YO! Marketing Presents Machine Learning in Marketing at the Scottish Knowledge Exchange Awards

YO! Marketing Presents Machine Learning in Marketing at the Scottish Knowledge Exchange Awards

The Scottish Knowledge Exchange Awards 2018 held in Edinburgh on February 22nd.  We presented the work we did on machine learning in marketing with Abertay University, Dundee. The audience gave us great feedback and some things to think about going forward. What problem are we trying to solve and how can we use machine learning in marketing as a solution?

Presenting YO! Marketing and Abertay University at the Scottish Knowledge Exchange Awards 2018 Machine Learning in Marketing

What marketing challenges do SMEs have?

Most companies know that marketing has some impact on their business performance. But very few know the marketing activities have the most impact. The result is usually one of two extremes. Either the company spends on as many marketing activities as possible or they conclude that they don’t need marketing after all. Therefore, the challenges are two-fold: What works for my business? How do I prioritise these activities based on a tight budget?

What solution did YO! Marketing propose?

Machine learning in marketing is not widely used yet. It is a newish and exciting way of learning from the past and in real-time. We collaborated with Abertay University to device a model that could identify patterns in data in a supervised way. Using experience and data gathered from 35 companies, we identified critical relationships in the data that could predict the impact (or ROI) of specific marketing activities on overall business outcomes. This means that SMEs can quickly discover what is working to grow their business and focus marketing investment on that. They optimise how they allocate resources and time, and make effective use of a limited budget.  Did our solution work?

Was Machine Learning in Marketing a Good Idea?

Abertay University has extensive in cyber-security and data analytics. By working with one of its lecturers, Dr Xavier Bellekens, we combined our marketing experience with machine learning expertise. That was a great idea with many benefits.

We successfully built a model that works, an achievement that is a first in our industry. However, we are limited by data. For a model like this to provide the cutting-edge capabilities that we envisage, we need lots of data. Our current model is a start, and we have a handful of companies working with us to gather more data.   If you are interested in what we have built and you would like to support us, contact us for an informal chat.

B2B Digital Transformation: Best Practices in Sales & Marketing Teams

B2B Digital Transformation: Best Practices in Sales & Marketing Teams

For a recent Forrester report on the B2B digital transformation, the team interviewed senior execs from global corporation giants GE, IBM and Cisco Systems. The report highlights key themes arising from the move to align sales teams with the new reality of the digital world.

Why B2B Digital Transformation?

B2B digital transformation is driven from the buyer’s side as companies seek to attract digital buyers. Previous articles suggest that the root cause of sales and marketing misalignment is a lack of understanding of the buyer. Some practitioners explain that closer alignment between sales and marketing could even shorten sales cycles.

Therefore, global leaders like GE, Cisco and IBM have taken steps to reevaluate sales and marketing strategies and to enable new ways of empowering direct sales teams. Part of the reevaluation is a digital transformation. According to the Forrester report, key areas of best practices are experimentation, collaboration and innovation. Similar practices apply to any change management programme including social media and technology adoption.

BOOK: The Smart Sceptic’s Guide to Social Media in Organisation

In this blog post, I will summarise the three case studies: GE, Cisco and IBM to draw out key insights.

Cisco: B2B Digital Transformation through Collaborative Innovation

Cisco aims to tie innovation to business outcomes and to de-fragment pockets of innovation throughout the business. The goals are:

  • Meet customers where they are
  • Reach new markets more efficiently
  • Give sales teams more time for actual selling activities

Focusing on innovation and collaboration, Cisco executed its B2B digital transformation as follows:

  • They built and piloted new tools, managing the innovation from incubation to scale. The new tools were based on increased efficiency and higher quality interactions with potential and existing buyers.
  • They established collaboration and shared goals between sales and marketing. For instance, they paired marketing’s sentiment data with sales data. These create insights that tie to opportunities for the organisation.

GE: B2B Digital Transformation through Centralised Innovation

GE is a complex, matrix organisation with several products being sold across different divisions. Therefore, the emphasis for the industrial giant are:

  • Centralise new technologies
  • Form new collaboration partnerships across the divisions
  • Reduce sales cycles by 50%

Some of the positive benefits of executing the initiative were that:

  • Centralising enables scaling of technology. For instance, it allows the reuse and recycling of successful tools and processes. It also provides a 360 degree view of interactions at all levels across the organisation, hence increasing collaboration on opportunities.
  • Collaboration enables sales to respond to customers 50% faster. For instance, GE built an app to reduce time that sales teams spend addressing forecast questions. Salespeople can input information on the fly through voice text solutions. Overall, GE’s sales teams are spending more time on customer-facing selling activities.

IBM: B2B Digital Transformation through Data-Driven Sales Innovation

IBM saw significant incremental sales revenue from putting data scientists in sales teams rather than at corporate level. The success from leveraging data science can be attributed to:

  • Making data scientists part of the sales team. The organisation developed deeper understanding of buyers due to a more scientific approach. For instance, salespeople could differentiate between a motivated buyer and a latent buyer. Also, the teams could more accurately assign sales cycles and measure the impact of new tools and tactics.
READ: Seven Ways to Revive Your Corporate Culture

Conclusion

  • Identify pockets of innovation in the sales team then empower salespeople who already have digital affinity to test new approaches. This drives a culture of innovation starting with early adopters.
  • Seek out tools that increase efficiency in the sales team, enable more personalised engagement and provide rich buyer/seller/relationship analytics.
  • Have at least one data scientist that aligns with sales.

To read the full report, contact Mary Shea, PhD or visit Forrester.com

Feature Photo by Joshua Earle on Unsplash

Technology-driven culture – IoT Oil & Gas Europe 2016

Technology-driven culture – IoT Oil & Gas Europe 2016

Energy Conference Network based in Houston hosted a conference in Aberdeen on June 29th. The topic was the Internet of Things (IoT) in the Oil & Gas industry. I was invited to speak specifically on cultivating a technology-driven culture that allows innovation to thrive. I argue that if Advanced Analytics and Big Machines are the A & B of IoT, Collaboration, Diversity and Experimentation are the C, D & E.

Slides used in my presentation

Based on my research on corporate culture over the last few years, I highlighted the key characteristics of a conducive organisational environment. Some companies I have spoken to over the years include IBM, Dell and SAS.

Here are brief snippets from my presentation covering “Culture that is well-to-do”:

I briefly discuss a 2016 report by McKinsey, published in HBR on digital advances per sector. It shows that the IT and Media industry thrive in digital innovation. The Oil & Gas industry appears to excel that equipping workers with digital tools.

However, the Oil & Gas industry still has some way to go in digitising physical assets for instance. Such assets include equipment and machines. Part of digitising assets involves ensuring that valuable data is collected, easily accessible and exploited for greater insights.

Other speakers at the conference came from Statoil, Maersk Oil, Shell and MOL Group, as well as consultants from the IT, Communications and Renewables sectors.

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