We have all the tools and tricks available to us to fill our every business and productivity needs. But the reality is, we are overwhelmed by all the options and seemingly ‘easy’ tools and solutions out there. This paradox of choice (or overchoice) can lead to “analysis paralysis” and causes marketers to stick with what they know. A bit ironic seeing as many marketers spend their days eliminating the concept of free customer choice and instead focus on leading them to the right “choice”.
MATH INBOUND MARKETING
How do we stay afloat in this sea of market data, software and applications? Before you justify spending X amount of time and money on a new digital marketing software, agency or platform -- justify your current expenses and target audience. Can you pinpoint the metrics you are aiming to achieve and where they are falling? If the answer is no, you need to reevaluate.
By using more mathematical approaches to big data, a business can maximize its efficiency and optimize performance. Math Marketing is an additionally specific approach to Inbound Marketing, with added focus on lead conversions and improving your Marketing Return on Investment (MROI).
Identifying and tracking a company’s Key Performance Indicators (KPIs) and metrics helps streamline their current digital marketing strategy and inform any future adjustments. Creating models with predictive forecasting based on patterned and predicted behavioral analysis can help organize big data in a more visual and meaningful way. These visuals can help dictate a company’s next move or can emphasize an area of necessary development.
Math Marketing, with the help of Artificial Intelligence Marketing tools also places emphasis on Lead Generation and Lead Scoring efforts, meaning that a business should be working to achieve more accurate data collection to better identify the prospects that are statistically most likely to convert. Subsequently, this will allow a business to properly hone their marketing strategy and give more tailored and personalized attention to that audience.
1. Smart Customer Procurement and Data Collection
Data and analytics are your best friends when it comes to new customer acquisition. Sure, it’s more costly to attract new prospects than to retain current ones, but attraction is an important pillar of your company’s success. Create ideal customer buyer personas and use market industry research to target the groups that are most likely to convert into leads. Attracting the right people using the right content equals conversions. Collect as much information about your customers as possible, including behavioral patterns, social media engagement, email opens, etc. Even if the data seems unconnected it might be useful in the future.
2. Clean Up Your Data
Organizing and segmenting your data can make it a little less overwhelming and easier to understand. Do everything in your power to ensure that your data is accurate and up-to-date to prevent future errors in marketing and communication efforts. Then, set up a system of segmentation and division based on a few strategic metrics like Consumption, Reach, Lead Generation, and Conversion.
3. Identify Patterns and Create Viewable Data
In order to identify patterns, you will need to do some calculations. You can create frequency distribution visuals like histograms or go into more descriptive statistics to identify the range and central tendencies of your data. Comparing variables can help identify potential correlation between them (i.e., white paper downloads and customer conversions) or uncover hidden relations through cross tabulation. You can even analyze open text responses with word analysis tools like Wordle or Tag Crowd.
4. Customer-Centric Communication and Content
Know thy customer. Visually organizing your data can give you a better understanding of your customer base. Use this knowledge to inform and update your buyer personas. Putting yourself in the shoes of your customers can help you create more meaningful interactions. Personalize messages, continue to tailor and update your email workflows, be respectful to the timing of the Buyer’s Journey and remember, details matter!
5. Forecasting and Predictions
Math Marketing gives you the tools to build forecast models that help reinforce desired business outcomes. Using your historical audience measurement data to build a mirror model for new content allows you to determine your return on investment (ROI). It is necessary to determine what constitutes as a return and what is a true investment according to your business. By trying and testing different approaches you can find a method that works for your industry.
How Math Marketing Uses Predictive Analysis
Objective data can allow you to detail what happened. Considering the analytics behind why a problem arose can grant insight into which aspects of your campaign may have caused the problem. Monitor any changes you make closely and adapt accordingly. Draw up a list of predictive list of potential scenarios and causes to better prepare your course of action if something goes wrong. Simulate the most probable scenarios and develop a strategy to mitigate risks and failures.
Companies like Facebook, Amazon, and Netflix use Artificial Intelligence marketing to grow their businesses by huge margins. Analyzing past user behavior can help dictate the type of content they are most likely to respond to. Purchase history, social media engagement, viewing behavior -- all of these factors can improve the success of a business’s campaign.