Wodwo Dives into Data Science with Joe Godfrey
Joe Godfrey, Chief Data Scientist at Dataline, says, “If you need to grow, you’re a good candidate for customer modeling.”
Watch as he teaches you what customer modeling is, shares ideas for choosing the best lead generation partner for your business, and explains how you can harness the incredible power of modern computing to generate success.
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Alexandra
Welcome back to our second episode of Wodwo dives into data science with Joe Godfrey. If you missed our first video in this series, head over to our YouTube channel or LinkedIn page videos, and you can watch it there about why if you're a marketer, you should adopt automated customer modeling into your strategy ASAP. Big welcome again to Joe Godfrey, expert data scientist at data line. Hey, it's
Joe Godfrey
great to be back. Thanks,
Alexandra
Joe, we've been receiving some questions about which set of data is more beneficial for marketers, buyer data or browser data? What do you say?
Joe Godfrey
Well, I first part of the answer would be is what do you what's the question? What are you after? Fundamentally, I'm going to I'm going to side with buyer data. Because we're interested in the behavior. That's the action you're seeking, which is presumably people to buy your product or service, rather, data has has value in terms of engagement. So if the if your challenge is to build engagement with your customer, then you might then you'd be interested in browser data. But if you're interested in conversions and making sales, then the buyer behavior is what you're after. And so what you're then wanting is transactional data data that shows customers buying either your product or service or similar products and service so that you would then build a look alike model.
Alexandra
And what is RFM? And how does that play into this?
Joe Godfrey
RFM is an acronym for recency, frequency, and monetary. And it's a fundamental principle in marketing, that recency is a major driver for behavior. So if you've recently done something, the chances are, you're going to do it again. And particularly in terms of consumer behavior, if you've recently made a purchase, you're likely to make a purchase again, recently. And that's just to get started. That's the major driver recency, then frequency is important as well. This is how frequently you make a purchase, obviously, there's going to be a relationship if you're buying stuff recently. And then recently, again, and again, and again, it's going to be frequent. But that's the other thing that you're looking for is frequency, so that you've got people that are actively engaged in making purchases. And then finally, there's monetary, because ultimately, you're trying to make some money. So you're interested in people that are spending money, and the more the better, so to speak for your products.
Alexandra
So if I'm understanding all of this correctly, it sounds like buyer data is the winner, right?
Joe Godfrey
Definitely a buyer data because that's the behavior that presumably you're seeking, you're trying to get customers for your product or service. And so you're looking for the behavior. That's what you want. That's what you want to identify and promote to is that behavior, you want to encourage that behavior. When someone visits your website, they may it may just be by accident, they may have chanced on it, they just may be curious. They're not necessarily there. They may be getting engaged, but they're not necessarily making that commitment that there's intent there, but not commitment. So with the transactional data, you're seeing commitment, you're seeing that the customer has engaged with you and committed to buying the
Alexandra
product. Well, Joe, as always, thank you for your insights and to the viewers for watching, and stay tuned for future episodes of Wodwo dives into data science with Joe Godfrey. If you haven't already, follow us on LinkedIn and subscribe to our YouTube channel. And do you have a burning question about data science? Leave us a comment or send us a message and we'll include it in our upcoming episodes with Joe
