It’s a truth, universally acknowledged, that in today’s world, data is EVERYWHERE.
It’s true: in 2023, every action is captured, every customer is monitored, and every decision made is measured. But with so much data out there, how can you filter out the noise and focus on what’s really important to your business?
If your business is going to succeed, you need to use your data. It’s no wonder, then, that businesses who use data-driven strategies drive five to eight times as much ROI as businesses that don’t.
So, how can you utilise the power of your data to make informed decisions and deliver ROI? By enlisting the help of a data science company like Edit to help you unlock your data and put it at the heart of everything you do, of course!
Read on to find out more…
What is data science anyway?
Data science can help you to use your data to resolve business challenges. It works by using scientific methods, algorithms, processes, and systems to extract in-depth insights that you can then base your strategic decisions on.
Essentially, it takes the guesswork out of everything from marketing to product development and more.
Here at Edit, there are four main categories of data science techniques that our team of expert Editors swear by:
Profiling and segmentation
Defining the ideal customer based on a set of unique characteristics, segmentation entails splitting your existing customer database into more specific subgroups. This information is drawn from existing data so you can deliver more personalised campaigns that appeal to the needs of your customers.
Attribution modelling provides a framework for analysing which channels or individual touchpoints lead to a sale or conversion. In today’s omnichannel environment, attribution modelling enables you to measure the impact of each interaction a customer has with your business so you can assess their impact on the bottom line.
Predictive models enable you to identify customers or prospects who are highly likely to purchase a product given their demographic characteristics or past purchase behaviours, so you can determine where to focus ad spends and resources.
Market sizing and sensing
Finally, market sizing and sensing allows you to estimate the capability of a market to buy a product or service, helping you to decide what campaign resources to invest in and target it and at what level.
How a data science company can help
Despite the proven benefits of data-driven approaches, 87% of marketers say that data is their company’s most under-utilised asset, with 75% believing that the biggest issue holding them back is a lack of education and training on data and analytics.
And that’s where a data science company comes in!
If you are struggling to process, access, and analyse your data, a data science company will be able to help you get to grips with your data so you can use it to your advantage and make quicker and smarter business decisions.
4 reasons you need a data science company
1. They’ll make sure you can trust your data
Before you can use data science to make decisions, you need to make sure you can trust your data to deliver insights.
Even the best data analytics strategies can fail if the underlying data is bad, which is why you need to make sure your data is constructed from regularly cleansed, well-managed first-party data sources that is enriched with third-party insights.
When you enlist the help of a data science company, they will help you to audit, cleanse, and manage your data so you can access super-charged information which you can then use to make informed business decisions.
2. They’ll empower you to make smarter decisions
This leads us onto our next point. When you work with a data science company, they will help you to turn your data into actionable insights so you can make data-driven decisions.
At Edit, for example, our systematic approach consists of traffic and audience attribution as well as customer journey analysis.
We also hypothesise, test, and rebuild through A/B testing, user feedback, competitor benchmarking, and design and development consultation, empowering you to unlock the data-driven insights you need to benefit your customers.
3. They’ll help you better understand your customers
No customer journey is the same, and all customers want to feel special – so much so that customer-centric companies are 60% more profitable than those that aren’t. This is no surprise considering that 71% of customers today expect brands to provide personalised interactions.
When you work with a data science company, they will use clever profiling and segmenting to help you understand your customers, so you can work out exactly who you should be speaking to and how you should be speaking to them.
Segmenting your customers and splitting your customer database into specific subgroups allows you to connect with them in a more holistic way by delivering personalised campaigns which appeal to the needs of each of your customer segments.
It’s worth the effort: marketers who use segmented campaigns report as much as a 760% increase in revenue.
4. They’ll help you improve for the future
Finally, by tracking the performance of your campaigns, a data science company will also help you to find out what’s working and what isn’t so you can identify potential areas for improvement in the future.
By using performance metrics such as customer satisfaction, customer retention, and customer churn, your data science company will help you see which campaigns have hit the mark and which touchpoints your audience is best engaging with – enabling you to replicate successful campaigns for the future.
Not only that, but measuring the impact of each customer interaction on your bottom line means you can also make informed decisions about where to invest your future marketing spend to get the best possible results.
How Edit can help you get the most out of your data
We don’t mean to brag, but here at Edit, there’s nothing we don’t know about data. We’ve got a proven track record delivering data solutions for some of the world’s most recognised brands, such as Jaguar Land Rover, Tesco Bank, and the British Heart Foundation.
Our team of experts includes data scientists, engineers, technology strategists, and planners who focus on delivering growth for businesses across any sector through our Intelligent Data offering.
How do we do it? By bringing together data auditing and cleansing, customer data platform implementation, data science, digital analytics and more to support you, whatever stage you’re at in your data journey.
To find out more about how we can help you get the most out of your data, contact us today to learn more about our data-driven solutions.