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Founded in 2011, Resonant Analytics leverages a team of highly skilled professional designers, developers, and marketing specialists who work side by side to develop database marketing and targeting strategies for its Fortune 500 and Global 1000 companies. In a conversation with CIO Application’s editorial team, James Barrett, President of Resonant Analytics, discusses its solutions and their efficacy at length. Barrett is a data analytics professional with extensive experience in using data analytics in financial services and marketing.
Could you shed some light on the recent trends in the data analytics landscape?
Analytics has become the cornerstone of all marketing initiatives over the last decade. With an increase in the use of customer information such as behavioral data, demographics, and firmographics, to name some, data analytics became critical to the success of any marketing campaign across all industries.
About 20 years ago, before founding Resonant Analytics, I was involved with many projects that leveraged AI and neural networks to predict credit risk, and we were the pioneers who developed the first models to predict credit risk using neural network technology. We also implemented those models at significant credit bureaus and revolutionized neural network technology in the area of credit risk assessment. Although AI, ML, and data analytics are major buzz words in the industry currently, we have been using these technologies for the past 20 years to improve various facets of marketing such as marketing communications, customer segmentation, customer profiling, and one-on-one marketing.
Customer acquisition and retention are two major areas where we excel. When it comes to customer acquisition, we start by building customer profiles. We use data analytics and modeling techniques to identify prospects that fits a customer profile
Data integration is major issue organizations struggle with. Typically, client’s data, including customer whereabouts, product information, and sales data, are distributed among various siloes. We break down such siloes and integrates data sources to take advantage of predictive analytics technology. We develop tools that allow companies to integrate data across multiple systems and provide a global view of the customer. With that, companies understand how customers interact with the brand and improve the overall customer experience. Separating insights from the noise contained in huge volumes of data is equally important to running successful and effective marketing campaigns. For that reason, we also focus on dealing with such data sets.
How do Resonant Analytics solutions help companies acquire new customers and retain them?
Customer acquisition and retention are two significant areas where we excel. When it comes to customer acquisition, we start by building customer profiles. We use data analytics and modelling techniques to identify prospective buyers that fit a desired customer profile. Upon identifying the target audience, we understand their preferred communication channels, the best time to reach them, and the appropriate messages for each profile. By defining these parameters, we improve the performance of marketing campaigns, response rates, conversion rates, and more. Although companies look toward more website traffic and higher click-through rates, sales and revenue matter. For that reason, we focus more on tracking the entire sales process, which includes the complete customer journey from prospecting to lead conversion and sales. We prove our value by demonstrating the benefits brought to our clients in terms of incremental revenue. In fact, we look to deliver a five to ten times return on investment (ROI).
While working on customer retention, we study the longevity of a customer relationship. Additionally, we explore key drivers of the relationships and find ways to maintain it regularly. We examine customer’s buying patterns, order history, and more and develop tools and models that can calculate the lifetime value of a customer. This enables us to predict the future value and start focusing more on customers with high potential value.
Another critical aspect that we consider during a client engagement is the overall marketing spend. We assume a fixed marketing budget and allocate various marketing channels in the most efficient and effective way possible. This includes advertising channels, broadcast media, traditional channels, SEO, email, texting, and more. We provide our clients with the ability to look at their marketing spend across various channels and use different modelling techniques to analyze a particular marketing channel’s effectiveness. Based on these models, we identify the highest performing channels and optimize the campaign by adding the right channel and removing the inefficient ones. A marketing manager can check the efficacy of a media mix by leveraging a champion-challenger model. With that, we can prove that any changes made to the marketing mix are generating a higher return on investment. We can also track all the intermediate metrics of customer engagement, including open rates, click-through rates, visits to the websites, duration of visits, engagement with particular media, and more. Essentially, all these matrices are aimed at generating higher returns at a given marketing budget.
What are the key differentiating factors that drive Resonant Analytics ahead of the competition?
While most analytics organizations focus on the effects of data movement and storage, we understand the business problem prior to onboarding a client. We know that different departments in a company do not necessarily speak the same language. However, they agree on one thing; they need data and insights to make better decisions. As we have expertise in statistics, modelling, and analysis, we find a solution to our clients’ various marketing challenges. We communicate with the client extensively in a language they understand and help them make better business decisions by turning data into actionable insights.