Despite all the progress and innovations, marketing still remains a numbers game, at least to some extent. What changed is that instead of merely multiplying audience numbers (and, consequently, budget lines), savvy marketers look at the figures at hand and attempt to understand the message behind these.
While data science cannot explicitly help you acquire more customers on command, it can tell you when, where and how you should pitch your target audience to maximise yields and minimise waste. Rakuten Marketing estimated that on average 26% of marketing budgets are wasted on ineffective channels and strategies. There’s even more money left on the table because spreadsheets alone can’t tell who your best customer is and which touchpoint will be crucial for “sealing the deal” with them.
Author: Chris Pitt