In recent years, progressive business leaders have talked at length and in public about data, predictive analytics, and how the tool of data science can transform a business, particularly sales and marketing teams. But, while infusing data science into every aspect of your business could mean the difference between surviving and thriving it’s easy to be intimidated by data science for marketing. Fortunately, having a PhD in data science or a team of engineers at your disposal isn’t a prerequisite! To help you make the most of data science and predictive analytics, we’ve put together a quick overview of what data science and predictive analytics can do for your business and how you can empower your team with data without sending them all back to post-grad.
In the normal course of their operations, most modern businesses accumulate huge amounts of data about their customers. Some of this data — such as names, phone numbers, email addresses — is used to identify and contact customers. Other data, including age, location, and demographic category, is used to better understand who customers are and what their needs and wants might be. But for modern marketers, the only metric that really matters is revenue.
Data science is a broad category that describes the procedures and methods used to categorize, interpret, and make sense of the data that businesses collect in order to help meet business goals. Data scientists help marketers to detect patterns that can be used to help understand and even predict consumer behavior. Predicting consumer behavior, in turn, can help marketers to predict how much revenue their marketing activities are likely to generate and to adjust those tactics accordingly.
The area of data science that focuses on predicting consumer behavior based on existing patterns is commonly referred to as predictive analytics. To do this, data scientists employ machine learning algorithms and statistical analysis to detect patterns in historical data and extrapolate how those patterns are likely to repeat going forward. Predictive analytics can help marketers to:
The most important thing that data science does for marketers is to create transparency and clarity. It's more important than ever for marketers to meet quarterly goals. Success is crucial not just to the health of a marketing organization but also in many cases to the survival of the business as a whole. Data science allows marketers to set aside uncertainty and predict with greater confidence how and when they will meet their goals. And if you’re in danger of falling short, predictive models can provide the warning you need to adjust your tactics.
What kind of changes could you make with the help of data science?
Ultimately, data science provides marketers with the tools to turn their customer data into real insights that can drive value. At a time when businesses have more data about their customers than ever before — and when marketers are under increasing pressure to maximize the ROI of their efforts — data science is a critical tool to ensure transparency and predict success.
At MadKudu, we’ve made data science and predictive analytics the very backbone of our business, and our team of experts love nothing more than to help marketers like yourself gain the power of predictive models and insights to deliver the most impactful results. Whether you’re ready for a tour of our product or just want to learn more about how data science can help your marketing strategy, schedule some time with us!
And to get more articles like this in your inbox, be sure to subscribe to our newsletter!
The modern CMO has a huge data responsibility, but how can they build a robust data strategy? We put together a framework to help CMOs understand their ability to use (and scale) their data for go-to-market initiatives.Read Story