FAQ's

Frequently Asked Questions

Wrench.AI public-facing FAQ (12)

How many contacts do I need? Is X too low? 

It makes the persona report more likely to have gaps, but you can still summarize the overall population, and personas become less important to small-audience B2B clients, (they’re more interested in the line by line, person by person recommendations they’d use in “high-touch” scenarios.

  • Min = 500, “Sweet Spot” in B2C = 10K
  • 1K is not uncommon in a B2B situation, but there should be a lot of first-party data in that CRM to mitigate the risk of a lower hit rate.
  • We can return insights on as little as a single person, it just doesn’t lend itself to a personas report.

Best Practices / what to do if your list is too small:

Just customers? don’t forget inbound leads / contacts / and newsletter subscribers

Try to broaden the date range, e.g. if that only includes the last 3 months. expand to 6. Anything under 2 years is usually fine.

What’s a ‘good’ rate?  

Typical hit rates begin between 35-65% and rise over time. Variability is very common. Expect your hit rate to go up as we proceed, and know that it’s rare to hit 100% and that’s ok. When the hit rate goes below 35% we explore further to see if there are any systemic issues whether it’s data or pipeline. Most of the time it’s the quality/recency of the data, but know that personal habits may factor in (many people aren’t posting online or don’t want their data shared) that’s their choice and should be respected.

How do we increase hit rates?

Hit rates go up over time as we ‘right size’ the training data and predictive insights that matter to you (and your predictions) most. 

For your project to be successful, we ensure (in order of priority) that we have 1. Statistically significant data. 2. We ensure you have enough data to test and keep your teams busy / algorithms healthy. 3. We have used all relevant data we have at our disposal.  4. Determine ways in which 1st and 3rd party data can be effectively combined to increase reach across an entire CRM or a given target market. Your Wrench rep will walk you through each of these to ensure we are getting enough to accomplish our goals and will often run test batches to avoid any surprises.

How can I improve my hit rate?

  • “Zero” or “First-party”data
    • This is data captured by and between your current systems and customers. It includes things like CRM, customer feedback, purchases, shopping cart activity, browsing behavior, and more. Generally speaking, first-party data is the most desirable ‘long term’ solution as your customers prefer you use it, it’s often less costly per person, and it’s often very useful as it usually describes your customer’s existing relationship. We’re experts at mining and turning first-party data into proprietary insights exclusive to you. 
    • Notes & considerations: 
      • It’s not without challenges. Very often first-party data is locked within internal teams or systems that don’t yet communicate well with one another and there will be some configuration and setup required. We have the ability to help in those situations. Ask your rep.

‘Third-party’ data.

  • Third-party data is usually data sold or licensed about your customers from external sources or is publicly available. This includes government data, social networks, data aggregators or “CDP” data providers.
  • Notes & considerations: 
    • Third-Party data works great in specific situations to fill in gaps, to enable a fast pilot or proof of concept, or when introducing new product and in launch situations where there isn’t historical data.
    • Third-party data should be used carefully as it carries costs and some risks. Some customers prefer you avoid it and some governmental regulations may impact it’s use and even carry penalties for misuse. (GDPR, CCPA).  Tread carefully here to ensure we’re using only opt-in, subscribed contacts that have given permission, and when circumstances dictate this data type is appropriate.

We’ve developed a platform (it may be easier to think of it as a tool) that uses data science and artificial intelligence (AI) to deeply and quickly analyze data sets in order to generate valuable information that helps organizations develop more effective marketing and sales strategies they can scale.

As former marketers ourselves, with a limited budget, we wanted to create a way to remove some of the guesswork that’s involved in developing marketing and sales campaigns and outreach efforts. The Wrench platform speeds up the process of pinpointing personas, customer segments, lead scores, and “prescriptions” that can help with developing messaging and determining the best channels through which to engage prospects and customers—all while safeguarding the privacy of our clients’ data.   

