Roger asks, “If you could only use 3 marketing tools for your email list in marketing campaigns which 3 would you choose?”
There’s an easy answer and an answer which will give you a competitive advantage. The easy answer is a solid martech stack – comprehensive web analytics, great marketing automation (which includes email), and a rigorous CRM. But that’s table stakes, the table minimum as we head into 2019. There’s something that will give you a competitive advantage. Watch the video to find out what it is.
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What follows is an AI-generated transcript. The transcript may contain errors and is not a substitute for watching the video.
In today’s episode, Roger asked if you could only use three marketing tools for your email list in marketing campaigns, which through would you choose? Oh, that’s kind of an
interesting question. There’s easy answer to that question. And then there’s an answer that will give you a competitive advantage. So rather than the just restrict ourselves to three, let’s dig into this a little bit. Now, the easy answer is a solid marketing technology stack, which means you need great web analytics, a great marketing automation platform, which includes email marketing capabilities, and a rigorous CRM that tracks your data appropriately, and gives you thorough reporting about what’s happening with your business,
those would be the the basic three marketing tools that you would need in order to be able to do marketing effectively, or at least today. But that’s, that’s the table stakes, that’s the
bare minimum that you need. As we head into 2019, if you want a competitive advantage, you’re going to need to do something that none of these tools currently do. And that is you’ll need to extract the data out of all of them, and do rigorous statistical analysis, rigorous data science on them on all that data to figure out what’s actually working. So consider for a moment what you know, about a name and an email address, which is probably what you have a fair amount of in, in an email marketing system, what can you know, just from that, you can assess the probability and I emphasizes probability of gender, you can know in some cases, depending on the type of name
I probability of age, because there are names and you can go to France, baby name sites, see the rising and falling trends of different types of names from the email address, you can get the top level domain.com.org country level code.uk.us, you can get the company name itself, and there are certain email providers that you’ll know that you can determine our our nonprofit or for profit,
there are the webmail providers, Hotmail, Gmail, Yahoo, things like that. And then there are domain lookup. So you can do if you are skilled at extracting data out of public systems, you can query any number of the domain name servers to ask for the company name. So what is, you know, who runs gmail. com, who runs trust insights.ai. And these are examples of ways you can pull data out of the domain name registry system, if it’s publicly if it’s allowed, if it’s publicly disclosed, to get a better sense of what is the company and then from there, you can do feature engineering to figure out are these companies reasonably good companies to have in our database for the purposes of marketing, that is data science, that is the investigations all it’s almost dated
detective work to take what is a very thin list a very thin
amount of data and augmented to engineer it and augment it to bring in the lots more data that you can then look at outcomes. If you’re doing your email marketing. Well, you should have a score next to each email address, for example, number of opens number of clicks, if you’ve done a good job of if it’s if your email marketing is being run through your marketing automation system, you should have great data about the number of times and the value of those conversions that in any given email address has done in your database. So downloaded a white paper, a webinar book came to a trade show event booth,
put something in their shopping card, walked in the store, sign up for the loyalty program, you name it, there’s any number of interactions that you could be tying back to the email address. If you’ve done that, then you can run an analysis to say, okay, we know these email addresses have all converted, we know these email addresses of all not converted, what do all the email addresses have converted, having common, what did all the email justice who have not converted have in common? Are there things that are traceable, that you can get out of your marketing automation software out of your CRM that was that say, this is the profile of who converts and this is important or to do this is this is important work to be able to assess and say, Yep, we now have a better idea of the type of person that type of customer the type of business that is likely to convert and turn into real dollars. The exception of course, and this something my CEO Katie or various that is that if you’re if you don’t have enough data, if your company is brand spanking new, and you don’t have enough data, you’ve got three customers, right, that’s not a statistically significant number of conversions. So you’re not going to get great data out of that. But you can get indicator data to test so you may not be able to have a million conversions. But you might have 1000 or 2000 website visitors, you might have 1000 or 2000 newsletter signups that would be ways that you could augment that data until you have the final conversion data.
So the question of what email
or techniques should be powering your your marketing campaigns has to be more than the obvious ones in order for you to build competitive advantage. And competitive advantage is going to come through your data that you clean and
the analysis of that data to figure out what happened, what’s working what’s not at a very deep level. Remember, we just talked a whole bunch about feature engineering the insights which is potentially why the things happen, and you’re testing plan for them, and then changing your strategy to mirror that’s how you’re going to get competitive advantage in 2019 for email marketing, web marketing, Facebook marketing, whatever kind of marketing you’re doing, if you’re not approaching it from a rigorous data science perspective, a, you’re leaving money on the table and be you’re leaving opening for competitors take advantage of you. If you are using data science,
you are potentially pulling further and further ahead of those competitors who are not using data as a competitive advantage. And you may be able to see as much more market share your disproportionate amount of market share.
if the market takes a turn in 2019. So there’s a possibility that it will but if a market if the market takes a turn,
you’ll be important double down on your data science capabilities. And here’s why. What happens at every downturn does that a bunch of vendors and companies and competitors all go kaboom. Right, they go bust.
And that means there is opportunity to take up market share, to take customers away from companies have gone under or vendors that have gone under and use that to seize an advantage.
So you can
acquire new talent very quickly at lower costs. You can
double down on the customers you already have and deliver more value to them. But you’re going to need data for that. So make sure that you’re using the start down this path of using data detective work within your data today so that no matter what happens with the economy, you have a competitive advantage that very few other people are willing or able to get. Thanks for the great question. Roger Lee. follow up questions below in the comments. And as always, please subscribe to the YouTube channel newsletter I’ll talk to you soon. Take care want help solving your company’s data analytics and digital marketing problems. This is trust insights.ai today unless you know how we can help you.
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