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How To Formulate Effective Marketing Strategies Using Data Science

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Sani Ibrahim
Abubakar Tafawa Balewa,University
Agricultural economics and extension
100Level, Nigeria.
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The availability and affordability of the internet have given
rise to drastic online data consumption.
Studies show that the global data sphere will grow to 175
zettabytes by 2025 from 33 zettabytes in 2018. It is an
increase of more than 530 percent in seven years, and around
30 percent of the data will call for real-time processing,
according to the studies.
Data has a significant role to play in shaping your business.
But, you need to turn the enormous volume of data into
actionable insights through data science and analytics. The
insights will enable you to get a deeper understanding of your
target audience so that you can structure your marketing
campaigns in the right ways.
What Is Data Science?
Data science is a technology that is based on the collection of
raw data and the subsequent analysis of the data. The analysis
serves as valuable insights for decision making, analysis of
customer behavior, and other marketing initiatives.
Scientific thinking, innovative technologies, statistical
methods, and computer programming are the fundamental
components of data science.
It enables you to monitor, analyze, manage, and visualize large
volumes of data with the help of the latest technology.
Data Science & Marketing
When you incorporate data science into your marketing
strategy, you get impressive results. The following are how
you can do the incorporation:
Target the Right Audience
The first step in your marketing strategy is understanding your
target customers. You must understand who your target
audience is, what are their pain points, and what are their
tastes and preferences.
While it is not very difficult to understand your target audience,
figuring out the right persona can pose challenges. And it is
where data science comes handy as it enables you to
understand the behavior, demographics, and unique
preferences of your target customers. So, you can formulate
an effective marketing strategy.
Budget Optimization
It is not easy to construct a marketing budget that conforms
to your marketing goals. As such, you can turn towards data
science to build a predictive model for your marketing
spending. You can use the model to distribute your budget
smartly. You can maximize the performance of your current
assets without taking a toll on your budget.
Social Media Marketing
If you are out of social media, you are out of business. It has
become the norm of all businesses today. Marketing through
social media has become one of the most impactful
strategies to increase your customer base and hence boost
your revenue.
As users, today, spend significant time on social media
platforms, promotion of your products and services on the
platforms can yield impressive results. And data science can
help you to segregate the number of social media users that
have shown interest in your brand. Likewise, it also enables
you to determine how many users have read your social media
page or clicked on your marketing content.
With data science, you also can keep yourself updated on the
changing behavior so that you can re-orient your marketing
strategy to the changing needs.
Implementing data science, you can successfully formulate an
effective social media marketing strategy to enhance your
online visibility and engagement.
Optimizing Marketing Strategies
There is no one-size-fits-all strategy in marketing. As such,
you need to optimize your marketing strategies to cater to the
individual needs of your target audience. To optimize your
strategy, you need to segment your customers into different
categories.
It is the area where data science can help you. One of the
capabilities of data science is segmenting customers in terms
of their shopping behavior and other tastes and preferences.
You can thus create personalized marketing content that
addresses the individual tastes and preferences of your target
customers.
You can also construct a customer lifetime value model with
the help of data science. The model will identify those
customers who are likely to leave your brand. When you
identify them, you can take corrective action, such as sending
them cash-back or referral codes to woo them.
Customer Communication
Communication is the key to the retention of customers. The
more you communicate with your target customers, the more
loyal they will become. But, it would help if you communicate
with them in the right way.
Figuring out the right way to communicate with your target
audience is not easy. You should know about their
preferences, such as a direct SMS or personalized email.
You can pick up the right channel of communication if you
implement data science, which can predict the appropriate
channel of communication for each target customer using
historical data. It also helps you to understand the types of
messages to send so that there will be an increase in
customer engagement. It will also help if you make sure that
your messages reach your target customers at the right time.
Lead Scoring
It is needless to say that your business might generate a lot of
leads, but all will not become customers. The more you know
about your leads, the better is the prospect of converting them
into customers.
Data science can help you to understand the interest of your
leads so you can construct a lead scoring system to target
those leads who showed interest in your products and
services.
You can formulate an impactful marketing strategy when you
group your leads in different categories. You can actuate a
more personalized approach that will help you to increase your
conversion rate.
Conclusion
When it comes to your marketing strategy, data science can
help you to derive useful results. With data science, you can
get valuable insights that will enable you to formulate
impactful marketing strategies to convert more leads into
customers. As such, your sales will increase, and hence your
revenues will go up.

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