The future belongs to the fast. You would have heard this catchphrase brandied about and of increasing frequency in recent times.
Attributed to Jim Carroll, author and futurist, this phrase has been aptly applied to the digital economy, the very element that is a key component of what is known today as the Fourth Industrial Revolution. Indeed, speed is a relevant sentiment as the unprecedented rate of data flow is a critical and defining aspect of what underpins the digital economy.
And nowhere is this unprecedented speed of data felt more keenly than in the marketing and advertising industry.
As per an eMarketer roundup report on real-time marketing (RTM) released in February 2016, the importance of RTM to deliver business goals has grown. This was reflected in both increased investments put behind RTM infrastructure and initiatives (nearly 60% of marketers interviewed intended to increase spending) and how it is implemented. Once tied largely to social media channels, the current practice of RTM affects most digital touchpoints such as triggered emails and website personalisation based on various customer interactions.
Now consider the 3Cs — context, conviction and courage. This can be applied to any data analytics application framework. Let me illustrate the 3Cs with examples.
For the launch of a shampoo brand, careful and thorough analytics paved the way for a robust marketing and advertising plan that had a neat convergence of communications, distribution and investment. The chief marketing officer nodded his head, thanked the team and shared two critical contextual data points that went through his mind as the presentation progressed.
Here the 3Cs worked in tandem to deliver a business result and global case study that remained a gold standard practice in the client’s organisation for almost a decade after its implementation.
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