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Data analytics is intricately connected to digital marketing today and its role in the progress of digital marketing has been instrumental from day one. If anything, that connection is only going to become even stronger down the line. Whether you are an experienced professional or an aspiring student, the following points will drive that connection between data science and digital marketing home.
1. Successful Digital Marketing Firms Rely Extensively on Data-Driven Decisions
Data-driven decision-making is actually a very complex concept with multiple layers, but it can be explained rather simply in this context. Every major or minor decision that’s taken based on supportive data is a data-driven decision. Supportive data here refers to verified data analysis and predictive reports that support the decision taken on their basis. Digital marketing companies rely on their (inhouse/outsourced) data science experts to supply them with actionable performance and market insights.
All applicable data from those reports is then used for creating newer, better marketing roadmaps for not just their clients, but themselves as well. Even the world’s best digital marketers would not be able to maximize market conditions without the assistance of highly qualified data analysts and data scientists.
2. Data Scientists Create Smart Algorithms Needed to Collect and Interpret Data
The growing impact of machine learning has been a game-changer for digital marketing, but who creates the smart algorithms (AI) for marketing teams that are changing the game? If you have wondered why get a masters in data science while working in marketing, consider the following facts.
- Data science experts create, develop, update, maintain, and implement various algorithms to collect, organize, and interpret data across the web.
- Data scientists also develop and implement learning algorithms to implement prepared marketing strategies online with greater success.
There is a reason why the average pay for a data scientist working in marketing is $100,000+, while the average marketing manager earns roughly $70,000 per year. What a data science expert can do for marketing in today’s digital world is simply too great to ignore for any marketing firm.
3. Data Science is Crucial for Optimizing Any Marketing Budget
If you think that optimizing marketing budgets is something that’s best left to accounting, then you are not wrong. However, accounting in its modern format is also highly reliant on data science. In order to optimize the annual marketing budget for a company, accounting must have all the data they need to do so.
After collecting, cleaning, and organizing performance data from all across the relevant markets, data science experts prepare and present verified data insights in a readable format to all relevant parties. if there was no such data to rely on, accounting would only be limited to internal datasets, thus making it unplausible for them to prepare an up-to-date and fully optimized marketing budget.
Marketing has always been about data collection, interpretation, and strategic implementation of those interpretations. Data science is a subject that focuses entirely on those aspects, enhances them, and then goes much beyond them as well. As a result, these two aspects of modern business are often too intermingled to even be separately distinguishable.