August 25, 2021 | Datavana
Ep30: Jeff Pedowitz, President and CEO at The Pedowitz Group
"Data plays a critical role everywhere"
"Data plays a critical role everywhere," is Jeff’s motto for any strategic business decision. In episode #30 of our Datavana Podcast, Jeff Pedowitz (President and CEO at The Pedowitz Group) talks about data and its role as a foundation of any and all decision making. "Making sure that the data that you have is underlying and supporting that key strategy."
From who to target and how, engagement tactics, and purchasing new tools and technologies, data, plays the most integral component. "You have to have data, good data." High quality data is vital for maintaining lifelong customer relationships, a key component of The Loop Model, which Jeff focuses on in his bestselling book, F The Funnel. "The Loop is about moving away from treating our customer as a transaction and really moving more towards a relationship."
Jeff and host John Kosturos also discuss propensity models, the ever changing nature of data, the latest tools, and strategy variation for increasing Go-To-Market effectiveness.
The 2 Components of the Loop Model.
"We introduced a model called The Loop, which focuses on the ever eternal infinity life cycle of a customer relationship and all the different nuances and touch points. The first part of The Loop looks a little bit traditional because you're still looking at acquisition related activities to bring a customer into the fold. The second part looks at customer expansion and is actually fundamentally very different. It looks at onboarding, adoption, value-realization, loyalty, and advocacy, and each of those stages there's a whole realm of data that the company has never even thought about or tried to use before, because they're just mostly focused on closing the transaction and then moving to the next transaction. Onboarding is a great chance to build a really strong relationship because now the customer is invested. They've signed the contract, they're on the hook to pay money. They're beginning a relationship. So what data can you capture in that initial period as the customer is joining and how do you make them feel welcome? And have you designed better sales or marketing and service outreach programs that really welcome the customer to the community? And this is where data plays a critical role."
Data quality’s impact on the modern enterprise.
"Data really affects so many critical areas. So really it's about various strategies, just making sure that the data that you have is underlying and supporting that key strategy. So for example, ABM is a big buzzword everyone's trying to do ABM, or think they're doing ABM. They're not, but if you're pursuing strategic accounts, then you want to have good data that supports who those accounts are. The buying center is the people-demographics and all the information that's relevant to that. If you're doing a lot of customer centric marketing it should follow that. So, I think really it's not so much any one place in particular, I think it's about using data well, to inform the decisions that you're making and avoiding the guesswork."
Analytic Tools for Enhanced Data Intelligence.
"I think my professional point of view is that it's better to let data be processed around the enterprise and focus more on orchestration and analytics tools that can bring intelligence into the cloud. Because with so many different sources of data and silos, a relationship model or a normalization model is next to impossible. You have to get to a more scenario-based data type usage, where you're building out big nets, and then you're figuring out how to build the relationships to support those big nets. And that's a better way to drive intelligence and mapping. Or you go and invest in something more like a CDP, which is specifically architected around harnessing data in a very different way to give you information about the customer and allows marketing to do his job more effectively. Now, even in the CDP, it doesn't have every piece of data or construct, but it's designed in a very specific way for a specific purpose."
Data Fluidity and Challenges it Presents.
"From a technology perspective, whether it's Azure, AWS, Google or others, the platforms themselves for harnessing and storing data within lakes and data marts are there. And it's very, very powerful. But the challenge is in the data lake strategy in and of itself though, because in most enterprises, these are multi-year efforts to go from ground zero to building out this framework. And the organization is constantly changing. They're acquiring new businesses. Data is changing all the time. So, by the time they finally launched the model, their business has changed so much that even the data they put in is no longer relevant or it's incomplete and it's missing other things. So, you're constantly chasing the rainbow, basically trying to get more data."
Choosing the right tools.
"I think the one thing I would advocate is, even while there is a lot of technology that, in and of itself, is not going to make you a better marketer or a better salesperson; it really still comes back to who's your ICP. What's your strategy? What are you trying to do? And think through those elements first, and then pick the right technology that's going to serve your customer in the best way. You'll have a much more rationalized stack. If you think about it more in terms of a customer experience stack versus a martech stack. And then it's really about investing in technology. That's going to help you optimize all the different touch points around their life cycle."
- The Data Veteran. Having been around in the industry long before CRMs, Jeff has truly seen how much data has changed over time, from prioritization of contact data, to intent and behavioral data. The nature of data is constantly in motion and only the future will tell how it will drive decision making and strategies beyond tomorrow. "In the last three years alone, data has gone even faster. It's not just data and all the silos, but the convergence of AI and being able to know what to do with it. What does the data tell you so that you can make better data-driven decisions? You can segment better for marketing and run better campaigns from a sales person's perspective. Where are your prospects and customers within the buying cycle? Who should I be talking to and why? So really data is a living breathing thing."
- The Data Lakes Model. According to Jeff, data lake technologies like Azure, AWS and Google are very powerful tools for storing and harnessing data. However, while ultimately a solid strategy, due to the ever changing nature of data - data lakes need to be utilized intelligently to avoid constantly 'chasing the rainbow'. "In most enterprises, these are multi-year efforts to go from ground zero to building out this framework. And the organization is constantly changing. They're acquiring new businesses. Data is changing all the time. So, by the time they finally launched the model, their business has changed so much that even the data they put in is no longer relevant or it's incomplete and it's missing other things. So you're constantly chasing the rainbow, basically trying to get more data."
- Effective engagement channels. Jeff highlights the importance for companies to employ a range of strategies to increase engagement. From emails, chatbots and AI, to a mix of social media channels, it is ultimately the company’s data which should determine the most effective strategies. "Each marketer has to play around with the right mix of channels, tactics and approaches that work for them. And every company is going to be a little bit different on the advertising side. You have to know your audience, you have to know where they are, what they prefer, you do a series of tests. But of course, data tells you which channels are working the best for you, and then you can optimize your span. But I wouldn't say there's any one magic, silver bullet. There's not one perfect channel that everybody uses. And that's the go-to."