We’ve also incorporated “Adoption Curve” and “Buyer’s Journey” frameworks in our platform, including personality profiling—read on to see how we use those to shape the prescriptions we generate for our clients.

Contact us at info@Wrench.AI. We’d like to understand your situation and how we can help. We’ll also need some insight on your tech stack so we can recommend the best way to gain access to your data. At this time we’ll also go over our privacy and security measures (read more about that by going to our Code of Ethics). You can opt between a 6-month and 1-year subscription.

Below are just some of the outputs we can provide on your data, but keep in mind that some may require more data than others. We can also work with you to develop custom scores.

  • Category Competency (pre-purchase data)
  • Lead scores (post purchase data)
  • Average spend
  • Auto tag/populate segments
  • Prescribe campaigns (position, channel, content)
  • Per contact channel recommendations
  • Segments that likely to convert sooner with discounts
  • Auto-update lookalikes audiences   
  • Elastic pricing prescriptions
  • Lifetime customer value (LCV)

We categorize prospects into different segments, based on the likelihood of their interest in a new concept, technology, or product. We provide a dashboard so you can see how big some segments are compared to others, so you can identify where to spend your efforts. Additionally, we recommend marketing campaign suggestions for each segment, as well as top line messaging. For example, an “Innovator” is highly likely to have professional expertise and insights, versus a “Late Adopter”, who is likely to be more price sensitive and risk averse and therefore less likely to engage in an early adopter promotion.  

We can also track a campaign’s performance, tracking prospects as they move from one stage of the curve to another.

This is the process all customers go through as they become aware of, evaluate, and purchase a new product or service. The journey is generally comprised of five(ish) steps: Awareness, Consideration, Preference, Decision, and Purchase. Not all of your prospects will start at the same step, so it’s important to tailor messaging for each stage. The Wrench platform can segment prospect/customer data by the buyer’s journey stage.

For example, you would talk to someone who is just figuring out they have a problem or need at the Awareness stage differently than you would someone who is weighing solutions at the Consideration or Preference stages.

Each segment of your adoption curve will go through the buyer’s journey; if your marketing efforts are successful, you will see a drop-off in prospects at each stage, but a higher rate of engagement and conversion.  

Your top line messaging strategy is the most concise version of the communication points you can use to engage and convert prospects and cross-sell/upsell customers.

You can use this messaging as a foundation for creating the marketing and sales assets you need for your targeted outreach efforts. While the assets themselves may vary (a datasheet versus a webinar, versus an infographic, etc.), the top messaging points themselves should remain consistent because they are the most likely to resonate with the segment(s) you are targeting. But wait, there’s more—you can create even stickier messaging by spinning your top line messaging by incorporating adoption curve and personality profile data. This can start to sound complicated when you’ve got a large list of prospects, but that’s where the AI comes in, by providing “segmentation on steroids” and helping you automate your campaigns.

The easiest thing to do is to provide a CSV expert from your CRM, which doesn’t usually require IT support. Second, we do support automating a data transfer through an API, and it’s ultimately more convenient. We can configure the API in 1-5 days (note: depending on your specific set-up this can require more days if customization is needed). To do this, we would charge a set-up fee and monthly maintenance fee. For most clients this is a minimal expenditure. With a few additional data points we can provide an estimate on this cost.

Making the decision on this comes down to how you acquire prospect data.

  • If you have a lot of daily inbound leads and need immediate insights on them, or use a lot of custom fields, we recommend that you automate your data transfers to easily streamline the process.
  • If you typically acquire lists in CSV format and upload them manually in batches in your own process, you would simply need to provide us with the CSV files as you get them.
  • Note: Over the course of 12 months you will be paying someone (in marketing, IT, or at Wrench) to do the manual uploads. Automation requires upfront cash but we’ve calculated that there is a breakeven at 12 months, and the cost goes down if you renew your subscription after that time.

Our standard webhook and delivery speed is just a few minutes, and we can deliver some data in <5 seconds. Contact us at info@wrench.ai for more information.

Yes — contact us at info@wrench.ai for more information.