Marketing automation, customer journey mapping, and data modeling

Quotes

• “Marketing is very much a part of the whole CRM universe. I call it complete CRM but the idea is you’re taking a full view of the relationship and marketing plays a big part in that. You got email, video, social media, website and podcast.” -Lars“The more that you can pull that information into a centralized source, the more that you can leverage that information to understand which of your campaigns are working better and better can mean different things to different people. It could mean, are you getting a cheaper cost per lead, are you getting a cheaper cost per conversion, what is actually driving your conversions and by looking at all the channels, you can look if, ‘Is the podcast really making people want to become customers or not?’ You can answer these questions when you have the data.” -Lars “One of the things I do is model that journey and we’re all familiar with the concept of funnels where people move through different stages of a buying process. Buyers may jump in and out of a stage and there’s a lot of variability to account.” -Lars“Yeah, the customer journey is not a linear path.” -Ben“Exactly. But if you have the data you can measure what’s happening if people skipped stages, how long they are in there, what’s your percentage drop off, and when you see those drop offs happen you can set up automated sequences to take care of it.” -Lars“I will go on the record of saying that the ‘Social Dilemma’ was a piece of shit. They tell that advertising is terrible and all the marketers are taking your data. It’s a new thing, people are taking data and marketing influences consumer behavior. Ha! New concept before 2020, that never happened before Facebook.” -Ben “At GreenRope, we’ve built a predictive analytics engine to do data modeling. Once you accumulate that data, it’s a matter of drawing statistical connections between conversions or hitting a certain stage in a funnel, for example.” -Lars“Having all that data accumulated you can draw a map or a correlation between those people that become customers and what they did to get there. Once you gather enough data, the predictive analytics runs and says, ‘okay let’s find all these correlations’ because not one single thing is going to drive it for everybody. But you can draw a picture one you get that statistical model built and you can say, I know that these are the main conversion drivers.” -Lars“Here’s how my pea brain thinks about creating that predictive analytics model without actually creating a predictive analytics model. You take the conversions that you have, you look at your customer relationships, the most valuable relationships you have and you start to look at what are the things that are most consistent in their journey. It’s not going to be linear but maybe you’ll be able to pull out some commonalities amongst a large portion of your conversion. Then you try to model people that are close to those behaviors.” -Ben “There is no one-size-fits-all approach to this. With your particular business model, you have to figure out what are those things and to do that you need to have a complete CRM that pulls all that data together that you can do that analysis with.” -Lars“I think that predictive analytics and data modeling is an incredibly complex topic. My takeaway here is you need to be able to look at conversion or data that you already have to try to create some sort of model that you can replicate whether you’re using advanced data modeling the rule of thumb here is you use your existing conversions as a template, try to see commonality and try to push the things that are driving those conversions to people that are relatively down the funnel and you work your way up.” -Ben