AI IRL Podcast Episode 14: Is Predictive Analytics In Your Future?
Artificial intelligence and machine learning deliver serious ROI when you’re dealing with large data volume, but sometimes you need to know when a human should intervene.
There are also times when we need to give up a little control to let the AI help drive the conversion process.
Finding that happy medium is an ongoing challenge according to Jaime Romero, Global Head of Marketing and Customer Delivery at MRP, a leading global predictive intelligence organization, combining cutting-edge predictive analytics with a full suite of account-based marketing services to acquire new customers, faster.
MRP’s main product, Prelytix is account-based marketing powered by predictive analytics that looks at email, direct marketing, media buying, inside sales, and phone calls. Prelytix analyzes millions of calls and emails to examine the behavior of top accounts and prioritizes them based on the intensity of the pain points demonstrated in their response to ads, emails, direct mail, calls, etc. The technology takes that information and predicts the most productive path to conversion.
Sometimes, you need to spend on things like brand awareness that aren’t directly measurable in terms of direct conversions, but are important for overall marketing.
Whether you are using first click or last click attribution, conversions are hard to quantify with 100% certainty. For example, B2B has a low click-through rate, but a high-value conversion.
With more and more data from all the marketing efforts, AI helps you analyze which activities most probably lead to conversion. It helps get more meaningful attribution data for your spend.
Because of privacy laws in the US and Europe, getting meaningful data on the contact level is difficult. But information based on the account level or segmentation by vertical can yield actionable data. It all depends on what the client needs.
Where AI Can Lead
If the client wants to limit their spend, the AI can suggest which regions to focus on based on the data. Similarly, if the client wants to expand their reach, AI can generate lookalike campaigns to target prospects that weren’t on the original radar.
Prelytix can move target accounts to different buckets of messaging based on behavior.
The hard part is discerning an actual shift in need.
“We don’t suggest messaging in real time in terms of moving them from a drip today to a different drip tomorrow,” says Romero. “We want to be careful about how we maintain consistency in our messaging.”
Soon AI is going to automate target selection, message selection, and execution.
“That’s going to require marketers to let go a little bit and say, alright I’m feeling comfortable that this machine is going to tell me what to send and say.”
Where AI Needs Your Help
The best way to determine if the pain points are relevant and where the target is in their buyer’s journey is very simple.
“Sometimes at the end of the day it takes a human being making a phone call to find out,” says Romero. “Technology is great, but nothing will replace a phone call asking ‘what’s going on over there? How can we help you?’”
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