How Data Science Is Taking Over Mobile Marketing
Today, there are many active internet users in the world, which are increasing day by day. Out of these active users, 80% use their mobile phones to access the internet. All these mobiles generate data in Exabytes (one million terabytes). People leave a lot of data through these mobile phones. This data can be helpful in a marketer when used to its full potential.
But it is becoming challenging to analyze and use this data, gaining marketing insights from this ever-growing database. This is where data science comes in to save the day.
What is Data Science?
Data science is a methodology to analyze the data for research. But let’s not forget its usefulness for reporting purposes. So, it will help in extracting information from that data.
Data science is a perfect mixture of different skills — Statistics, Computer science, and business. These three skills of data science are in sync with each other. Data science uses various algorithms and programming languages (computer science) to perform statistical operations. They use this to extract useful information from large and unorganized data to reach the business’s ultimate goal.
In today’s digital age, many business owners understand the value of data science. They know that analyzing a large amount of data for extracting useful information is helpful. It can help them maximize the returns in their business.
Role of Data Science in Marketing
The main goal of data science is to use a large amount of data to gain insights for business growth, and marketing campaigns also use this application to get better insights. It further helps them attract the target audience and understand the behavior of their target audience in a much better way.
Similarly, data science is mainly valuable for marketing areas of profiling, search engine optimization, customer engagement, responsiveness, real-time marketing campaigns. Moreover, new ways to apply data science and analytics in marketing emerge every day. Among these, the new use cases include digital advertising, micro-targeting, micro-segmentation, and many others.
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The application of data science provides numerous benefits to the marketing campaigns of different brands. With the help of data science, it has become easier to use a large amount of data available for the better growth of the business.
Common Strategies of Data Science used in Marketing
For marketers, this staggering amount of data is a gold mine. If this data is appropriately utilized and analyzed, it can further deliver valuable insights that marketers can use to target customers. However, decoding vast chunks of information is a mammoth task. This is where Data Science can immensely help.
Some of the common strategies of data science are mentioned below:
Dynamic Pricing
Data science can quickly help you to understand demand and sale curves better. Analyzing this data available from different sources can further be used to set up a dynamic pricing strategy to help your company’s growth.
Demand Forecasting
It is always necessary to predict the demand for a particular product accurately. Similarly, expecting too low can lead to customer dissatisfaction, and predicting too high can increase the surplus.
By using data analytics to factor in historical data and data science to build predictive models, accurate demand forecasting can be achieved. Data science further helps in making it possible to predict inventory requirements with enough accuracy to reduce cash flow problems.
Churn Forecasting
Data scientists can build the model to determine the future demand for a particular product. At the same time, they can also provide a model that can evaluate the possibility of users churning.
Customer Segmentation
Recognition and understanding the behavior and requirement of your customer or the target audience is the best way to develop a perfect marketing strategy. Customers can be segmented based on their attributes, and with the application of data science, you can easily understand the potential value of your customers.
Impact of Data Science on Mobile Marketing
In this tech-savvy environment, it is practically impossible to hide a secret from big tech companies. They know everything about you, from your personal information to your likes, dislikes, what purchases you are making, and many other things.
Yes, it’s terrifying how much big tech companies know about us. They get so much information by using data science that helps them predict their customers’ behavior very accurately.
For instance, if you ever managed to stay away from Twitter for a couple of days probably noticed the “while you were away” feature. That’s Twitter’s data science team using machine learning to predict which tweets would be relevant and interesting to you based on your past behavior and interests.
But, it’s not just big companies and marketing agencies that can get benefit from mobile marketing. Both small and large agencies can use SMS marketing services to deliver information to their customer base at a moment’s notice.
Takeaway
Data science can prove to be a boon to business owners in this fast and digitally growing world. Data science can help you to understand the behavior of your customer quickly. It enables the organization to understand and analyze the problems and later find the perfect solution to them.
Moreover, adding to the advantage, data science is not limited to just one industry. It can be applied to multiple organizations, and the data analyzed through this process can be beneficial with practical implementation in every sector.
