I once came across that sentence “Data is the Voice of the Customer, Data Science is the Interpretation of that Voice” and I couldn’t actually agree more. Data science helps you find the answers to many questions that your business needs to grow and preserve its place in the future in the business category and market. It is the decision taking point. Every metric can guide you through taking the best practices based on each result you are hoping to achieve. Data science helps your branding grow at different levels, by mastering many important business needs.
Social media revolutionized the importance of data science. It is full of numbers. Numbers that everyone can track “likes, shares, followers and views” or other metrics, like reach and the number of people who actually engaged with the post or clicked the link or the ad. With all these numbers, data science came to interpret each one of them and how to make it bigger and after it grows how it can be used in achieving your largest goal “conversion”. Data science of social media can make you identify the channel/platform with your strongest chance to reach people and with the most targeted audience that can turn into customers/subscribers. With data science you can also identify; what kind of content the audience likes, what times are best to post, what type of posts works best (images, statues, links or videos) and all this will eventually help you create the best social media marketing strategy with the best possible results.
Another very important aspect that data science directs you through is understanding your customer satisfaction level and how to improve it or what areas that you need to work on. Under customer satisfaction, data science can help with different areas; how likely would your customers promote you, your brand sentiment and what they think of your product/service in terms of value and attributes. Never underestimate the power of promoting your business by customers to family and friends. It is easier and more effective than other marketing ways and more effective than general reviews/testimonials. Also, it is stated that getting a new customer is way more expensive than just keeping your existent customers happy. You know how they figured that out? Yeah! Data science!
Most of the time business management focuses on the numbers that have to do with customers and eventually money and they ignore metrics that measures team productivity. Team productivity connects back to all the above-mentioned metrics. If you don’t track your customer support response time and responses ratings, customer satisfaction would drop down. Same with measuring marketing and sales team efforts compared to revenue and conversion rates. You should even measure the turnover of your employees and fix anything makes your business an unhealthy work environment that drives qualified members away.
The most common type of data that all businesses think data science is all about is user experience. In other words; the number of websites visitors, where they came from, what they are clicking, in which step do they drop off and leave and what pages they stop by the most. Famous analytics tools for this type of data science is Google analytics. Data science in this regard helps you improve the experience for your customers and gives you ideas about the position of the placement of your ads and the overall design of your website.
“Keep your enemies closer” or just keep an eye on them just far as they are! Tracking your share in the market compared to your competitors makes you know where you stand. You can even track other related data like price premium and share of search to understand what more steps you need to take to be the leader of that business category and be a step ahead of everyone.
At the end of the day, we all have to agree that data science will definitely help you understand and develop conversion for your brand. This is the end result of improving the user experience of the website, carrying out a successful marketing campaign, implementing a great social media strategy and then you get yourself a customer!
Numbers are an essential part of a business and you should listen to what these numbers are trying to tell you through data science. While sometimes it can be important to focus only on one metric depending on the stage your business is in, it is still important to measure all other areas so you can refer back to them when you are ready to move forward with your business to next levels.
Are you gathering data about your brand from the Web and Social Media?
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Seeing this data is possible by performing simple search on Google or Social Media, but it's really hard to make sense of it, by looking it sparingly in this way. This is where Social Media Monitoring tools come into play. You can use a tool like this to automatically gather all this data for you everyday, analyze it, and give you useful insights that you can extremely helpful for your brand.
What's more, you can also get access to the same data for your competitors. Also, you can monitor keywords and phrases related to your industry, and this way you can get very useful consumer insights in real-time. These insights could cost hundreds of dollars to acquire from a research agency.