Savage Beta Corner: A Talk with Ernests Stals of Dripit
- by Radu Cotarcea
The Series of Interviews with our Savage Beta participants leading up to the 2017 Savage Marketing conference in Amsterdam continues with Ernests Stals, CEO and Co-Founder of Dripit.io.
S: Dripit.io promises it "uncovers opportunities for additional revenue, pinpoint what generates income and see if particular ad campaign add value or just generate dropped baskets.” how does it go about doing that precisely?
ES: We have developed our own data pipeline which allows us to gather a unified customer’s journey across multiple visits and days. Plus, we see all marketing and generic touch-points. As a result, we see in which parts of a customer’s journey customers are lost and which of the solutions are moving customers down the funnel.
S: "Game theory” has been a buzz word in the marketing industry for a while now. How does Dripit.io apply it in practice?
ES: At this point this feature is back in closed beta. We have implemented the Shapley value algorithm which is part of Game theory when it comes to how to allocate value in environments with several players. For example, looking at multiple marketing touch-points in single customer journey. We talked with marketing professionals and realised that, for now, they are not willing to trust algorithms but they are not also willing to invest time to understand the mathematics behind it. So for now we are working with a couple of companies in closed beta to improve UI and tell the Shapley value story in more compelling way.
S: Tell us about your customer journey analysis and why you believe it is critical for marketers to keep it in mind?
ES: Existing solutions have focused mostly on session level information. New customers are the ones which come for the first time and Returning customers are the ones who have more then one session. But sessions are irrelevant. What matters is the time it takes for person to go through AIDA - Attention, Interest, Desire, and Action. Of course it might happen in a single visit but most of the time it will take several visits and multiple marketing interactions to work out.
The customer journey perspective also changes the way one looks at marketing attribution. Rather than looking at attribution on a whole customer journey level, it is now possible to see clearly which solution helped to move customer down the funnel - a micro-conversion level. In other words, there can be a solution like retargeting an ad platform but it is worthless if there aren’t any successful solutions in place to bring customers to site in the first place. They work on different levels and one is not necessarily better than the other.
S: Dripit.io recently celebrated its first year of existence. Looking back, what has been your biggest success to date?
ES: We have learned a ton about the way how different people purchase goods online and how different customer journeys there can be. As a result, we have started to provide consultancy about customer journeys.
S: You’ll be attending the Savage Marketing 2017 conference as a Savage Beta partner — what aspect of the conference are you looking forward the most and why?
ES: We are looking forward to meet new people and learn more about challenges they face when it comes to marketing performance analytics.