Definition
Data science is the process and practice of extracting insights from data using various methods and techniques, such as statistics, artificial intelligence and machine learning, and data visualization. Data science can help marketers answer questions such as:
- Who are our customers and what are their preferences?
- How can we segment my customers and target them most effectively?
- How can we personalize our messages and offers to increase new customer acquisition, conversions, and customer loyalty?
- How can we optimize our marketing mix and budget allocation across channels?
- How can we measure the performance and ROI of my marketing activities?
Data science can also help marketing teams generate new ideas and opportunities, such as:
- How can we create new products or services based on customer feedback or behavior?
- How can we better predict customer churn and retention rates?
- How can we identify new markets or niches to enter or expand with our products and services?
- How can we leverage advertising, social media, or other data sources to gain insights into customer sentiment and trends that we can act on?
Related
- Data science team roles
- Responsibilities of a marketing data science team
- Tools used by a marketing data science team
- Skills needed by a marketing data science team
Resources
Book: House of the Customer (2023) by Greg Kihlström