Marketing Technology Q & A with Leo Scott: What’s Next with Predictive Analytics

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At WealthEngine, we understand that our customers care a lot about understanding data and gleaning the actionable insights necessary to move the needle. We also know that they care a lot about privacy and data security. So does our Chief Technology Officer, Leo Scott.

Recently, Leo took the time to answer questions we’ve heard are top of mind for our customers from a technologist’s point of view. We’re sharing these as a series here on the WealthEngine blog weekly.

This week he’s talking about predictive analytics and what’s next.

Predictive analytics is hot right now. What do you think we’ll be seeing in this space over the next few years?

Yes – everybody talks about predictive analytics.  Much of it to date is often basic correlation analysis. Finding certain attributes that correlate strongly to others.  In the future, there will be more emphasis on continual, dynamic learning models, rather than more static models.  Whether it’s simple static correlations or dynamic learning models – what makes predictive analytics interesting and fun today is the continually growing amount of data that is available today.  It’s becoming easier to gain access to a broader array of data.  This is something that WE specializes in.  Making a large amount of data from many different data sources available and easy to use all in one place.  

As you have more data, more attributes –  you can find some very interesting correlations you would have never guessed existed and this can lead to analytics that that give you insight using a set of data you would have never guessed would have given you that insight.

As the amount of data grows and the speed of incoming data grows, learning algorithms will become more important.  The world is not static, and the amount of resources it takes to manually build a model  is rather large.  Therefore, it will important for models to adjust themselves as data comes in.  

Another important area when it comes to understanding data is natural language processing.  Huge amounts of data that is flowing around is not structured.  Or better said, it’s structured for human consumption, not simple machine consumption.  The research and machine power has reached a point where over the next several years we will see machines starting to understand the endless streams of text and automatically generate its own structured data and quantitative analysis by understanding what is being said and tallying results.  This will go way beyond the rudimentary approaches used today like counting words.

Want a demo of WealthEngine to see how our secure solution can help you with audience development, marketing personalization and wealth insights? Share your contact information and we’ll be in touch soon.
 


Leo Scott is the Chief Technology Officer at WealthEngine.  As an accomplished business executive who founded a number of startup ventures and has worked with a variety of large public companies, Leo has spent the last 20 years building technologies that harness massive amounts of data and enable businesses and consumers to more easily interact with that data through Internet and mobile technologies.  Over the years, he has maintained a hands-on level of experience with the latest technologies, not only tracking the latest trends and tools, but working to develop a deeper working knowledge of new technologies allowing him to see technical approaches and opportunities in unique ways rarely seen by other individuals.

 

Big Data = Big Opportunity

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Data-driven marketers need more and better data, but the landscape continues to evolve quickly. Third-party data providers change fast and Big Data is growing exponentially.

Consider a few facts:                                   

  • More than 2.5 quintillion bytes of data are created every day through a range of activities including social media posts, purchase transaction records, cell phone GPS signals, supply chain and logistics data, and digital videos, pictures, and audio recordings.
  • Individuals generate more than 70% of all data; enterprises store and manage 80% of this data.
  • Global spending on big data is growing at an average annual rate of nearly 30% and is expected to reach $114 billion in 2018.

Now, those are big numbers, but one of the biggest concerns is how companies are going to support and execute strategies with this data. Marketers and fundraisers can execute data driven strategies that can and will change the way they do business.

How?

By using data insights to understand, segment, and speak directly to their highest potential prospects and customers.

So, what type of data is critical? Demographic data, traditionally the king of data types, is diminishing in importance. Other types of data, including behavioral and psychographic data, enable marketers to understand, target, and engage audiences more effectively.

Gartner’s recent Market Guide for Marketing Data Providers acknowledges WealthEngine as a representative vendor for these marketing data offerings. It includes a list of data providers and how they can fit into an organization’s structure and strategy. [Market definition, market direction, market analysis, market recommendations].

In this report, Gartner recommends a simple approach to get started.

As marketers, you must ask yourselves…

  • What are the use cases for which you need data from a third party provider
    • Targeting
    • Lead conversion
    • Market research
  • What are the metrics you’re trying to move?
    • Ad efficiency
    • Conversion rates
    • New product uptake
  • What data provider or providers best support your goal?
  • Is your marketing initiative is long- or short-term?
    • If it’s long-term, you’ll need to develop a multi-year relationship with your data provider. Therefore, the provider’s financial viability and customer references become more important.

We know that managing big data and gleaning the insights you need to really drive strategy is not easy, but it is now a mandate for most companies to sustain growth. Imagine what happens when you target the right people at the right time in the right channel. It leads to better engagement, higher conversion, and increased sales.

