How data science is influencing on marketing businesses
Some people consider big data to be rather hyped but they do not know that it is also a good consideration. As you know, big data is the very precious value of marketing businesses, which assists you in getting insights about customers with a really high level of accuracy compared to the last decade.
Nevertheless, you should distinguish the differences between getting insights and making use of it so that you can receive benefits effectively. Data science is the most popular solution for improve your marketing strategies. More precisely, data science means transferring your current data into valuable insights taken advantage to make smarter decisions.
What is more, data science can be made use to expand the scale of areas for marketing such as SEO, content marketing, customer service and so on.
1. User profiles
Regardless of how big the companies are, they started to gather data from their customers for such a long time. Nevertheless, they are still not clear about how to exact consumer intentions. Thus, it is better if you take a look of what you are going to choose before making any decision.
For instance, your friend posts a review about a beauty product on her Facebook account. Then you also duplicate the name of that product to find other reviews on other beauty pages or on Google or on the brand site. And you also find other reviews on other users. Finally, you choose to purchase that product at the showroom instead of an online store as your friend suggests.
A lot of current analytics tools allow for controlling the customer behaviors on the Internet so that you can get to know what your customers actually like and hope. The information will then be stored in the user profile of your company. You can use this data source to predict the future behaviors and trends to promote marketing.
Last but not least, it is necessary for you to take the Internet interaction into consideration. Then you should determine which website you will visit to get the valuable information such as Facebook or Twitter. We will be able to keep up with the trends and become experts in marketing. You had better spend time on exploring the information to know how you should make changes for campaigns.
2. Innovation in pricing
As you may have been clear, price will increase much on Grab when you want a car to pick you up during rush hours. Nevertheless, when it comes to profit, companies are benefitted the most. Actually, ideas related to managing price will develop the margins of companies by from 2 percent to 7 percent annually.
Moreover, commercial companies can make changes in pricing strategies by using data. According to a survey, a normal company profit can be generated 75 percent more due to their standard products. For companies of bigger sizes, the revenue is gained more.
However, almost all marketers still depend on such certain factors as production costs and prices from rivals when they have to set up pricing strategies. Every strategy can be developed by following steps. First of all, you should take into consideration such aspects as economic statuses like currency, global supply and so on, personal customer expectations and the customer’s history with your company and so on. Then you are able to know accurately what will influence on the prices and what the customers are ready to purchase and other things. Secondly, it is highly recommended to explore various behavior patterns occurred when there are discounts on products so that you would be able to know different segments of customer and compare with your transaction history. Moreover, you can take advantage of modeling areas to know what mistake is making your company waste a lot of money as well as lose the valuable chances. Taking as an example, changing a price tag should be notified to you in case there are any negative influences. Last but not least, sale teams should be sure about how discounts and sales impact on the total profit of company. You must stick to your mind that each pricing campaign should be suitable for the international market trends as well as conditions.
3. Improving the services
It is undeniable that not everyone paying a visit to your company will become your real customer. It is important for you to distinguish various prospects and put emphasis on incoming leads depending on what customers may purchase, which can develop your sales results and of course, the profit.
In this case, you can rely on data science. With data science, you can set up a scoring system in which there is an algorithm being able to figure out the possibility of converting and segmenting your list into three domains: potential customers, curious ones who are in need of information and not potential crowd.
4. Making decisions depended on data
Currently, more than 68 percent of B2B companies started to do lead scoring, only 40 percent of sales staff suppose that doing that will bring about more profit. It is often that everything is carried out by people so only a few latest sales of company can be analyzed. The data is still vulnerable to people because marketers as well as sales people are still making predictions according to their experiences.
5. Advancing conversion rates
It is obvious that better management will lead to better conversions. For a professional, buying chances scored with predictive algorithms converted at over 45 percent while others converted at approximately 20 percent.
6. Carrying out strategies in real time
Most entrepreneurs are still so slow in leads. According to estimation, it takes even two days or more for a business to react to a lead. This delay is normal as the sales people do not know what is going to happen at their companies. Thus, there is always a need for leading algorithm to get everyone be alerted about potential issues that may happen in the future.