by: Zank, CEO of Bennett Data Science
Consistency in marketing matters. A lot!
Over time, users don’t change that much (I’m not talking about slow evolution, but rather big unexpected jumps)This makes sense, right? Imagine if every one of your users won the lottery at the same time. Would their purchasing behaviors change? Probably. Would your company continue to serve their needs when they’re cruising town in their new Ferraris?
Over time, products don’t change that muchThis is pretty well established. Most products don’t change drastically. A pencil doesn’t become a smartphone (I’ve got to work on my examples, but you get the point; stuff changes iteratively, not BANG overnight into something completely different).
Understand your current and future customers
When going after new customers, it pays dividends to have a relevant customer profile, generated by the data scientists who are helping with your AI or automation. Those are the people who will understand how to best describe your users. From there, you can work together to decide how far from that profile marketing can go before systems break. An easy example is age.
Prevent wasted marketing dollars:
Start by identifying segments of your current customers and summarize each one carefully (something we do a lot of for our clients)
Using the segments and summaries, create data-driven customer avatars – these are incredibly informative, and if you don’t have these, you’re leaving money on the table in terms of personalization. You will have avatars that show greater LTV, some with higher purchase frequency, some who help spread the word about your business, etc.
Do some research on the demographics of the users your new marketing channel or celebrity will access. Often times this information is available upon request
Compare your customer avatars to the marketing demographics and make a decision about how valuable the new initiative really is to the bottom line of the company. If you built the avatars right, this comparison should give you an idea of what you’ll be adding to your customer base with the new marketing initiative. Or, you might find that there is no overlap – RUN!!!
In the case where there’s some overlap and the decision is difficult to make, here are a few more things to consider before moving forward:
Will the boost in traffic/exposure be long-lived enough to justify the work required to learn how to accommodate them?
Is it a good fit for your business?
What will the lifetime value (LTV) of these new customers be?
Companies can do a lot to inform marketing. Data-driven approaches provide some sanity in this space where promises can be as big as the let down that often follows them.
If you’d like some help navigating this space. Please get in touch with us. We’re experts and we love to talk about this stuff!
Zank Bennett is CEO of Bennett Data Science, a group that works with companies from early-stage startups to the Fortune 500. BDS specializes in working with large volumes of data to solve complex business problems, finding novel ways for companies to grow their products and revenue using data, and maximizing the effectiveness of existing data science personnel. https://bennettdatascience.com