Data Science for Marketers: How Lytics Helps Marketers Make Better Decisions
- May 19, 2021
- By Ellis Edwards
In today’s online world, data is more valuable than ever. People live, shop, and work on the internet, and just about everything they do creates a data trail that can offer tremendous insights for marketers engaged in micro-targeting, customer segmentation, online advertising, and more. In this article, we’ll look at some of the ways data science can help marketers make informed decisions about campaigns.
Is data science for marketers?
The resounding answer is yes. Data science has a broad range of applications for digital marketing. Here’s an overview of eight key ways marketing professionals can use data science.
1. Customer segmentation
Not everyone responds to ads the same way, and an ad that works well on one type of individual may very well fall flat with another. This is where customer segmentation comes in.
Before you can group your customers into segments, however, you need to know which group they belong in. Data science can help you identify traits that make an individual customer appropriate for a specific kind of ad or marketing strategy.
For example, you might segment customers based on their patterns of purchase. In other cases, you could group them based on something like touchpoint engagement. With data science, you can identify patterns in a customer’s behavior that allows you to tailor your ads and marketing techniques to a certain group.
2. Predictive analytics
Data science can also take much of the guesswork out of digital advertising by giving you the numbers you need to make an informed prediction about how a customer will respond to ads and marketing.
For example, machine learning algorithms offer reliable analysis of potential future customer behavior patterns based on prior patterns of behavior.
3. Lead targeting
Data science can also assist digital marketers with lead targeting by giving marketers helpful insights on a potential customer’s purchase history, including the types of brands they’ve interacted with in the past. By narrowing in on leads that are likely to convert to customers, marketers can save time and money as they hone their campaigns.
4. Content development
As the saying goes, content is king. As a digital marketer, you want to deliver valuable content to potential and existing customers. With audience data, you don’t have to guess what types of content will keep people coming back to your brand. Armed with stats, you’ll already know what people want to see, along with what they want to see more of.
5. Pricing decisions
You could have the best product in the world, but it might not sell if the price is too high. Interestingly, you could also see a slump in sales if the price is too low, as customers sometimes perceive a bargain-price item as inferior in quality. Data science helps online marketers create a sound pricing strategy by giving them information about a customer’s financial situation, past buying patterns, and individual preferences.
6. Social media marketing
The rise of social media advertising means that brands can advertise where their customers are likely to be, which includes platforms like Facebook and Instagram. When digital marketers know which pages and posts their potential customers are clicking on, they can tailor their social media content to serve those customers’ interests and buying patterns.
7. Email marketing
Email marketing remains a powerful and effective way to reach customers, with some studies showing that email marketing is 40 times more effective than social media marketing. Considering that some internet users check their email up to 20 times a day, it’s easy to see how email marketing can give brands a long reach when it comes to customer engagement.
With the right data, marketers can see what types of emails garner the most customer engagement, how often customers open a certain type of email, and whether they’re motivated to take additional actions after reading various kinds of content.
8. Selecting the most effective advertising channels
Data science helps digital marketers identify which channels to target. Are your customers shopping on Instagram? Or can you find more valuable leads on Facebook? Data science can deliver these numbers, so you can adjust your strategies to get the most return on your advertising dollars.
Find out what your customers really want
Lytics is a data science tool that uses machine learning to help digital marketers harness the power of first-party data. When you know what your customers want, you can deliver tailor-made advertising and personalization that resonates with leads and customers. Learn how Lytics can help you achieve your marketing goals faster.