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Understanding The Impact of Data Science On Marketing
The prominence of Data Science across the IT, Business, Healthcare, E-Commerce, Banking, Telecommunication & across several industries is steadily increasing. The applications of Data Science have also gained huge significance in the marketing sector as well. For instance, let’s take the example of Social Media Marketing. Social Media platforms usually have endless reserves of Big Data & imagine how impacting would it be if all this available data can be analyzed.
Online Social Media platforms like Facebook, Instagram, Twitter generates several gigabytes of data as a part of their users’ day-to-day activities. Analyzing this data will not just help the businesses in developing better marketing strategies but it will also help them in understanding the market trends, their customer demands & several other benefits.
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Now, let’s understand how Data Science is impacting the field of Marketing.
- To Accurate Target The Audience
Data Science can help the enterprises in getting a better idea of their customers viewpoints, varying interests & and their changing needs by collecting & analyzing the users social media metrics. This analysis can help the stakeholders to identifying the quality audiences & develop precise marketing strategies that will help in achieving the desired results.
- Proper Attribution Modeling
Developing precise marketing strategies require marketers to understand the path that has led to a conversion. Data Science can help the marketers in this regard by analyzing the data from both converters and non-converters side. The analytical models in Data Science will also be considering the event that has helped in making the conversion to take place.
- Better Real-Time Bidding
With the help of advanced data modelling techniques in Data Science like audience segmentation are helping the marketers to better understand their customer metrics for real-time bidding to show more user-centric ads.
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