You don’t have to spend long in the marketing world to realize the importance of data. Information in today’s day and age gives you a digital edge over the competition. But you need to put it to use the right way, and that involves the best tools. Here is how marketers can plan data mining using R programming:
Uncover Market Opportunities
One of the most important aspects of marketing is understanding the amount of interest and the volume of it on a global scale. No longer are you tied down to one location. However, that also means that the bigger the market, the harder the competition. Use R to run statistical analysis on search volume to see what ratio of queries to market size will yield the best results in terms of bottom line profit.
Understand Confidence Intervals with Testing
A/B testing is crucial in today’s marketing world. With the cost of paid ads, you need to put your money in the best places and force your ads to justify themselves based on their click through and conversion rates. That is why using R programming is so powerful. You can run two different ads, or more, over a time period and use the amount of data to accomplish statistical confidence in your results with R. Then, when you’ve hit the limit, rotate in the best ad for that campaign and replace the underperforming versions with your next best version.
Profile the Best and Worst Customers
In any business, you are bound to have great customers and, well, not so great customers. Identify the 20% or so of customers that generate the 80% of profits for you is a valuable undertaking. R statistics functions let you analyze where your money is actually coming from. Using your gut or opinion is not relevant in this case, and can actually be misleading. Let the numbers lead the way because numbers don’t lie.
When it comes to marketing, you need to use the technologies that exist to get ahead of the curve. With the rate of digital evolution and the internet disruption events occurring today, the more information you have the more powerful your marketing weapons will be. So implement and embrace using R with the tips above and enjoy greater insights and conversions.