April 6, 2015

Technology Has Made You A Lazy Marketer!

The future is here and it’s awesome! Self-foaming soaps, car updates without taking it in to the shop, printing new limbs, etc.  On the flip side, it has made you forgetful, lazy, and sometimes even dumber.  Let me explain.  With the constant advances in technology to make things better, easier, and more efficient you begin to stop thinking for yourself.

 

SONY DSC

Let me quickly prove it to you:

  • If your phone died, how many phone numbers can you dial on a stranger’s phone in case of an emergency?
  • With word processing programs and all there oversite, why bother to learn proper speling and grammar using (that’s 4 gaffes for those counting at home)

Pop Quiz: can you spell this word represented below that was crafted by a jeweler:

jewelry word

  • If you’re doing research, are you content with just information found in a wiki?  My guess is that the vast majority of you stay online using unaccredited sources (i.e. not a library or such), and most don’t even make it three pages deep on an internet search.

 

Those are some everyday examples, so let’s now focus on how the customer intelligence marketing space is affected.  Can you think of any examples?  One that comes to my mind is within analytics.  You’re doing all sorts of data analysis each day, and odds are you are using metrics that have been handed to you by the software vendors or other 3rd parties.

When was the last time you actually made, or significantly customized, a metric for your company’s usage?  It wasn’t that long ago that Customer Lifetime Value (CLV) was the one metric ring to rule them all.  CLV still holds value.  It gives you an analytically driven way to better align your marketing resources – both human and financial capital. Netflix Case Study

The problem is, however, that CLV is a very personal metric and requires some forecasting skills.  For CLV to be most effective, it needs to be customized to the way your business operates and what your organization values most (revenue, profit, retention, etc.).  Instead, people focus on things like: individual campaign ROI, web analytics (page views, durations, etc.), Net Promoter Score, etc., because it’s easy…and not because these metrics provide better insights.

So before you blindly start adopting ‘the ways of the future’, really think about what you’re trying to accomplish.  Only then you can evaluate if you’re doing something (ex. web analytics) as a result of it being the best means to achieving your goal, or just the easiest path before you.  Because that little time you spend up-front, thinking for yourself, might just be the difference that separates your marketing from your competitors!

 

p.s. It’s “Jewelry: – you didn’t think there was an ‘e’ at the end after the ‘l’ did you?  Of course not.