers in a graphic representation (which helps understanding by all) and interpret it for future campaigns and marketing efforts. e.g. According to a recent study, from late 2009 to the beginning of 2012, infographic search volumes skyrocketed by over 800%.
Through experimentation you can gain additional insights which can offer opportunities to consider alternative actions. Keeping it simple, such as A and B testing works best.
- Make more informed decisions
The Forbes study found that 91% of senior marketers said that customer data was essential to making decisions. And more than 50% of the marketers surveyed reported they depend on past experiences to make intelligent business decisions.
ROI performance depends largely upon the marketing strategy. Incorporating data science is a sure way to enhance results. Data allows insights to be gained on different marketing aspects, including customer behaviour and experience which can help optimise results and profitability.
Forbes says, 64% of marketing executives strongly agreed that data-driven marketing is vital. And 80% of companies who have incorporated a data science platform reported revenue growth exceeding 5%.
Applying data science, will help to drive business and revenue growth.