Without the ability to test and evaluate the success of your marketing efforts, your company would have no idea which strategy works.
We have already spoken more than once about the importance of using science and data analysis in the marketing sector.
So, let’s start this article in a different format. Instead of the traditional introductory paragraph, we’ll get straight to the point: two great qualities of the “marriage” between marketing and statistics!
It encompasses performance measurement processes and technologies that enable marketing directors to perform a sophisticated assessment of the success of their initiatives. With metrics such as ROI, attribution and effectiveness, it provides comprehensive reports on the performance of marketing programs;
It gathers data from all marketing channels and consolidates bulgaria whatsapp data it into a single platform, providing valuable planning assistance.
Marketing and statistics: three steps to success
When we think about statistics, business analytics and Data Science, we have to collect data, analyze it and generate results. Therefore, to be successful in the following steps, it is essential to be careful in understanding and processing the data.
To generate the best results based on data science, follow these three steps detailed below:
1. Analyze data continuously
To reach maximum potential, your marketing and statistics strategy should combine distinct techniques:
Descriptive analysis: by creating reports of past actions, you can understand which elements of campaigns generate the greatest return;
Explanatory analysis: understand what is behind the results presented in the descriptive analysis.
Exploratory analysis: gain a broader view of patterns, trends, outliers, and unexpected results;
Predictive analysis: accurate predictions based on rich data to outline future actions;
Prescriptive analytics: have the answers you need to achieve a specific goal.
Such in-depth analysis of the data allows for the raising of hypotheses and determination of tests, such as those applied by CRO (Conversion Rate Optimization).
2. Assess your analytical ability and fill blind spots
Organizations have access to a wide range of analytics capabilities to support marketing objectives, but the vast majority have blind spots. Filling these gaps in your analytics platform is an important step.
Therefore, it is very important to have data scientists on your team or hire a marketing consultancy specialized in data to obtain efficiency and positive results. Invest!
Another point, answer the question “where do I currently find myself on the analytical spectrum?”, identify vulnerable points and start developing a filling strategy based on the points that emerge from there.
3. Act on what you have learned
The data collected by analytics tools is meaningless if you don't act in accordance with the guidelines they set out.
The joint application of marketing and statistics is a process of constant testing and learning through which you identify deficient channels, adjust strategies and tactics according to needs and optimize processes.