Succeeding in today’s rapidly changing digital world – where the boundaries between physical and digital have disappeared – requires a new set of rules. From adopting new technology that combines online and offline data, to acquiring a new skillset to make sense of the rising tide of data.
Machine learning, data science, and predictive analytics are the new and increasingly crucial components that can complement traditional marketing. Brands that are more technically-savvy and use the latest analytical and data science techniques stand out through their ability to deliver more individually personalised customer experiences; and in real time, which is what consumers crave.
Despite the benefits, Jaywing PLC (LON:JWNG) recent research highlighted a data science skills shortage as the main barrier to adopting data-driven marketing techniques. As a result of this skills gap, over nearly two-thirds of marketers (65%) said they are implementing only basic or segment-based personalisation and only 18% are adopting advanced attribution techniques. Without data skills, brands are at risk of lagging behind.
Brands using data science can deliver enhanced customer experiences, at an individual level of personalisation, as well as improved marketing efficiencies, by more accurately attributing media investments to sales. That’s why, in the last few years, employers from every sector have been increasing their efforts to plug the data science skills gap but have met challenges with a notable shortage in skilled data experts in the marketplace.