Almost everything we do today involves data, but what do we do with all of it? From Facebook likes and Twitter mentions to Google Maps and fitness trackers and even Netflix or Amazon Prime, our daily activities create massive amounts of customer insights. This information has the potential to build individual profiles that can significantly impact product development and branding strategies. Determining the best way to use this critical real-time consumer data involves a combination of core marketing tools and skills.

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Enter Data Science, the umbrella term used to describe how we extract actionable insights that can be applied to everything from tailoring ad campaigns to updating websites. Ultimately, it is a way to make sense of the vast amount of information available to brands to provide maximum benefit for the company. Here at lotus823 we use data science to monitor and report on website traffic, define target demographics on social media, optimize ad campaigns, and follow monthly trends.

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Data Driven Decisions

As an example, companies can now tailor ads specifically to the person viewing them, so the consumer can have their own unique experience interacting with a brand. The historical data collected and interpreted can be used to predict the percentage of how likely that individual is to convert and display the appropriate ads to raise that likelihood. Think of it this way, brands can use predictive modeling for banner ads to identify the likelihood of a customer purchasing a product they have viewed online previously. The algorithm behind this prediction can also calculate highly customized settings such as ad frequency and best placement for conversion.

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This is a snapshot of the potential of the consumer information that can be incorporated into successful marketing strategies. Free data science tools available to all brands, such as Google Analytics and Facebook Page Insights, can provide a strong foundation on which branding campaigns can be executed. Clearly data science has become a core proficiency that all marketers and brands should have in their arsenal of skills.

 

How do you find insights in the data you collect? Let us know in the comments below!

 

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