Data Science and Marketing Analytics are two necessary tools to better analyze and use data to exploit one hundred percent of the potential of your company. By 2025, annual revenue from big data markets worldwide is expected to reach a staggering 68,000 million dollars, which would be a historic figure for the industry.
Companies currently receive and process an immense amount of information that should be well used, since doing so offers organizations the opportunity to gain a competitive advantage in their industry over their direct competition. Data Science and Marketing Analytics allow companies to improve different aspects of their organization, from their customer service, to reducing costs and optimizing operations.
In this article, we will explore the major differences between the implementation and use of Data Science and Marketing Analytics and how your company can use these tools to improve its performance. Well, before making a definitive decision, it is advisable to go consulting and technology companies to provide resources to improve services for clients.
Data Science vs. Marketing Analytics, what are they?
Data Science is a multidisciplinary science that explores data in its most chaotic and decentralized form. It focuses on slightly different aspects of Marketing Analytics, but understanding its focus is important to knowing how to implement it.
To carry out good data science, there are several preparation stages of the data life cycle, such as acquisition and extraction from the department stores, as well as the communication stage, which involves reporting findings and insights. shareholders who need to have this information at hand.
Its goal is specifically focused on answering specific questions and concerns. For its part, in its most basic form, marketing analytics operations are more tactical, while marketing data science is more strategic.
Marketing Analytics oversees the practical and technical processes of collecting, cleaning, classifying, and studying your data. Experts help develop and acquire the infrastructure, systems, and programs your organization needs to more effectively manage and “read” historical data. Marketing analytics staff are experts at identifying past trends and showing you the results of your past marketing campaigns.
On the other hand, Data Science is more responsible for understanding how the data you have accumulated can have meaningful information for your company. You are more concerned with anticipating upcoming trends or forecasting the impact of a particular business decision than looking back. Marketing data scientist staff and executives often have more classical training in business and management so they can effectively translate their data into actionable advice for the rest of the organization.
Both types of expertise are needed to understand the full story your data has to tell; otherwise you risk getting an incomplete (and probably misleading) picture.
Marketing Analytics Specialists
The analytical skill in Marketing Analytics is different from Data Science and extends well beyond Google Analytics consultants. Experts often worry about what happened before and why. To do this, they are often tasked with getting the data they want, either through proprietary systems (usually preferred) or purchased from a third party. The data is then verified as trustworthy and “clean” before it is integrated into their repositories for comparison with other information.
Marketing Analytics is a relatively well-developed discipline, although it continues to evolve steadily. Still, a massive gap in analytics skills remains, leaving many organizations with empty seats that desperately need to be filled.
Well, by analyzing your marketing and sales, you can gain a better understanding of who interacts with you the most. Maybe you'll start marketing primarily to, say, people in their 30s and 50s. But then you'll see that most of your website visitors are actually in their twenties. and you will have to change the direction of your campaign.
Based on that new information, you now know how to realign the groups you're targeting with your marketing efforts. That's just one example of what you can learn about your audience. Other types of audience data include:
- What devices do people use?
- Which pages people are most interested in
- What geographic areas are the people from?
Benefits of the implementation of Data science and Marketing Analytics
Data Science and Marketing Analytics can help you perfectly discern which elements of your campaigns can achieve or exceed the success you expect. Let's say you implemented a bunch of new marketing changes in a month. That same month, you notice a huge increase in website visitors. Well, it sounds like something you did really helped you generate traffic. But what was it? You made several changes, which one of them was the one that increased the traffic?
Only the use of Marketing Analytics and Data Science can provide the answer to that question. By sitting down and looking at the specific impact of each factor, you can find out what changes led to what results. That, in turn, helps you make more informed decisions about what tactics to use in the future.
As a side note, try not to make too many changes at once. This will make your life easier when trying to identify what got the positive results. This is very important when you dive into A/B testing.
A/B testing is a very useful tool for digital marketing. The basic idea is that you try two different tactics and see which works best. So, for example, maybe you'll test two separate versions of a paid ad to see which one gets the most clicks.
These tests are great because they can help you continually improve your marketing. You can weed out the less effective tactics in favor of the ones that really get results.
But A/B testing doesn't really work if you don't look at the results. It's like you took a final exam for a class in high school and then the teacher didn't even bother to grade it. You might be wondering, “What is the point of the test, then?”
When you take the time to analyze your A/B test results, that's when you'll really get the answers you need. In these cases, the implementation of Data Science and Marketing Analytics reappears as the ideal solution for it.
Constant and Continuous Implementation
One of the absolute biggest benefits of implementing this technology is that it helps you uncover pain points in your marketing. If you think your marketing is perfect… I have some news for you. No matter how good you think it is, any job can always get better, even in ways you never imagined.
That is where the use of Data Science and Marketing Analytics comes in. By analyzing your marketing campaigns, you can find out which parts of those campaigns aren't meeting your medium- and long-term goals. You can also check which tactics work well for you so that you can keep using them.
Not all of the benefits of marketing analytics have to do with making money. This one is about how you spend the money in your budget; more specifically, how much you spend relative to how much you earn, or your return on investment (ROI). You want to be sure that you are making an overall profit.
When you analyze your marketing results, you have an opportunity to see exactly what your money is getting you. Perhaps you have invested a large part of your budget in a particular strategy. The analytics show that that strategy isn't really working for you.
When you find that you're not spending your money in the most efficient way, you have an opportunity to reassess your budget in a better way. Perhaps instead of investing in paid ads, you find that you want to budget more money for the management and growth of your social networks.
If you want to plan for the future of your marketing, you need to know what to expect. That's why it's a good idea to prepare with the implementation of Data Science and Marketing Analytics.
That's one more reason to use analytics. Your analytics can reveal trends in your marketing that help you generate predictions for the future. For example, you may notice that you get more sales of a certain product during a particular season. You can plan your marketing for that product accordingly and make better profits.
In Codster, we can be your ally in the development and implementation of Data Science and Marketing Analytics to exploit the potential of your company, creating identity validation technology solutions tailored to your needs. If you want to know more, do not hesitate to contact us.