Data science is nothing new. But it?s evolving in the world of business. It?s estimated that by 2026 there will be 11.5 million jobs in the data science industry. Why is this the case? The simple fact is that businesses are beginning to take notice of how it can help them to make the most of their advertising dollars. Let?s look at the fundamentals every marketer must understand.
Why is Data Science Relevant to Marketing?
This is the first fundamental concept you need to understand. Data science in marketing is about taking raw data and translating it into raw insights. There are thousands of different statistics a business can generate, and most of them will turn out to be irrelevant alone. It?s the job of the data scientist to take these thousands of stats and translate them into usable insights that a marketing department can begin to implement.
You Need More Than a Good Data Scientist
It?s not as simple as hiring an experienced data scientist and asking them to get to work. The average manager in data science may earn around $250,000, but that investment will not repay itself if they aren?t specialized. What do we mean by specialized? We mean that a data scientist must know how to operate in your industry. If you?re a company selling SEO services, you need a data scientist who understands the industry and how they can sell such services. After all, someone with no knowledge of your industry isn?t going to know which insights work best and which don?t.
Don?t Focus Purely on Segmentation
Segmentation is something that businesses like to spend a lot of their time on. They like to know things. Solving puzzles is what seems like productive work. However, just because you?ve focused on segmentation and different customer groups doesn?t mean that you?ve been successful. It all must translate to activation or the entire act was pointless. Business owners must understand that they must ask data scientists to create something that allows them to make every advertising dollar more effective. Think proactively. How can you act on the information provided by your resident data scientist?
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Integration Within the Organization is Only Going to Grow in Importance
If we look at the statistics, we can see that data scientists have high levels of job satisfaction within their organizations. The reason for this is that they love to see how their work completely revolutionizes the companies they?re employed by. It?s the tactics used in the classic movie Moneyball. But to make this happen CEOs must make the most important decision of all: seeing data scientists as more than a separate part. Any master of data science online course will go heavily into integration. Corporate integration only makes data scientists more effective because they?re not isolating themselves from the end product. They must become as big a part of the marketing team as anyone else. The more they understand about the product/service sold and the target market the more accurate their insights become.
Last Word ? The Core Fundamentals of Data Science in Business
The basic concept of data science in business is about creating insights from raw data. These insights can then be acted upon by the marketing team in order to create better outcomes for every advertising campaign. However, for them to become effective they must have specialized knowledge of the industry and they must become an integrated part of the machine. These are the fundamentals that every businessowner must understand if they?re going to take full advantage of the revolution in data science. How are you going to incorporate data scientists into your business?