You've probably heard of the "4 Ps", but have you heard of the "4 Rs"? If you can deliver the right message to the right person at the right time on the right device, you will be rewarded with a sale. Before recent advancements in data collection, most marketing strategies were based more on intuition than information. And if we did have information, it was probably more along the lines of simple demographic information like age and income.
Now, any action a consumer takes leaves behind digital DNA. We know who they are, how they feel, what they buy and the path they take to purchase. You've probably been reading a lot about "Big Data" lately, and the enormity of the wealth of information available can leave us paralyzed. After all, most of us are social scientists, not engineers. We're Mad Men, not Math Men.
No matter how overwhelming the term "Big Data" seems, the good news is that while you may not have large, overwhelming volumes of difficult-to-analyze data, chances are your business has some type of data. The bad news is that you may not be using it to your advantage.
If you have a CRM system, sales information, customer database, website, social media page, blog OR capture ANY type of customer information, you can analyze it, glean insights and then apply those insights to your marketing strategy, messaging, tactics, creative executions and media mix. Once you see the value, you will have an itch to create a single-platform data collection system so that all your data comes into one place and is easier to analyze. And that will get you one step closer to that perfect storm - The Four Rights.