This is the last in a series of posts about the key issues that will drive digital fund marketing over the next ten years.
In this post I’m going to look at something that everyone will need to get to grips with during the coming decade – data science.
Data science is already pretty much ubiquitous across fund marketing, as all digital marketing systems use it to provide some sort of campaign overview. But often this doesn’t go far beyond fairly generic statistics, such as open rates.
But data science can go much further than that to reveal deeper, more important information. This means stats like who are the most active prospects within your database and are reading and engaging with your content more than any others, who has suddenly started interacting, who is dropping off, and who you have lost completely.
This type of information forms the tip of all the data you collect from your campaigns. But you can then go further and look at the dimensions of that data, right down into individual campaigns. For example, data science can show you the country – or even the city – where the most engaged prospects live, and if there are any unexpected areas where your message is landing well. These sort of statistics can be very valuable in terms of planning future campaigns and tweaking existing ones.
You can also use data science to create models that can make a big difference to your marketing efforts, for example by planning a graph that shows what works best at certain times of the year. You can also create a word cloud, which pulls out certain words and phrases from your campaigns that are resonating most with your audience. This may sound simple, but it would be a huge undertaking if you were to do it manually. Yet with data science it can be done almost instantaneously.
In addition, one of the most powerful aspects of data science is the ability to create dashboards that give an analytical overview in an interactive and visually appealing format. This can be particularly helpful when giving senior management an overview of a campaign, or ongoing marketing activity.
And the information that data science creates can be brought together and collated for the use of sales, so reps can see all the necessary data on prospects in one easily accessible place. This vastly increases the chances of a successful sales conversation taking place.
So, data science is already being used to great effect, but as the power of this technology increases, so will the multitude of ways it can be employed. And it will be those firms that use it most effectively that prosper over the next ten years.
If you want to find out how ProFundCom can help you use digital marketing to raise assets schedule a demo here