Tuesday, 18 November 2008

Big and Little Extrapolations

The central difference between traditional (mass) and targeted (direct) marketing is really the size of the extrapolations one is required to make to come up with a strategy and therefore an execution plan. The old world required "big strategies" founded on "the big idea" coupled with the "big media spend". Effectiveness was hard to determine and accountability hard to attribute. In this world enormous insights had to be extrapolated from little data e.g. focus groups. To quote Mark Twain "One gets such wholesale returns of conjecture out of such a trifling investment of fact."

The new, more agile, more responsive/interactive, data rich (if you know where to look and what to look for) marketing world - based on the direct marketing methodologies - allows us to formulate adaptable strategies. "Smaller strategies" will always lead to speedier execution so we get (more rapidly) in market. From here the consumers take over and extrapolation takes a back seat to behavioural learnings. All we, as marketers, have to do then is to learn from the learnings and adapt appropriately, easy right?


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