Data scientists are currently in high demand, ranked as the most promising job in the United States this year, according to LinkedIn. In the same report, data scientist job openings increased by 56% over the past year, showing that their skills are desired across all industries.
At Avion, we believe that data scientists make valuable contributions to digital projects, because they can provide insights that intuition and professional experience cannot. Below, we list two key benefits of collaborating with a data scientist for your marketing efforts moving forward.
1. Design better campaigns
Utilising the power of big data and data management can enable you to create significantly better marketing campaigns. Working with a data scientist, you will be able to better analyse customer behaviour by drawing on multiple sources of data. Customer analytics and segmentation are used to understand exactly what journey your customer is going on.
Importantly, before doing so you need to plan out how you will go about securing this data.
- Identify what questions you need answered (e.g. when should we send marketing emails? What products do we need to make more of a focus?)
- Identify what streams of data you need to answer those questions (e.g. internet cookies, browsing times, click through rates (CTRs), navigation patterns, etc.)
- Calculate costs for running these data simulations
- Conduct testing
- Partner with a data scientist to analyse available information
- Present outcomes as business insights to your marketing team.
These results can then shape your marketing campaigns, eliminate the guesswork, and tell you out exactly what you need to know for a better ROI.
Data software like CrazyEgg is able to give you this information, via heatmaps, scroll maps and various reports for you to see exactly what is and isn’t clicked. This data visualisation enables you to clearly understand how your website is being used.
Another analytical technique that can be used is attribution modelling. This statistical process uses regression techniques to find out what facets of a previous campaign successfully resulted in conversions. By analysing ‘touchpoints’ (i.e. clicks), the modelling looks at a customer’s last interactions before hitting these touch points. This gives you the insight into what is the final persuasion for a customer to purchase or click through. These data modelling techniques provide you with the information to craft better marketing campaigns for your business.
2. Calculate optimal prices
Adopted by Amazon to optimise their own sale prices for maximum effect, data can help you calculate product prices for optimum customer engagement. Previously, you would analyse product costs, your competitors’ prices and the perceived product value, but now you can use data to do that and more.
Working with a data scientist, you can automate data simulations that take too much time to do manually and gain important information to calculate optimum prices for your customers.
Pricing insights you can gain from data simulations might include:
- Which products have been purchased by a customer over the last three years
- What customers can they afford to pay for your product.
Along with giving you insights on these questions, data can also help you understand inflation and exchange rates, giving you more information to include in the price of your products. More than 49% of companies are now utilising automation in one form or another, which is particularly useful in eradicating human error in sensitive areas, such as pricing. This automation can give your marketing department the right information they need to present your products at favourable prices, delivering you a better ROI.
How data scientists and copywriters work together
Analysing data is an important step in growing your business, but you may not have the resources required to fully maximise the marketing potential of what you collected. That’s where Avion Communications come in. Our copywriters are able to work with you and the data insights you present, understanding how to best maximise that information and bring your web copy to a refreshed level of excellence. If you’re interested in finding out more about how we can help maximise your data for marketing success, contact Avion today.