Big Data: Cheap MIPS and Bot Marketing
Traditional data research can determine who, what and how much: who will buy, what they will buy and how much they can afford. But is the prospect ready to buy now?
All the Big Data in the world cannot predict when your Toyota will be totaled and you need a replacement by Wednesday.
The exception: event marketing—conventions, expositions, sporting events, cruise ship departures, theatrical productions and concerts. These are all pinned to dates and operate with sales deadlines.
Other than event marketing, goofball CEOs, techie serfs and greedy agencies have come up with the idea that if you can create a giant electronic dossier on every worthwhile consumer in the country, the selling process is slam-dunk.
Why pay copywriters six- and seven figures a year when you can hire a geek Edgar Bergen for a fraction of that amount to train a Mortimer Snerd bot to be a copywriter?
Direct Marketing 101
To make a relevant offer, the following is needed:
• Demographics: name and address, profession, income range and perhaps presence of children.
• Psychographics (behavior): hobbies and interests such as pets in the house, history of travel, etc. Most importantly, does the person respond to offers by mail, Internet, phone calls or off-the-page advertising?
All of the above can be obtained through the noninvasive research techniques direct marketers have been using for years. This is prop-jet science (as opposed to rocket science).
Once the prospect has been identified, come up with a great offer and hire a great copywriter.
Then if you've done your homework—and the timing is right—you'll generate some revenue.
Takeaways to Consider
- For the record Acxiom is still operating in the world of gibberish. In a big announcement,CEO Scott E. Howe offered consumers a free peek at some of the data in the electronic dossier Acxiom maintains on them. It's easier to shop for ObamaCare than figure out how to do business on Acxiom's free-peek website.
- "It's the offer, stupid." —Bob Hacker
- "If you want to dramatically increase your response, dramatically improve your offer." —Axel Andersson
- "The right offer should be so attractive only a lunatic would say no." —Claude Hopkins
- "Give the reader a chance to make a deal with you-not tomorrow or next week, but RIGHT AWAY." —Maxwell Sackheim
- "Make it easier to say yes than to say no." —Maxwell Sackheim
- "It must be a bargain in one form or another." —Maxwell Sackheim
- "The computer is a moron." —Peter Drucker
- If you can come up with a two-word description of business model (e.g., "Cheap MIPS,") you are brilliant.
- Tim Prunk beat my favorite business model description by four words—Jay Leno's "Write joke. Tell joke. Get check."