What you need to know about the Data Marketing Industry
It’s an industry and term that you’ll be hearing about a lot over the coming years. As more marketers discover the real value in using existing data, data marketing will no longer be an industry in its own right, rather, another vital aspect of everyone’s marketing strategies. Put simply, data marketing is understanding existing customer data, organising it and utilising it to make connections between past sales experiences and predict future behaviour. The growth in the industry is huge, so if you’re considering a career in this industry, here’s some things you should know.
Data science is sexy
You read that right, data scientist is the sexiest job. Its official, Harvard Business Review claimed it’s the sexiest job of the 21st century and Glassdoor.com named it 2016’s Job of the Year. And what would be the appeal if it wasn’t also a very well rewarded job title; with average salaries for Data Scientists at top tech firms around £60–100k. So what does the worlds sexiest job entail? Data Scientist’s differentiate themselves from traditional technical roles, as they combine the statistics, maths or computer science background with a solid business acumen; allowing them to spot trends in data and make critical business decisions. The value in the role comes from an ability to make use of the vast oceans of data that consumers leave a trail of whenever they interact with businesses or communities and make purchases.
You’ll need a good education!
The growth in people pursuing a Data Scientist career over the past 5 or so years has been astronomical. In fact, way back between summer 2011 and 2012, the number of job postings with ‘data science’ in the title increased by 15,000%. You can see the growth in Google searches in the chart below, just to give an indication of just how popular the term is, and how rapidly it’s grown.
Some of the UKs top universities offer a variety of postgraduate qualifications that prepare maths, statistics and computer science graduates for a career as a data scientist. This includes top 10 universities such as Oxford, Kings College and St Andrews, just to name a few.
Those looking for a role like this in the data marketing industry will of course need the technical knowledge to supplement the business acumen. To be able to bridge the gap between technical analysis and business decisions, technical skills required include; MySQL, Python, R Hadoop and Java. Combine this with the ability to understand algorithms and you’ll be pretty set for a rewarding and well paid career.
The value in data is clear
In a report last year on the Data Driven Marketing Economy by the Data Marketing Association, research showed the value of the industry in the US alone to be worth over $200 billion. Some of the leading industry sectors creating value from consumer data are commerce (and e-commerce) and postal production (think direct mail). The value in data is already being used by some of the world’s most successful businesses. It’s estimated that 20% of sales at Amazon, iTunes and Staples all involved data driven marketing practices. So what exactly is the value driven from effectively using data? Here’s a few of the key benefits…
- Business can easily identify buying customers
- They can target these people specifically using tailored channels rather than mass media
- Avoid wasting money on expensive, less targeted channels i.e. Search engine marketing is far cheaper than TV ads
- For start-ups and smaller firms, data driven marketing minimises some of the barriers to market entry
Data Driven Marketing is Customer Centric Marketing
If anything here is the key takeaway piece for the blog, it’s this; the insights generated from consumer and transaction data help businesses to answer the four Ws. Who their customers are. What they are purchasing. Why they purchase, or don’t purchase. And where exactly these interactions and purchases take place. The knowledge generated from answering these questions allows businesses and marketers to build valuable customer relationships. The key findings from a report into the rise of the data marketing organisation found numerous customer relationship benefits; greater loyalty, better and more responsive customer engagement as well as greater customer satisfaction. For the business themselves, data marketing helps them to be quicker to market with new products and services, speeds up decision making and provides them real time feedback.
The Data Marketing industry has an abundance of potential both for traditional marketers looking to expand into a data led role, as well for those from a technical background who want to utilise their skills in one of the fastest growing industries.
Interested in a career in this industry?
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Originally published at cute-resource.co.uk on May 19, 2016.