73: MRP CMO Explains Why Predictive Analytics in Marketing Will Revolutionize the B2B Industry

Apr 6, 2018

Ask episode

Chapters

Transcript

Episode notes

Predictive analytics in marketing is going to revolutionize the way CMOs and marketing teams do business. On this stimulating episode of Renegade Thinkers Unite, Drew interviews James Regan, CMO and co-founder of MRP.

James and his company are greeting predictive analytics with excitement and ingenuity. He shares why your company should be doing the same on this episode. This technology, combined with artificial intelligence (AI), is not something to be feared, contrary to what Hollywood may lead us to believe.

For a full explanation of this exciting new technology, why predictive analytics is NOT the death of big brand ideas and company storytelling, and how to start integrating this idea into your company, be sure to listen to this conversation.

Predictive analytics in marketing is something everyone needs to hear. Don’t be left behind, and give this podcast your full attention.

Subscribe on Apple Podcasts - Stitcher- or Podsearch

What You’ll Learn

[0:29] Drew tracks down an expert in the field of predictive analytics for this episode, James Regan, CMO and co-founder at MRP
[2:05] The excitement surrounding predictive analytics at MRP
[4:20] James’ layman’s explanation of predictive analytics
[8:26] Specific actions that sales teams can take to take advantage of this information
[11:38] The death of traditional marketing campaigns
[13:57] James shares a real-world example to describe how predictive analytics works
[14:55] Creating the messages upfront and programming them into the analytics system is still a challenge
[16:10] Predictive analytics, the future of B2B marketing, and removing the human element
[20:50] What is preventing mass adoption of predictive analytics?
[23:48] Predictive analytics is NOT the death of the big-brand idea
[26:04] How a CMO’s plan can welcome predictive analytics
[28:33] Why an out of control marketing tech stack can be mitigated through predictive analytics tools and outsourcing
[32:33] James’ two overall “do’s” and a “don’t” for CMOs

Predictive analytics in marketing is fairly new - what is it and why is it important?

Predictive analytics seeks to increase marketers’ ability to achieve the “holy trinity” of digital marketing - getting the right message in front of the right person at exactly the right time. James offers listeners of this episode of Renegade Thinkers Unite the perfect explanation of this technology. In a B2B sense, every organization has potential clients that are doing research on what they may need to buy that will serve their needs. Predictive analytics can track this digital data trail that tells your organization general geolocations and keyword sets that are spiking. The analytics program then automatically sends out tailored content that puts a problem-solving solution directly in front of the eyes of the potential client. James further explains that this is not being done at an individual level, rather at a group target market level. James’ description is best understood by listening to this episode of Renegade Thinkers Unite, so be sure to make time for the full audio.

Why the invention of predictive analytics is a death sentence for traditional campaigns, but not for big brand storytelling

Predictive analytics is moving marketing teams towards automating and programming their engagement strategies into an AI program, rather than focusing on traditional campaign methods. James claims that traditional campaigns are simply too slow in today’s environment. He argues that if you really want to deliver a relevant message, you have to be doing programmed customer engagement. You need to have an “always-on” approach that directly integrates your response with the appropriate message that is aligned to the content your potential customers are consuming outside of your firewall. Simply put, traditional campaigns create gaps in communicating with your customers that cannot be permitted any longer. This does not mean your brand’s big stories are irrelevant. Predictive analytics simply propels your values and stories at lightning-fast speed - it does not eliminate the story you’re trying to tell. You have to focus on the big brand of your company before you can focus on content delivery optimization. This episode is full of insights that you need to hear, so be sure to listen.

The future of B2B marketing in a predictive analytics world, removal of the human screen, and what is preventing mass adoption of this technology

AI and predictive analytics are going to reshape the world of B2B marketing as we know it. One of the biggest questions Drew asks James on this episode surrounds the perceived danger of removing the human element from the backend of content delivery. What will prevent an AI system from delivering the wrong message at an inappropriate time? James explains that AI will pull from an extensive digital repository of content that a marketing team has crafted. It will not be creating its own messages. Programming algorithms to know what message to pull and when is still a challenge, but one that is quickly being solved by the marketing world’s best and brightest. There is also the issue of what companies have access to massive data-ingestion technology. James predicts an arms race to see what company can get the best real-time input on customers and their behavior and that this will drive the future of predictive analytics. The next few years will see a huge uptick in this technology, and your company should not be left out of the loop. Be in the know by listening to this interview on Renegade Thinkers Unite.