Marketing goes golden
What's up next? A new golden age of marketing, according to McKinsey. How come? Sounds an awful lot likes this hunk of gold is coming form Big Data, writes Steve Mullins. The consultancy thinks this is to do with both science and substance. You see, marketers are using research and analytics to shed light on things such as who buys what, and the intricacies of the consumer decision journey, marketing efforts are likely to yield the greatest return.
Clearly, this will allow them to identify more effectively the functional benefits that customers need, the experiences they want, and the innovations they will value.
McKinsey claims this isn’t just another missive on the power of Big Data. But, oh yes it is. Why else go to the trouble of pointing out – once again – that ‘long gone is spending guided mostly by intuition and focus groups. Instead, organisations are seeking greater precision by measuring and managing the consumer decision points where well-timed outlays can make the biggest difference.’
It’s our old new friend laser targeting.
What about the substance? That’ll be the online retail behemoth. “Amazon and other digital players are pressuring brick-and-mortar retailers, which are responding both by retooling their supply chains to enable faster restocking and one-day delivery and by creating new advertising messages around the in-store pickup of online orders,” McKinsey says.
This is the Amazon which finds it hard to turn a profit. Is this where Big Data is taking us all?