11/30/2020
By
MJV Team

Marketing funnel: generate more leads using Data Science

Let’s start by bringing a piece of advice, which was given in our Innovation Report for the financial and insurance markets …

Available for download at this link for our trend report 2019. Despite being from last year, this quote has never been more relevant as it will help a lot to guide these new times. 

(…) The future of the future indicates another path; it will be merely based on communication. 

As long as everyone is looking and breathing artificial intelligence, data is no longer a differential and becomes part of the mainstream. Data Science becomes another step in the process – a new normal.

In this scenario, who will come to take the space of the strategic differential?

For those who want to write down in your notebook, we leave here a small spoiler of the future of the future:

“Good stories generate valuable drivers, and it is these drivers that are valued by investors.”

– Aswath Damodaran, professor of finance at the Stern School of Business, New York University.

Our present was already in the past to understand the consumer profile to propose more aligned actions and not waste time and money.  

The analytical culture already appeared as a great solution to build this knowledge about the users’ needs and desires. But the data alone would not be able to cope with the changes, and in the future, we would see a new basis emerge, based on communication, on purpose. 

Analytical Culture: data as a driving force 

Today, there is no way to be competitive without Data Science and Analytics.

And this is precisely the key shift from Traditional Marketing to Digital Marketing: the use of data. And if you’ve made it this far, we’re sure you already know how important data is to plan, measure and make more assertive decision-making. 

In this scenario, having more intelligent, analytical, and data-driven operations without losing human vision is essential for a successful transition. 

Understanding the user is the driving force behind this most urgent transformation.  

  • Create solutions to integrate and visualize data – Big Data and Artificial Intelligence will help. 
  • Evaluate and validate your actions and keep all information available to everyone, nothing better than having a Dashboard. 
  •  Track Metrics to generate valuable insights for your business strategy and planning adjustments.

Data Science + Marketing: the new funnel

Yes, Data Science and Marketing can – and should! – walk together. Have you ever stopped to think about the infinite possibilities of exponential results that this bundle can bring?

Besides, we can say that it is a two-way street: Data Science helps Marketing, and Marketing helps Data Science. How? 

Marketing uses digital channels 

(this strategy is, increasingly, a reality in companies that want to survive the crisis) 

Digital channels generate a high volume of data from customers and potential customers. 

Data are the inputs that Data Science needs to analyze and extract concrete information through a well-structured process.

Design Driven Data Science

Integrating Design Thinking with Machine Learning for business solutions.

With that, we have answers for Marketing to adjust its strategies.

We’ll go into more detail in the topic below. Check it out!

How does it work? 

The great goal of this working together is to produce insights to use campaigns with more quality and less cost. After all, Data Science will answer the questions that Marketing needs to adjust its strategy.

Data Science supporting Marketing:

  • Which platforms should I choose to invest time, money, and training?
  • How can I segment my lead base to achieve better campaign results?
  • How can I optimize the results of my email marketing campaigns according to my current base?
  • How and what tests can I run in real-time? (an analytical culture goes through tests. You are not sure if something will work? Test, test, test, and then test again!)
  • How do I prioritize a unique experience for my leads and customers? (Remember: the customer should always come first in all strategies)
  • What are the best materials to recommend or share with my lead to hit their target interest? 

Data Science can answer all of these questions and many more. And that will be the framework of your Digital Marketing. 

You have nowhere to run: only through data will you have a clear and structured view of how Digital Marketing works. And only through this vision will it be possible to plan the ideal strategy for your base.

Working with your marketing funnel.

By adding Data Science to your Marketing funnel, it will gain a different purpose. By integrating the two areas, data scientists will be able to guide their strategy

  • for the right product / service / content
  • in the right moment 
  • for the right customer
  • with the right speech

That simple! 

The data scientists process is as follows:

1. Base observation: they will check the behavior of the leads.

2. Hypothesis: from these observations, they will create hypotheses for what is happening. 

3. Experiment: remember that we talked about the tests? Hypotheses alone do not work. It is necessary to test, carry out experiments to prove or not the assumptions created. 

4. Data analysis: we got data from the experiment; now we need to analyze it, separating the chaff from the wheat, to check what makes sense and what will confirm or reject our hypotheses. At this stage, if assumptions are not confirmed, it will be time to return to phase 1.

5. Results: do we get the expected results? Great! It’s time to share! 

By following this process, you will be able to truly understand the lead. Using techniques this way will directly impact the average ticket and increase the lead-customer conversion rate. 

Why? The difference: you will already know, beforehand, how to talk, what to talk about and who to talk to. It will reach the gold mine: the lead’s attention. 

Generating more qualified leads

However, we have to add some elements to this equation. Elements that change the rules of the game a lot: social isolation, pandemic, removal from offices, and crises.

And now? How to increase qualified leads in this new reality in which everything has changed? 

Well, it is not only is it possible, but it can also be simple. Our suggestion is the Design Thinking → Data Science → Marketing combo. 

The union of DT + DS gives rise to what we call Design Driven Data Science. And believe us, this strategy can answer this and many other questions.

*  

You might be wondering what is the result of combining Design Thinking → Data Science → Marketing?

= maximizing qualified leads 

From the development of intelligence for management, there is the enrichment and distribution of qualified leads, enabling greater opportunities to capture leads. 

In this way, the bubble of the contact networks explotes, and at the end, you will have a recommendation model based on the employee x lead x product profile.

Don’t lose productivity! 

Knowing the consumer’s pains, needs, and desires is, more than ever, crucial in the process of brand relevance. 

It is time to restructure the strategy – a more humanized, genuinely connected with customers and employees.

It is necessary to understand their problems and build a new path that takes users and collaborators into account. Taking care of your community is a priority now. 

Do you want to understand better how to generate more leads on the new normal?  Come and chat with our data scientists and marketers. They will love to meet your challenges and tell you a little more about our solutions!

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