Why the marketing world is being swept up in this data science revolution (678 hits)

Why? The main reason is that – when properly deployed – it works. Using data science can do any of the following for your business:
1.increase sales,
2.increase the speed and efficiency of our marketing activities,
3.lower marketing costs,
4.deploy limited budgets more effectively,
5.increase the ROI of marketing efforts,
6.drive the top and bottom line of companies,
7.increase brand, product, and service share.

The list could go on, but the point is: data science has become a business imperative.
How does data science differ from closely aligned disciplines such as data analytics, data mining, predictive modeling, visualization, etc.? Breadth and connection. None of those other areas unify the data, algorithms, and actions into one tight stack (or system) of activities.

Data science encompasses everything from large digital advertising networks to marketing automation (email, websites, apps, bots). It is, by definition, coordinating large amounts of fast-moving data, running through pattern detection and optimization algorithms of various sorts, and then ultimately delivering content and functionality aimed at specific audiences and measurable objectives.

Generally, we think of marketing technology and data science as being most relevant to the internet. But increasingly, this is also the case for traditional marketing and advertising practices, such as TV, radio, billboards, and public relations.

And now, we are also seeing the combination of big data + analytics + marketing action in augmented and virtual marketing as well. Some would even say that data science will soon dramatically impact grand agency functions such as strategy and even creative development (Room for lots of debate here).

To be blunt, data science is becoming the core engine of marketing.

The marketing world is being swept up in this data science revolution. To be successful at marketing data science, your company needs to be increasingly good at the following three closely interwoven competencies:

1. Big data management – Because data is coming from so many different sources (“variety”), at increasing speeds (“velocity”), and in large amounts / granularity (“volume”), the data science enterprise depends on your ability to manage data – the three v’s of big data.

2. Insight and understanding via analytics – To identify patterns, predict the future, and optimize marketing decisions, you must apply scientific processes and algorithms. Is there a marketing decision to be made? There’s an algorithm designed to assist in deciding the best course of action. And based on the available data, it is possible to dramatically improve the quality, as well as the speed, of those decisions.

3. Aligning marketing objectives with actions – This third component connects data and machine learning “decisions” with marketing technology platforms. The data + analytics system is directly connected to an automated action such as bidding on ad inventory, adjusting prices, and prompting an email or outbound call. It is the action part of data science that creates the real business value and drives sales, efficiency, ROI benefit, and competitive advantage.

In other words, data science = data + understanding + action.

So, when thinking about data science and how it will impact your business, consider its three key components: data management, analytics, and action. Getting those pieces to work together is the real magic of data science and essential to thrive in today’s marketing environment.

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Posted By: Andrew Lau
Monday, May 1st 2017 at 12:58AM
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