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Datascience

Data scientist observing book

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Bharath C M
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18 views3 pages

Datascience

Data scientist observing book

Uploaded by

Bharath C M
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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Application of Datascience in marketing

1.Abstract

Data has never been more accessible or essential to running a business. An increasing number
of sophisticated sources, from social networks to web databases, provide big data on an
unprecedented scale.Data scientists, who process and translate data, have emerged, enabling
business owners to use this new, valuable intelligence to inform their marketing strategies.
Data science in marketing can be used for channel optimization, customer segmentation, lead
targeting and advanced lead scoring, real-time interactions, among others, by providing a
valuable insight into customer's preferences and behaviours,Understanding the value that data
science can add to your business is now incredibly important. For that reason, we have for
you 10 examples of using data science in marketing that will help you to understand its
potential.

2.INTRODUCTION

How is data science used in marketing?

2.1. Channel optimization


Over the years, the key insights that businesses collect about their customers have been
primarily their age, location, and gender. These details give businesses and their marketers
very little idea of who their client is and what their client wants.

2.2. Customer segmentation


Recognizing the different needs of your customers is essential to a productive marketing
plan. No two customers are exactly the same, but their pain points, desires, and aspirations
can be grouped in helpful ways to inform marketing strategies and drive
conversions.Customers can be segmented based on attributes such as their location, their
historic purchase patterns, and how they have navigated through your website.

2.3. Lead targeting and advanced lead scoring

Reaching out to the right potential customers at the exact right time is widely recognized to
be the most challenging part of the digital marketing process. Data science and machine
learning systems can make customer analytics a lot easier. Through extensive statistical analysis
of your collected marketing data alongside insights from data libraries, data scientists can predict
Application of Datascience in marketing

which offers or products will be most attractive to different customers and demographics at different
times.
2.4. Real-time interaction and analytics
There are benefits to using data collected over time to inform your marketing decisions, but
the delay in gathering this data can put businesses on the back foot,Real-time analytics enable
businesses to measure and process customer behavior as it happens, providing meaningful,
actionable insights at what could be a critical time for customer conversion. Real-time
analytics also allow for a faster response time when your focus market fluctuates, saving you
money and wasted marketing in the long run.
Two key ways in which real-time analytics can be used in marketing are:
 sending out targeted offers and incentives to appropriate customers when they are in-
store or on your website;
 and, using customer behavior to understand when and why sales are lost or made.

2.5. Maintaining customer loyalty


Maintaining customer loyalty and building a better lifetime value for your average
customer is potentially a more profitable application of your marketing budget than solely
acquiring brand-new customers.

2.6. Recommendation engines


Recommendation engines work off the back of a successful predictive analytics system.
There are two types of recommendation engine:
 collaborative filtering
 and content-based filtering.
A recommendation engine based on collaborative filtering will suggest products to
customers based on the purchase habits of other customers, irrespective of the product type. A
recommendation engine based on content-based filtering is more aware of product type and
description and recommends products that are similar to one another.

2.7. Regression analysis

Unlocking the hidden patterns in data is like embarking on a thrilling detective journey, and
regression analysis serves as our trusted magnifying glass. Picture a graph that unveils the
intricate relationship between two or more variables, revealing their interplay in the
marketing realm.This statistical powerhouse enables us to dissect the impact of independent
Application of Datascience in marketing

variables on a dependent variable, bringing us closer to understanding what truly matters in


driving change.v
manually is considerably harder than finding a new film or series on Netflix.
3.Architecture:

Fig :architecture of datascience in marketing

Result:

In the rapidly digitized world, excluding data science from your marketing plan could be a
costly decision to make. The benefits of data science will quickly outweigh any initial hiring
or set-up costs.
These benefits include:
 Waste less time and money on trial-and-error marketing plans
 Target only the most valuable customers
 Increase a customer’s lifetime value
 Quickly learn from customer feedback
 Predict which products and services will be popular in the future
 Refine your digital advertising
 Turn more leads into conversions with cross- and up-selling

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