Now, that’s big!

What’s your secret to data driven success?

*Disclaimer: Gartner does not endorse any vendor, product or service depicted in its research publications, and does not advise technology users to select only those vendors with the highest ratings or other designation. Gartner research publications consist of the opinions of Gartner’s research organization and should not be construed as statements of fact. Gartner disclaims all warranties, expressed or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose.

Marketing Technology Q & A with Leo Scott: Ensuring Sound Data Security

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At WealthEngine, we understand that our customers care a lot about understanding data and gleaning the actionable insights necessary to move the needle. We also know that they care a lot about privacy and data security. So does our Chief Technology Officer, Leo Scott.

Recently, Leo took the time to answer questions we’ve heard are top of mind for our customers from a technologist’s point of view. We’re sharing these as a series here on the WealthEngine blog weekly.

This week he’s talking about data security.

Data security is a big deal. What are some steps WealthEngine takes to ensure data security while providing insights and intelligence?

Yes, security is a huge deal at WealthEngine.  We take in our customers’ prospect and customer databases and help them better understand their database of consumers.  Therefore, we have tons of control around handling and storing this sensitive data that we receive.  I would break down our security approach into:

  • Tight processes around the ingestion of the data into our system
  • Tight access control and perimeter control around our system
  • Continual monitoring of the system

We have a variety of checkpoints and processes that anybody in our team that works with client data follows. We are often helping our clients clean and properly structure their data before it can be ingested into our system.

Files follow a strict flow and we track who on the team worked on the file and have things like automatic naming conventions and other tagging systems to ensure the data goes into the right place in our system.  

Once it’s in the system, other than a select number of people on the technology team, who are tightly monitored, only someone with the clients login credentials can access the data.

Our main product operates in data centers and network segments that are separate from the rest of the company’s  systems.  These data centers and networks have 24×7 monitoring and intrusion detection systems watching for any possible suspicious activity.  On an annual basis we have a third party audit of all of our security procedures and system security configuration.

Want a demo of WealthEngine to see how our secure solution can help you with audience development, marketing personalization and wealth insights? Share your contact information and we’ll be in touch soon.
 


Leo Scott is the Chief Technology Officer at WealthEngine.  As an accomplished business executive who founded a number of startup ventures and has worked with a variety of large public companies, Leo has spent the last 20 years building technologies that harness massive amounts of data and enable businesses and consumers to more easily interact with that data through Internet and mobile technologies.  Over the years, he has maintained a hands-on level of experience with the latest technologies, not only tracking the latest trends and tools, but working to develop a deeper working knowledge of new technologies allowing him to see technical approaches and opportunities in unique ways rarely seen by other individuals.

 

Mike Lees’ Week in Review: 10 CMOs to Watch and How the C-Suite Uses Data Insights

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It’s officially summer. For many companies, that’s when things tend to slow down. For us here at WealthEngine, though, we’ve got a lot going on, and I’m excited to share it with you.

Last week, I tweeted the WealthEngine’s list of 10 CMOs to Watch. As a CMO myself, I know how important it is to avoid working within a vacuum and to keep a constant read on the pulse of what is going on within our space. Learning from other marketing leaders like these keeps me inspired and it’s why I encourage the people on my own team to seek out and take advantage of professional opportunities.

I was also tweeting about a big webinar I’m hosting tomorrow with WPP Team Chemistry’s Chief Digital Officer, Bill Evans. While we’ll be talking about some pretty heavy stuff – marketing personalization, data intelligence, digital and privacy – I promise we’ll make it fun. Best of all, you get to pick our brains – for free – during the hour of the webinar. Register for “How the C-Suite Uses Data Intelligence for Audience Development”.

Would love if you would join the conversation.

Michael Lees is Chief Marketing Officer at WealthEngine. His “Week in Review” is a weekly round-up of conversations, insights and inspiration he’s discovered around the web. Have something you want him to take a look at and weigh in on? Tweet him @michaeljlees and tag #WECMO.

Want a demo of WealthEngine to see how WE can help you with audience development, marketing personalization and wealth insights? Share your contact information and we’ll be in touch soon.

Marketing Technology Q & A with Leo Scott: Making Data Insights Scalable

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At WealthEngine, we understand that our customers care a lot about understanding data and gleaning the actionable insights necessary to move the needle. We also know that they care a lot about privacy and data security. So does our Chief Technology Officer, Leo Scott.

Recently, Leo took the time to answer questions we’ve heard are top of mind for our customers from a technologist’s point of view. We’re sharing these as a series here on the WealthEngine blog weekly.

