To be successful in modern day marketing, gathering the right data and leveraging it to make more informed decisions is critical to success. Here are seven practical ways in which data can be implemented in Marketing according to Towards Data Science:
1. Marketing to the Right Audience
Generally, marketing campaigns are broadly distributed irrespective of the location and audience. As a result, there are high chances for marketers to overshoot their budget. They also may not be able to achieve any of their goals and revenue targets.
However, if they use data science to analyze their data properly, they will be able to understand which locations and demographics are giving them the highest ROI.
2. Identifying the Right Channels
Data can be used to determine which channels are giving an adequate lift for the marketer. Using a time series model, a data scientist can compare and identify the kinds of lift seen in various channels. This can be highly beneficial as it tells the marketer exactly which channel and medium are delivering proper returns.
3. Matching Marketing Strategies with Customers
To derive maximum value out of their marketing strategies, marketers need to match them with the right customer. To do this, data can be used to create a customer lifetime value model that can segment customers by their behavior. Marketers can use this model for a variety of use cases. They can send offers to their highest value customers. They can apply retention strategies to users who are likely to leave their customer base and so on.
4. Lead Targeting
Marketers can use data to narrowly target leads and know all about their online behavior and intent. By looking at historical data, marketers can determine their business requirements and the type of brands they’ve been associated with, in the past year.
5. Advanced Lead Scoring
Every lead that a marketer procures doesn’t convert into a customer. If the marketer can accurately segment customers as per their interest, it will increase the sales department’s performance, and ultimately, revenue.
Data enables marketers to create a predictive lead scoring system. This system is an algorithm that is capable of calculating the probability of conversion and segmenting your lead list. The list can be categorized into the following: eager customers, curious prospects, and not interested customers.
6. Customer Personas and Profiling
While marketing a product/service, marketers look at creating customer personas. They are constantly building specific lists of prospects to target. With data, they can accurately decide which personas need to be targeted. They can figure out the number of personas and the kind of characteristics they need to create their customer base.
7. Content Strategy Creation
Marketers always have to deliver relevant and valuable content to attract their customers. Data can help them pull audience data that will in turn help in creating the best content for every customer. For example, if a customer came via Google by searching for a certain keyword, the marketer will know to use that keyword more in their content.