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Be Relevant, not Big January 5, 2014

Posted by Jack Macholl in Bank marketing, Communications, Customer Service, Interactive Marketing, Market Research, Marketing, Marketing Planning, Uncategorized.
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Marketing and strategyWe read and hear a great deal about “big data”, enormous data sets (minute details)  collected about customers that can become so large it is almost impossible to process with traditionally used business software. The buzz is about spotting trends and connecting with prospects/customers on a more intimate level made possible by technology.

What I’d like to see is relevance, the product recommendations marketers make based on fundamental customer behavior (what you’ve purchased recently, account types you hold at a bank, what credit card you carry, spending levels, etc.)  There is nothing more mind-boggling in this era of “big data” than to receive a postal mail or e-mail about a product I already have with the company. Focusing on five or six fundamental variables is the starting point I suggest. If your customer data doesn’t contain the basics or worse yet, you can’t properly access essential data you’re not even in the game.

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Comments»

1. David Terrill - January 7, 2014

Yes Jack. Big data may be fine for big corporations, but most of us are marketing much smaller businesses. We need to focus on the relevant data points and track them.

2. Tim Barry CPA MBA - January 5, 2014

Jack, you are spot on. Don’t spend your time gathering tons of useless information. Only important pieces to help your decision making.
Tim Barry-CPA, MBA


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