How to Use Data Science in Marketing ?🚀
“The best marketing doesn’t feel like marketing.”
— Tom Fishburne, cartoonist and founder of Marketoonist.
Let me take you on a journey of how Data Science can make Marketing more impactful as well as useful, but there would be a question arising in your mind, Why????!!🤔
Why Data Science Approach for Marketing ❓
Traditional marketing methods are often based on assumptions and past experience, rather than data-driven insights. In contrast, data science approaches use statistical models and machine learning algorithms to analyze large sets of data, providing more accurate and actionable insights.
For example, consider a retail store that wishes to improve its pricing policy. To set prices for their products, the store may use traditional approaches such as historical sales data and market trends. This strategy, however, may fail to account for aspects such as consumer behavior and competition, both of which can have a substantial impact on pricing decisions.
On the other hand, using data science approaches, the store could use techniques such as revenue management and price optimization. These methods involve analyzing data such as customer behavior, demand, and competition to set prices that maximize revenue and profit…
