Data Science is enormous. It brings forth a scientific approach to gather a massive amount of useful data from raw & disordered information (often collected from open sources). According to recent research, over 2.5 million terabytes of data appear daily. In 2020 every person produces 1.7 MB of data per second. Scientists, Analysts, and numerous other specialists use this data to derive decision-ready insights.
Using data science, marketers can get a clearer picture of their target audience. With this knowledge, any organization’s marketing department can formulate strategies to target customers who portray higher chances of conversion. Also, by delivering values, organizations can eventually maximize revenues. Going with the traditional methodologies, data processing can be a daunting task. Data Science offers a cost-effective solution to businesses seeking data-driven insights.
Let’s delve deeper into 5 most profitable and practical use cases of data science in marketing.
1. Budget Optimization
The primary goal of any marketer is to achieve the highest possible ROI from the allocated budget. This objective is undoubtedly difficult and time-consuming. On top of which, because of changing market dynamics and user preferences, strategies often go off the track leading to unanticipated outcomes.
Data science can be a saviour here.