Future of Marketing: How Data Science Predicts Consumer Behavior
A writer by day and a reader by night, Evelyn is a blogger and content marketer from Australia.
The outbreak of COVID-19 has shaken every industry thereby influenced the preferences and priorities of consumers. During the pandemic, those business models who adapted to the change survived while others got lost in the thin air. Gradually, as the post-pandemic phase arrived, one thing that helped marketers predict their consumer behavior was Data Science.
The Role of Big Data In Branding
The only way to market your products and services is by knowing the customers and understanding the market demographics. That’s where data science becomes effective. It provides comprehensive insights to create a robust marketing plan backed with a result-oriented strategy.
With the help of Machine Learning and Artificial Intelligence, marketers can now delve deeper into finding the right demographics to initiate the campaigns. Giving an effective funnel to marketers, data science makes it easier to stay focused on activation, acquisition, and spreading awareness.
Here are some amazing statistics of Big Data about its impact on consumer behavior and sales growth:
How Big Data Is Shaping The Post Pandemic Marketing Strategies
Unpredictable consumer behavior and shaky market condition were the two prominent aftereffects of the pandemic. To strategist branding in the post-pandemic world, Data Science targeted the two grey areas and gave an effective plan to generate profitable outcomes.
Learn about the prominent areas of marketing, professionals get the chance to understand and evaluate through Data Science.
It Helps To Prove Relevancy
During the pandemic, consumers began to prioritize things differently. Where some began concerned about their health and fitness, others were fearful about their economic instabilities. With the help of Data Science Analytics, marketers get to understand the insights about consumer behavior. Discounts, offers, and all the other marketing tactics were designed to facilitate the target audience.
Data Science helps to declutter the data.
Using a series of the algorithm, data is collected about the consumers who stay active and are more connected to the brand activities. What companies are doing is they are utilizing this data to offer personalized services and packages. In this way, their clientele remains intact and stable. Back in 2019, a Gartner survey found that over 20% of buyers are likely to connect with a brand that offers valuable assistance.
It Reveals The Buying Pattern
Currently, marketers are experiencing two different phases of a single market- the pandemic and the post-pandemic phase. During both of these two phases, consumer behavior differs. Things that consumers used to buy rarely got in demand more than ever and similarly, those items that were the best sellers began to lose their position. So how will marketers identify a customer’s next move?
This is where data science comes in. It helps businesses examine comprehensive consumer analytics. The link between the sale of each grocery item in a supermarket can be mapped in the following manner.
When you have such a detailed analysis through data, mapping you can easily come up with different marketing plans.
It Strategies As Per The Current Consumer’s Economic Condition
It’s important to value the sentiments of your target audience. You must stay connected to what your audience is going through and how to bring things in their favor. You need to create a marketing plan by segmenting your consumers. The key benefits of segmentation through Data Science involves the following:
- It helps in identifying profitable marketing opportunities
- It creates tailor-made, personalized marketing initiatives
- It helps in deciding the pricing models
- It helps to create an effective product development strategy
Since the outbreak, consumers are focused on buying. They prefer not to spend money on anything, which is not essential. This is affected by the market demographics. Now if you understand the financial priorities of your consumers you can efficiently navigate their attention to your brand. You can find ways to encourage them to get connected to your offerings. Segment your target audience into different groups starting from high-paying consumers to inconsistent shoppers.
It Helps Brands To Build A Result-Driven Customer Journey
Many brands initiated new avenues in their business model during the COVID-19 crises. They shifted their attention towards the more selling goods. During this time, what helped them stay on track is the initiative to build a progressive consumer journey. With the help of Machine learning, they predicted the churn rates and created a strategy to target the right group of the target audience.
Where the major selling products during the pandemic were healthcare and fitness, other industries that benefited include gaming and clothing. AI offered quantities analysis to let brands identify targeted groups of the audience to market their products. Through a systematic procedure, each customer was engaged and gained brand awareness.
It Helps Predict Future Strategies From Past Downtimes
The best part of data science is that you can predict future marketing strategies by pondering over the past downtimes. Researchers once studied the economic crisis periods from 2001 to 2008 to find clues of the future.
The report surfaced that over 80% of Americans changed their buying habits after getting a minor income raise. With the survey, the researchers get to know the reinvestment rates as well. It is one of the tactics that help brands to gain the leading edge in the market. It helps companies in keeping an eye on the future and effectively change their key products as per the market demographics. Such surveys help in determining how the target audience responds to the marketing campaigns and what measures can be taken to make benefitting outcomes.
It Provides Real-Time Analytics
One of the most effective uses of data science is real-time analytics. It helped marketers identify the right time to market their products and services. As a major part of the workforce, in almost every industry, is shifted to remote working, consumers can be online at an unusual time. Therefore, through Data Science it becomes easier to fetch information and track the activities of consumers to find out how to engage and indulge them.
You can keep a regular track as to when they get online and indulge in browsing other stuff, what are the most used platforms, and the best possible areas in the search engine where you can post your promotional advertisements.
In the world of digital marketing, data scientists are the real storytellers. They let a brand mark its position in the search engine. They assist brands to take the right initiative to reach out and engage the target audience. Whether it’s about handling marketing during the crises or even after that, you can identify the appropriate set of strategies to make your position consistent and progressive. So, if you want to drive out the best possibilities of success and want to make your brand stand out from the clutters then incorporate state-of-the-art tools to gather data that can garner the attention of your target audience efficiently.
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