by Kieran Kern
You’ve waited until exactly the right moment when the stars are aligned and the customer is in your sights. As you’re about to make your move, a competitor picks off your prospect and leaves you with nothing but an echoing funnel. What is giving them an edge and how do you get it?
Data provides that edge — specifically leveraging it to better measure the intent of each consumer. Having insights into the individual consumer journey helps measure the intent of each lead and its value. Jornaya was launched in 2011 to address the pervasive problem in the lead marketplace of buyers and sellers not being well-informed on the quality or conversion potential of the leads in play. The best way to realize their potential was to examine the online journey of the consumer.
Jornaya founder Ross Shanken has seen the power of data insights firsthand. “We have brought a level of data insights that have never existed before in the space, which has enabled us to bring together consumer behaviors across mortgage, insurance and education industries.” Jornaya’s data is used to predict outcomes, ensure that marketers are compliant and know where consumers are in their journey.
When making predictions, Shanken looks for three categories of behavior in the customer journey: recency (the elapsed time since the last purchase), frequency and level of engagement. What he looks at includes how consumers are researching ads, when, how and how often they are engaged.
In the world of modeling, it’s critical to look at how many different intent behaviors are displayed and to look at actual consumer behaviors when making purchases. There are thousands of options for predictive analytics. Shanken suggests taking advantage of the democratization of machine learning. “Humans need to work to best leverage machines to do the heavy lifting, to look at iterations and find the best model.” Excel at leveraging machine learning technology and your resources expand.
A critical strategy is testing and testing again. “If you’re looking at trends, you’re looking at what has happened in the past and predict what will happen going forward.” Subsequent tests reference what has happened to hypothesize what new factors will give better lift.
He notes that companies use their data network to enhance their funnel through sharing where customers are in their journey and resegmenting to uncover those consumers in the beginning or end of their journeys and adjust messaging. “Using prior customer behaviors and insights enables greater conversion,” Shanken explains. “Marketers should leverage data to make optimal decisions.”
At “Race to the Top: Identifying Active Buyers before They Submit a Lead,” attendees will take home information about how to use consumer-driven insights to target the right folks at the right time.
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