ETIP #283

Why should marketers leverage data science?

Why should marketers leverage data science?

To gain a huge advantage over your business’ competitors, marketers need to prioritize data science over opinions acquired to generate and retain profitable customers at a lower cost.

6X Profitability

Leading data-driven firms were six times more likely to report a competitive advantage in higher profitability (45% vs. 7%) and five times more likely to report the same for customer retention (74% vs. 13%) compared to those that don’t embrace data-driven strategies.

3X Competitive Advantage & Revenue

Firms considered leaders in data-driven marketing were also three times more likely to claim competitive advantage in customer engagement/loyalty (74% vs. 24%) and almost three times more likely to have increased revenues (55% vs. 20%) compared to those who lagged behind.

What Exactly Does Data Science Do?

It informs and strengthens your marketing and sales strategies. Tools like Predictive Analytics – the scientific version of mind-reading – create new marketing intelligence that didn’t exist before. Like predicting what your target customer will likely do, visit or buy next.

Proven Concept: New Power

Direct response marketers have profited from data science for decades. But today’s capabilities far exceed anything they could have imagined even 5-10 years ago.

Thanks to affordable leaps in technology and machine learning capabilities, average businesses can now harness tools once accessible only to federal agencies and global brands.

So for once, don’t go with your gut. Consider putting the power of data science to the test instead.