Posted in Marketing and Strategy Terms, Total Reads: 367
Definition: Scientific Marketing
Scientific marketing is the concept of applying analytical testing and statistical methods to collect, analyze and interpret market information. The concept uses data mining to interpret the data. The information might include area of target consumers, their income, occupation, how and how much time they spend online, the websites they visit, and their purchase online. Many other demographic, geographic, psychographic and behavioral information can be analyzed. With the analyzed information specific reports are created such as target customers for the firm . According to the data, marketing campaigns can then be made to focus on that specific audience thereby increasing the probability of successful advertising efforts.
For example, the grocery industry asks their customers sign up for the loyalty card programs. When the customers use their card to swipe for their next purchase , they collect the information about the customer and store it. They keep doing it to find the loyalty level of the customers and they introduce offers accordingly. They can also give offers like discounts and coupons to retain the customers.
Who Employs Scientific Marketing?
There are a lot of firms in many industries which employ scientific marketing. The industries include retail chains, ecommerce websites, FMCG companies etc. Facebook gathers data about user age, location, preferences, topics they discuss . This data is then analyzed and used to plan marketing strategies by targeting the customers according to their preferences by posting an advertisement of the related website in the side.