Contemporary businesses need to constantly be on the prowl for new customers if they hope to remain viable in the market, but many of today's entrepreneurs and business owners are struggling. That is mainly because so few of them understand how vital it is to leverage the power of data science if you want to succeed in the 21st century marketplace.
It is an indisputable fact that data science and customer acquisition go hand in hand, so it's worth brushing up on how you can start using this technology to gain more shoppers.
It is the golden age of data science
We're long past the beginning of the data age. In today's age technology is driving data science forward and has developed to the point where businesses can target potential customers with astonishing accuracy, with lower costs for anyone about to begin large-scale data collection campaigns. Many small businesses, in particular, aren't yet making use of data science when it comes to their advertising efforts, however, often because they mistakenly believe that data science is only useful to large corporations with mountains of cash for IT initiatives.
As a matter of fact, however, predictive analytics are no longer expensive toys, but indeed are commonplace tools that are easily affordable. Predictive analytics comb through consumer information to determine if a customer is likely to purchase a product or not, and can offer help when it comes to bolstering revenue. As you prepare for your next digital marketing campaign, consider studying how to leverage predictive analytics.
Catering to the contemporary shopper often requires making use of the tools available, but ultimately your investment can be wasted if you don't have the right people on your team. Hiring a data scientist is becoming a more common tactic amongst business owners who are worried about available employee expertise to attract in tech-savvy customers. As predictive analytics grow to become even more accurate, we should expect the trend of entrepreneurs and businesses large and small alike hiring data scientists to continue.
If you're really committed to acquiring new customers, you should consider tapping into the power of contemporary data science to market to prospective shoppers on social media platforms. Predictive analytics can be used for a wide range of marketing efforts, including mass email chains. However, social media platforms remain one of the easiest ways for contemporary marketers to reach new shoppers at a relatively cheap cost.
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A 21st century marketing strategy
If your marketing strategy isn't centered around social media platforms, your competitors are likely vacuuming up potential customers in mass in places where your advertising efforts aren't present. Before you rush into trying to master data science as it pertains to today's biggest social media platforms, you may want to review competitor activity to make sure you're getting things correct from the beginning.
Examining some of the best ways savvy entrepreneurs have applied data science to their social media marketing campaigns is an excellent way to avoid common mistakes and to gain insight from successful campaigns. Those who have successfully leveraged data science on platforms like Facebook and Twitter in the past understand that finding a narrow audience that's receptive towards your marketing efforts is key to success. There's no better way to micro-target potential shoppers at virtually no cost than by becoming a marketing expert on today's social media channels.
Many contemporary marketing professionals keep making the same mistake by ignoring the quality of the data they're mining, mistakenly believing that the more information about customers they get, the better. Your data is only valuable insofar as you can use it, however, so keep your data collection efforts narrowly targeted towards those audiences most receptive towards your products and services.
Register today for Innovation Enterprise's Predictive Analytics Innovation Summit in Chicago on October 30–31, 2018, to gain valuable insights from Bosch, Capital One, Groupon, MIT Sloan School of Management and many more.