If this sounds like an intro to a bad joke, it isn’t.
In fact, whether you realize the value of data scientists or know why you need them to boost your marketing ROI – you need to find them first.
There’s an eye-popping shortage of about 190,000 data scientists, not including over one million analysts and leaders needed to manage all that big data. And that’s likely to grow.
Data scientists are important because they help strategize content and measure marketing outcomes. It’s a combination of science and art, looking ahead to spot what trends are on the horizon.
Data becomes useless if people don’t understand how to use it. Hence, the dire need for data science which makes sense of the data within the marketing mix. The science behind analytics is key, but connecting it with insight takes it to a higher level.
Insights procured by data science connect marketing results. Marketing is tasked with quantifying results to justify strategies, as well as budgets. They must manage digital information inside their campaigns to improve their tactics, which increases the demand for data science.
What does data science do? Data science maps social networks; defines customer personas; identifies demographics, and targets responses. Data science enables customization and overcomes many marketing challenges.
What does a shortage of data scientists mean for marketers? It means marketers must learn to use data science on a global scale. Senior marketers say customer data is the most essential factor in making decisions. But how do you take advantage of it?
Share Information and Collaborate
Allowing one department to receiving data can only benefit the entire group. Integrating and sharing data saves time and resources, so why would groups not want to share data?
Stay in Real Time
You cannot act on data if it isn’t current. Keeping track of data, old and new, helps define patterns and trends. Real-time data analytics is the best option and streaming analytics is second best.
Use High Quality Tools and Technologies
Investing in a data platform is essential, so don’t try pinching pennies by having your team do it manually. Data sets the stage for ROI and you need good numbers. It’s also good to use high quality dynamic visualization which can simplify otherwise convoluted data and produce graphic views that are more easily interpreted. This also lets marketers and data scientists discuss and swap views on what the data means.
Marketers should design their systems to benefit from data science while also stepping in to learn alongside data scientists. In this kind of exchange, marketers can be a collaborator and contributor in boosting their marketing ROI.