Here’s How Companies Use Data Science To Launch Product Campaigns
In this article, we’re going to look at data science and its applications in the marketing industry- specifically in developing and launching campaigns. Additionally, we will also learn about:
- How data is used to select the theme or topic for a campaign, and
- How companies use big data to study trends that will appeal to their target audiences.
If you have been wondering about how data science can be used to manipulate audiences into buying merchandise, then you’re not alone. Thousands of people ask this question every day and yet, there’s nothing that we really do about it. In fact, in order to make it big and run a successful business, it almost seems as though luck has a big role in deciding whether you will succeed or not. While, traditionally that might have been the case; now you don’t have to depend on luck to have a successful business- whether it is an e-commerce store, or a small-scale, home business. All you need to do is promote your product in the correct way. That’s how you will attract the attention of everyone around you in your area, town, city, and even country.
Understanding how to promote products correctly is very important if you want people to buy your products. Just look at all the ‘big’ businesses. Companies like Pepsi, McDonald’s and Adidas spend millions, if not billions of dollars each year promoting, advertising and launching massive campaigns. And they catch our attention because that’s what you need to do to get people to buy your products. You need them to remember your product, catch their attention long enough for them to make the purchase.
That’s really all it is.
Making sure that you remember the product long enough to give in to the trend and buy it.
You will see this theme run across every company- regardless of which sector or how big it is. So, naturally, there’s a lot of competition. And how do you stay ahead of the curb?
You use Big Data to analyze, predict and perfect your new campaign idea.
Choosing Campaign Themes
The marketing industry has actually been using data science longer than a lot of industries. This is probably due to the fact that promoting campaigns does relay a lot on what sort of products customers would like. After all, you need to make sure that the customer chooses your product at the expense of some else’s. That’s just how it works. But once you’ve got your products made, ready for the world to see them, you need to promote them. In a way that catches everyone’s attention.
Large corporations have the advantage of having entire marketing and research departments dedicated to market research. This used to be more intensive back in the day when surveys from customers were used to decide the theme or tone of upcoming campaigns. Now, while a lot of companies still listen to their customers’ feedback, with the help of Big Data, they’re able to study a lot more.
After all, no company in the world just decides out of the blue to do a campaign on certain topics. It takes a lot more than just one board meeting. It depends on multiple factors such as the intended reaction, the kind of response a brand wants, whether it fits with the brand image and so on. With so many factors depending on the launch of a marketing campaign, it really shouldn’t be a surprise that companies have turned to data science to analyze and process the abundance of information available.
How Trends Are Studied
Thanks to the rise in internet usage and social media, it’s become fairly easy to see how different groups of people react to trends. This is why you will often find many brands jumping in on popular trends. They know that people will be keeping track of certain trending topics and they plan to reap profits from it as much as possible. Consumer behavior is fairly simple to track down these days thanks to the voices and feedback of audiences heard via social media. The next step for a company launching a new campaign is to look at the available data and analyze it. With the help of data science, it is now possible to not only process massive amounts of data quickly but to also analyze and ‘predict’ what is likely to happen if a certain campaigning approach is taken. Data science helps companies to analyze rising and falling trends, This way they are able to predict things like consumer behavior, sales and thus are able to price their products according to the state of the current market. This way they are able to form their marketing strategies and the tone of their campaign.
Companies with bigger budgets will also use data science to predict the right time to launch their campaigns. Again, this is done by processing information and predicting the ‘peaking point’ of a trend. This is the best time to launch a campaign- and it’s all done through market analysis. Of course, this depends on the company’s intentions as well: do they plan on targeting their loyal demographics, or do they want to appeal to a larger audience? Big Data provides them with the most economically beneficial options and then, depending on its profit margins, a company will launch its marketing campaign.
Big Data is a key player when analyzing market trends, and a lot of companies understand this. After all, no one wants to make a loss and everyone wants to make a lot of profit. So, it’s really no surprise that companies have turned to data science to help them understand the massive volume of data available to them. Humans are prone to bias and a single mistake in marketing can cause a significant blow to a company’s reputation as well as its profits. By using data science, they have facts and figures to back their marketing strategies and getting you- the consumer- to pay attention and buy their products.