Once a subset of computer science, data science is now the driving force behind marketing. In fact, unless they harness the power of data, most enterprises won’t survive.
According to Gartner, 69% of marketing leaders expected most of their decisions to be data-driven by 2018. They also expected marketing analytics to account for 9.2% of marketing budgets between 2017 and 2018. If you walked through any marketing department today, you’d think you were in a laboratory rather than a creative center.
Now is the perfect time for people in the data science field to break into marketing. In a more recent Gartner survey, 77% of organizations said they plan to hire more data analysts. Those prospects can only increase as more businesses invest in data-driven marketing.
Businesses around the world understand how data science adds value. But few of them know how to use their data, or even understand it.
In the marketing department, decision-makers rely on data to build campaigns and make decisions. But most of them don’t have a background in data science.
Regardless, big data is disrupting everything from digital advertising to the gambling industry.
If you want to know how data science is revolutionizing marketing, find out more below. You’ll also learn how to jump-start your data-driven marketing career.
Big Data Has Disrupted Every Industry
According to Forbes, big data adoption reached 53% in 2017, up from 17% two years before. Finance, healthcare, and even agriculture have all leveraged data in new and exciting ways.
That’s because data teaches businesses of all sizes about every aspect of their operations. This includes both customer trends and internal trends. When analyzed, data can teach leaders how to be more efficient, cut costs, and serve customers better.
In finance, complex algorithms execute trades and make market predictions. In agriculture, farmers use data technology to manage their farms and maximize yields. In healthcare, big data teaches us about health trends at the national level, all the way down to the local level.
It shouldn’t be surprising, then, that marketers are in love with big data.
Because most of the world is now online, marketers have more data than they know what to do with. They are only scratching the surface of how to use it. But as technologies like AI and machine learning expand, marketers will leverage data in ways we never thought possible.
To do so, they’ll turn to data analysts and data science.
Marketers Value Data Science Experts
Customer relationship management (CRM) software changed marketing forever. Once marketers had databases full of contacts, they gained the ability generate data in real time.
Marketers now have live dashboards and analytics tools to measure engagement and predict trends. The wealth of data at their fingertips gives them unparalleled business intelligence. That intelligence helps them determine their position in the market and make smarter decisions.
But to understand all this data, more and more businesses need data scientists on staff. They need experts skilled in data mining and data analysis. These are not skills most marketers pick up in business school.
Data mining is the process of extracting actionable information from databases. It is then used to make critical business decisions. While software generates this raw data, data analysts must draw meaning form it.
Data visualization is another important step. Most decision-makers don’t understand data the way a data scientist can. But when incorporated into visuals, executives can leverage data in their strategic planning.
Data is now essential for targeting and personalized marketing. It’s also key to understanding buyer intent and measuring long-term market trends. By necessity, the number of data science careers will expand rapidly in coming years.
Digital Transformation is Reshaping the Marketing Model
Once upon a time, “the funnel” was the most advanced model businesses had for their customers’ buying process. At the top of the funnel was the marketing department which would attract leads and convert them. At the button was the sales team which would nurture prospects and sell.
But big data has turned this model on its head.
Forceful sales and marketing practices no longer work. The buyer now has all the information — and all the power — they need to research and buy. Data makes much of the marketing sales process obsolete.
Instead, marketers must use data to find those individuals who are ready to buy and give them exactly what they need, when they need it. This is not an easy process, but there is enough data out there to make it happen.
Marketers have the tools they need to execute a more personalized marketing strategy. But they need experienced data analysts to be successful.
This is all part of the larger trend of digital transformation. Businesses once believed technology could make their processes more efficient. They now realize technology has the potential to create entire new ways of doing business.
In marketing, big data and analytics are the tools that will facilitate digital transformation. And that transformation is already occurring. Today, 58% of organizations have implemented big data and analytics technology.
Now Is the Time for Data Scientists to Break into Marketing and Advertising
Enterprises are generating data on an epic scale, but they lack the personnel to analyze it. There is already a data science skills gap in every industry, including marketing. In fact, IBM reported that demand for data scientists will grow by 28%, with 7000,000 new roles added to the job market by 2020.
If you have an education and work history rooted in statistics, data analysis, or predictive analytics, marketing departments are looking for you. Data is no longer a source of information. It has become a type of currency, valuable to every part of an enterprise.
Marketers want to make decisions based on concrete data. They need analytical minds to help them understand what their customers are telling them.
As new technology continues to penetrate the field of marketing, understanding data will help markers adjust their strategies in real time, add personalization, and gain a complete understanding of their customers’ buying journey.
Why wait? Use our data science job finder to discover data-driven marketing positions in your area.