In all my years working in data-driven marketing, I’ve seen both booming booms and freezing recessions. What has struck me over the years is how little we at InsightOne have felt from the swings in terms of business – sometimes rather an increase in bad times. What is this due to?
We probably find a large part of the answer in the fact that insight and data-driven processes are more efficient and increase the effect of the marketing activities that companies do. This has meant that when the recession hits, many who are on a market budget realize that they need to be more efficient in how they use their resources – you simply cannot afford to be thoughtless or act solely on intuition.
Own data – an often untapped gold mine for new customer processing
An asset in the company that is often not fully utilized, despite having invested both a lot and for a long time, is the company’s own data. There are enormous opportunities here to both save resources as well as increase your RODI (Return On Data Investment).
By letting your own data (customer data, transaction data) together with externally supplied data show you where you stand and how you got there, you can also make decisions about future activities with the greatest possible impact. The concept: “To know your future you need to understand your history”, fits very well into this discussion. What are my best customer segments today? How did I conquer them? Where is my future potential? How do I need to change my new customer processing?
When the economy requires us to be more careful with our market resources, it means in the vast majority of cases that we need to become smarter – something we should really always strive for. So – sometimes a recession is a good thing.
– Markus Jürss, CEO InsightOne
