Attention Economics using data to help break through the clutter
Attention economics, a term that I picked up while attending the Nomadic Marketing course, has probably not been as important as it is in the current global financial crises.
We are literally being bombarded on every front with the latest breaking news, headlines, inside scoops etc. Add to this the advertising that is directed at a mass audience and you have the makings of an almost impossible situation in which a company can challenge for the clients head space.
This challenge is what makes Direct Marketing the only real solution to breaking through the clutter to get the customers attention.
The only basis on which you can build a successful direct marketing campaign is to use the information that you have on your client base. If you do not have any information then you need to start gathering this. I think though that this observation is unlikely in today’s age, where the data gathering is happening all the time.
The challenge is how to use the data, and more importantly how to maintain the data.
The second point is by far the most challenging aspect of using your data, as client data “ages” at an alarming rate, with estimates running between 15 to 25 percent in a 30 day cycle. The answer is simply that you need to employ the correct resources and run the correct systems which facilitate the client interaction required to maintain the data.
I will elaborate on these in another post.
The main reason for this post is to re-enforce once again the need to focus your marketing spend on measurable returns, at the same time correctly engaging with your customer base. A correctly targeted message with an, incentivised, call to action will ensure that you get a return on your marketing spend. The current global economic climate means that consumers are going to take longer to make the purchasing decision and will invest more time in researching their purchase.
To succeed you need to successful compete for their attention and this can only be done by ensuring that your message is direct towards them. They need to be enabled in to make their decision and as a marketer the only way you can achieve this is by feeding them the relevant information.
Knowing your customer, by using your sales data, to analyse their spending patterns, and then directing messages that compliment this spend, is the only way to stand out from the crowd. Personalised marketing messages are no longer a nice to have, they must now form part of any campaign idea.
Tatiana October 20, 2008 - 6:03 am
Very useful post. where can i find more articles about ?