Marketing funnels are a great way to capture leads, nurture them and convert them into sales. Drive your business to the next level, make copious conversions and profits along brand name recognition. But research work is monotonous so are the funnel costs.
You require the right way to do it, to make the most of it, and data science is the best solution to understand the market and customers.
What Does A Marketing Data Scientist Or Business Analyst Do?
Whether you get hired as a data scientist or business analyst, your main work is to look for business growth and opportunities, solve problems that business is facing, or find trends that your competitors are following. You will be involved in one and many at a time. Your motto should be to provide the best user experience and earn trust in the market. So that your products will sell, and your business will thrive in the market.
As a marketing data scientist, you should know SQL, Advanced Excel, Tableau, R, and Python, along with the set of questions for the survey. All you need to do is analyze consumer response through sales call log, marketing opportunities, competitor loopholes, external data sources, social media mentions and metrics, interactions with customers, and growing your brand.
But How To Become The Best At What You’re Doing?
First thing first, you need the right mindset. Your research should be correct; it should solve your customer’s solutions. Else why would they choose you?
Customers will only choose you when they find your product valuable to them. Your job is not over when you have a company and some products under your brand name. You need to market your products.
When you become the best at what you choose to do, then people will consider you and your products. And, when you have the right strategies for that, else your marketing will fail.
Spying The Competitors
Spying is one of the frequent things that every business does to understand their competitors and strategies. As a data scientist or business analyst, your focus should not limit to know competitors’ strategies, also expanding the business in multiple ways. You have to build predictive and prescriptive models to automate the process of deriving actionable insights for every course of action.
Marketing Funnel and Data Science
Marketing Funnels work on four principles: Attention, Interest, Desire, and Action. It is a handy example of conversion rate optimization explaining data science use cases in the marketing and advertising industry. As the primary focus is on lead generation, lead nurturing, and sales. Data science helps in better decision making, improving sales and conversion, and maximizing the business profits.
In this funnel process, you need to draw your customer’s attention. Once the customers get to know about the product, it will bring interest in them, and the next step would be to offer them an irresistible offer they can’t ignore. And finally, it will persuade them to make a purchase or take the desired action.
Lead Generation From Websites and Funnel
Lead generation is all about creating a broader customer base and awareness about the product and services that you have on your website. For that, your website should be user friendly and interactive. Then it will impact customer conversion rates. Otherwise, the bounce rate will increase. As a marketing data scientist or business analyst, your prime focus should be on customer experience by running A/B testing, creating chatbots, and an advanced recommendation system.
Then you can build the right models by applying statistics and mathematics, and Simple Linear Regression.
When you use power words, emotional words using their pain points. It connects the customers, and you can quickly generate leads through websites and funnels.
Lead Nurturing From Webinar and Courses
Funnels are best for collecting business data, getting their phone number, email address, and a lot of information. In the funnel, you give freebies to collect data about your customers. This process works everywhere. It is one reason why funnel marketing has so much demand in the market, and every business practices a lot to capture leads.
Once you captured the leads. The next process is to drive email campaigns and nurture the leads; that you collected. Customers demand personalizations. There are higher chances they will convert when you send them personalization texts with the best offers. They feel irresistible, and your lead nurtures them into conversion. For that, you need to have a landing page, some copywriting, and testimonials for social proofs to build trust.
Once you have the lead, you can invite them using email marketing to webinars and courses.
Online Transactions and Customer Service Data
Once the lead gets nurtured, you get a conversion. This process remains the same for funnel marketing, for one and every conversion. The prime objects of the funnel are to attract new customers. Convert them into customers, drive more sales, and scale-up your revenues. Once you convert them into customers, you have to assist them whenever they need your services.
In this blog, you learned about what is funnel marketing? How does it work? And what are the processes involved in it? You also learned about the applications of data science in funnel marketing. How data science and funnel marketing together do wonders to make more sales, maximize the revenue with the right intent, and research to increase brand awareness of any business.