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Perks of Data Science in Marketing (h/t Oleksii Kharkovyna) (Major…
Perks of Data Science in Marketing (h/t Oleksii Kharkovyna)
Regression Analysis to predictive analytics
Cluster Models (segments)
algorithms segment target groups. Cluster models include; behavioral clustering, product based clustering, brand-based clustering
Propensity models (predictions)
Predictive lifetime value, likelihood of engagement, propensity to unsubscribe/convert/buy/churn
Collaborative filtering (recommendations)
Recommending products, services, advertisement to maintain user engagement (amazon, netflix) include up-sell, cross-sell, next-sell
Summary
Predictive models can forecast consumer trends with much more accuracy.
Data Viz
Can be used to inform, inspire and guide actions based on customer behavior
Smart Insights on metrics like sales, customer data, pricing etc.
Automated Consumer Support & Bots
Ease User Experience
Increase Customer Loyalty
Automate routine processes
Computer Vision
Text Analysis
Major Advantages to increase profitability
More accurate personalization
More precise results measurement
More powerful media buying
Clarity of Separation
Effective email campaign penetration
Omnichannel experience
Better definition of the customer experience
Advanced Social Media Marketing
Improved product development