What is Data Science for Marketing? I get this question all the time when I say my occupation is Marketing Data Scientist. This question comes up even more often from fellow data scientists who do not work in the marketing field.

You may not have realized it, but, likely, you have already experienced the results of marketing data science.

When you search for a product on Google, you might have noticed the top listings have an ad tag next to them. That is paid marketing and the companies have bid on the keyword that you are searching. When you were doing Christmas shopping on Amazon, there were sponsored listings among others. These listings were also paid marketing and were recommended to you by a recommendation algorithm that determined you were likely to click through and purchase. When you view Instagram and see a promotional coupon for a service, you might be in the treatment group of marketing experimentation to test how well Instagram ad works, and yes lucky you because the control group does not get the promotion coupon.

All of the above are enabled by marketing data science. It utilizes data science methodologies and marketing-related data to make both marketers’ and consumers’ life easier.

I’m sure so far you have got a sense of marketing data science. Keep reading and you will find 7 more detailed areas and examples to deepen your understanding of how data science helps marketing.

1. Marketing Measurement and Budget Allocation

I list this first because I’ve worked on this for the longest time and it is essential because without measuring how well what was done, there is no way to know how to improve. Measurement is the compass.

The key to marketing measurement is to use some Northstar metric(s), for example, the ROI (return on investment) of advertisement investments (ROAS — Return on Ad Spend), to gauge the efficiency of previous marketing activities towards driving business KPIs. Based on the measured performance, the marketing team can decide to change the budget allocation, targeting strategy, bidding strategy, or other aspects to improve future efficiency.

How does data science help marketing measurement? Here are a few examples:

轉貼自： towardsdatascience.com

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