In the 1996 blockbuster “Jerry McGuire,” a brash hotshot athlete commands his agent to shout out four words that capture what their relationship is all about: "SHOW ME THE MONEY!"
Back in 2010, Forbes.com forecasted that something new and interesting called predictive analytics was emerging as a “game changer.” Well, fast forward a handful of years, and we can easily see that the prediction was an understatement – because predictive analytics hasn’t just changed the game for marketing professionals: it has fundamentally reinvented it.
It’s just as true in marketing as in real life: If you try to be all things to all people, you’ll end up spending more resources for fewer results. With the massive reach of the internet, it’s tempting to blast messages through e-mails and social media, hoping to catch customers and prospects through sheer volume. But this approach can cause several problems:
Remember when kids were sent off to school for the 3 R’s: Reading, (w)Riting and ‘Rithmetic? If you’re a marketer, you’re likely looking at some different – but equally important – R’s to measure the success of your campaign: Revenue, Response Rate, and Reduction in overall marketing cost.