Twenty years ago, we discovered the power of transactional data. Lo and behold, it turned out that certain aspects of human behavior were very predictable. Once a consumer’s wallet was opened and purchases were made, certain details of those transactions, known as RFM, turned out to be very trustworthy indicators of future purchases. Fast forward […]
“Facebook Inc. is largely ruled by algorithms. But ultimately people must make judgments about what to show its 1.6 billion users and how.” -May 11, 2016 Wall Street Journal People actually have something to do with what you see on Facebook – oh my! According to the article, there are “allegations that Facebook workers manipulated […]
$#%^#@*%)! I recently changed to a new phone service provider and within hours of my new phone number being connected, I started receiving sales calls for the “owner of the house.” Yes, within hours!!! This is direct marketing on a steroids with a healthy dose of rudeness. I was not offered any “opt-out” of marketing […]
Adding Human Behavior to Traditional RFM Models
Direct marketers are shoppers too. We can learn a lot just from observing ourselves as we make purchasing decisions, appending human behavior to our traditional RFM segmentation.
by Chris Hayes, EVP Brand Strategy When Ferris Bueller said, “Life moves pretty fast…” he really wasn’t thinking about the world of marketing, much less social media. But he was unknowingly articulating one of the biggest challenges marketers face in their quest to understand and respond to the always-changing preferences of their customers… how to get timely, accurate […]
An examination of classic A/B testing, a regular diet for all of us direct marketers, made it to NPR’s Morning Edition last week under the guise of a “real world field experiment” conducted by two economists. I guess direct marketing must then be considered unreal and out in left field? The story explored these economists’ […]
By Chris Hayes, EVP Brand Strategy One trillion dollars. That’s how much marketers will spend to sell their products globally in 2016, this according to a recent article by Jonathan Gordon and Jesko Perrey of McKinsey & Company. How much is $1 trillion? That’s 12 zeros, in case you’re wondering. I did a little number […]
Data’s role in customer acquisition The role of data within customer acquisition involves capturing and maintaining a record of the person or business that made a purchase. The basic information includes 1) who made the purchase, 2) when that purchase occurred, 3) what media channel the order was placed through and 4) the value of […]
For many marketers reading this column, data is fun! We love the challenge of figuring out how to find and use data to solve problems and drive all kinds of marketing initiatives. However, we also operate in a business environment and have to ultimately answer the question of value. How do we create true value […]