This week he’s talking about making data-driven marketing scalable.

Analyzing and synthesizing large amounts of data can be daunting. What should the first step be for large organizations who want beef up their capabilities here?

Really what companies want is new insight into the operation of their business.  Some companies may already have massive amounts of data and they just need to find a way to extract insight from it.  Other companies may be able to gain insight from the massive amount of data that only exists outside of their company.  Both are a big challenge.  And likely in most cases the best insight can be gained by mixing both internal and external data sources.

Often the tools and services that help in either of these cases can be broken down by use case:

  • marketing insight tools
  • systems operation tools
  • financial tracking tools

The trick is to identify where you need the most insight in your company and then find a good tool or company that can help you improve your insight.  Marketing insight has a particularly rich ecosystem of tools and companies that can help wrangle data no matter whether it’s yours or if it’s coming from outside your  company.

You can use listening platforms to gain insight from social media data, or web analytics tools like Google Analytics, or Chartbeat to gain insight from data collected from your website.

An example of a way to combine your own data with external data is WealthEngine’s Wealth Screening product where you can take, for example, your customer database and append tons of data to your database that enables you to gain great insight.

In WealthEngine’s case we can act as a partner to guide you through the process of extracting the exact insight you want from the data, but in some cases you may be working with tools that don’t give you a full start to finish solution.  In these cases, you will end up doing some of the final slicing and dicing, and visualization yourself in some kind of generic visualization tool.

Everybody starts with Excel because it’s ubiquitous and does a pretty good job of allowing you to slice and dice the data as you analyze it, but there is a new generation of tools that allow you to work with much larger data sets and much more easily generate really insightful charts and visualization.  Tools from companies like Tableau or QlickView can be very useful.
 


Leo Scott is the Chief Technology Officer at WealthEngine.  As an accomplished business executive who founded a number of startup ventures and has worked with a variety of large public companies, Leo has spent the last 20 years building technologies that harness massive amounts of data and enable businesses and consumers to more easily interact with that data through Internet and mobile technologies.  Over the years, he has maintained a hands-on level of experience with the latest technologies, not only tracking the latest trends and tools, but working to develop a deeper working knowledge of new technologies allowing him to see technical approaches and opportunities in unique ways rarely seen by other individuals.

Want a demo of WealthEngine to see how WE can help you with audience development, marketing personalization and wealth insights? Share your contact information and we’ll be in touch soon.
 

Opposites Attract: Hot Topic, Cool Vendor

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There’s a lot of hype around data driven marketing – and there’s certainly a lot of companies that claim they have the services you need to drive a data driven marketing strategy. But what does that really mean?

We know it’s about using unique data to remove the guesswork so you, as marketers and fundraisers, only engage with people most likely to buy, invest or donate.

Bottom line – it’s not just about data either. It’s about powerful insights that allow you to deliver value by engaging customers and prospects more effectively. Whether fundraising, marketing a luxury brand, or targeting affluent investors, you should be able to answer these core questions…

  • Do they have the money to buy, donate, or invest?
  • Do they have the affinity & lifestyle to align to the product or cause?
  • Is now the right time to engage them?

Technology and solutions are moving at a warped speed, so it’s critical that you don’t look in the rear view window, but focus on the signals of what’s coming in the future. What type of analytics should you use? How can I integrate new data it into my current platform? How do I leverage the insights to develop a strategy that drives ROI?  

Well, we have news for you.  WealthEngine has some pretty cool solutions and we’re not the only ones who think so. According to a recent report published by Gartner, the world’s leading information technology research and advisory company, WealthEngine is among five vendors named a “Cool Vendor in Data-Driven Marketing”.  We know we were recognized for approaching the data-driven marketing landscape with innovative technologies and unique data analytics warranting attention from prospective customers like you.

*Gartner does not endorse any vendor, product or service depicted in its research publications, and does not advise technology users to select only those vendors with the highest ratings or other designation. Gartner research publications consist of the opinions of Gartner’s research organization and should not be construed as statements of fact. Gartner disclaims all warranties, expressed or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose.

Marketing Gets Real (-Time)

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We’re very excited about this one!  This week we announced our acquisition of BrightContext, a company that for the last few years has led the market in helping business people make sense of large volumes of real-time data. Big Data is by no means a new phenomena, but recently it has hit something of a “trough of disillusionment” as companies that were excited by the promise it held, face the realities of garnering real insight and presenting that insight to their employees in ways that make a difference.  And that is why the combination if WealthEngine and BrightContext is so interesting.

Continue reading “Marketing Gets Real (-Time)”