As per Nucleus Research, ROI for analytics and business intelligence solutions is escalating. At present, for every dollar spent, it delivers an average of $13.01, i.e., a whopping 1301% ROI.
Companies that take on data-driven marketing are six times more likely to have an advantage over the competition and increase profitability says, Forbes.
Companies can achieve huge profits by extracting useful information from their data. But there seems to be a big data problem among marketers as they don’t know how to mine it.
By adequately processing and analyzing the data collected using data science, marketers can obtain valuable insights which can then be used to target customers.
Have a look at this infographic, depicting the real-time use cases of data science in retail businesses:
If you are a business owner, you can leverage data science to boost your income. Let’s walk you through 5 ways to help your marketing campaign see better ROI.
How to apply data science in marketing campaigns for improved ROI.
1. Demolish departmental silos
Do your business departments share data? If not, they are putting up barriers and blocking one department from getting data from another that could be precious. Data science can only take into account the data it has. Erecting departmental silos can negatively impact your business.
You should find ways to allow your platforms to integrate and share data and make systems to report data from one division to another. Something as trivial as your company’s Facebook page demographics could influence not just your social media marketers, but also your affiliate marketers as well as your SEO team.
2. Update your data streams
Real-time data analytics are most advantageous as they allow you to act on information sooner. In order to act fast, data has to be timely.
Streaming analytics occur nearly in real time and focuses on fresh data. You can make decisions based on what’s best for your current market. It can help different industries by spotting opportunities and risks.
Try creating entire trails or streams of data. It will allow your marketing team to observe that a product that sold well last summer and poorly this summer may be influenced by more significant factors you’re also tracking, such as a receding audience segment or an economic downturn.
Streaming analytics can help you invent new business models, make product innovations, and create revenue streams, thus boosting ROI.
3. Invest in visualization tools
You can gather data only when you have the technology to do so. Don’t hesitate to invest in tools and technology, especially visualization tools.
Data is practically tantamount to ROI itself. After all, numbers can justify numbers.
The Visualization tool is vital to have in your data-gathering belt. Today’s data visualization tools can simplify complex data and capture numbers in a graphic representation, which speaks more clearly to people.
According to a study, before the start of 2010 to the beginning of 2012, infographic search volumes skyrocketed by over 800% in just over 2 years.
Moreover, visualizations can open collaborative opportunities for marketers and data scientists to discuss data together and interpret it for future campaigns and marketing efforts. What you know can boost your company’s ROI.
4. Conduct experiments
By conducting business experiments, you can accelerate its growth. Experiments can offer insight and alternatives. You don’t have to undergo a complex process; simple business experiments work well.
For instance, you can take one action with one targeted group and take a different action or no action with a control group, and then evaluate the results. You can follow this guide to conduct smart business experiments.
As per a case study, Telestream, a company that provides software and hardware products, increased its revenue by 300% with the help of Blast Analytics & Marketing. Social Pilot is a company that helps in making data-driven decisions to improve engagement and finetune your social media strategy.
5. Make more informed decisions
As per the Forbes study, 91% of senior marketers cited that customer data was essential to making decisions. And more than 50% of the marketers surveyed reported they depend on past experiences to make decisions.
You can use data-based tools to assign a value to the unknown, predict the extent of potential financial damage, and decide what steps can be taken to avert, handle, or transfer risk. In a nutshell, data and analytics can help you make intelligent business decisions and change.
Big company names, including Centerpoint Energy, Mohawk, Honda R&D, SAP North America are using data to drive business growth.
Your ROI majorly depends on how you create and implement your business strategy. And incorporating data science into your marketing strategy is a sure way to boost your ROI. Data is a gold mine for marketers. It can allow you to gain insights on different marketing aspects, including customer intent, experience, behavior, and so on that can assist you in resourcefully optimizing your marketing strategies and gain maximum profits.
All these are possible as data science can map social networks, illustrate customer personas, identify demographics and locations, and track target audience responses and moods.
Forbes says, 64% of marketing executives strongly agreed that data-driven marketing is vital in the economy. And 80% of companies who have incorporated a data science platform cited revenue growth exceeding 5%. Your business could be next. To avoid this, follow the steps mentioned above to leverage data science and see business and revenue growth.