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How to Make RFM Analysis Work Better
RFM (recency, frequency, monetary value) is a staple in multichannel marketers’ analytics tools. It has been around for decades because it works. And, when something works, little is done to change it.
But, what if you could make it work even better by adding information? When the RFM methodology was created, we didn’t have sophisticated data management systems or user-friendly analytic tools. We do, now. Let’s use them to improve the return on our marketing campaigns. [Read more →]
Fighting Fear With Innovation
In the depth of the depression, Franklin D Roosevelt admonished Americans in his inaugural address “that the only thing we have to fear is fear itself—nameless, unreasoning, unjustified terror which paralyzes needed efforts to convert retreat into advance.” We are facing similar challenges today.
FDR didn’t have the media resources we have today to reach his constituents. If he had, he might have been able to show them signs of hope. He had to work hard to get the message out that there would be a better tomorrow.
He also didn’t have the media influence that we have today. Every sign of something good happening is immediately slanted into more gloom and doom. If Wall Street sees a lift, it must be due to a reaction to massive sell offs. If the price of gas goes down, don’t worry, it will rise again soon. Every story on the news searches for the negative angle. [Read more →]
Where’s the Truth in Advertising?
Don’t you wish that the politicians were required to follow the same standards they establish for multichannel marketers? We are required to provide truth in advertising, adhere to Do Not Call and CAN-SPAM lists, and generally operate with integrity.
Let’s forget for a moment that these requirements are the good business practices and just look at the inequities. Advertisements from one candidate claim that his competitor voted against a popular bill. Thirty seconds later, the competitor claims that she voted for the bill. What??? How can one person vote for and against the same bill? It appears that someone is lying, but it is left to the voters to figure out which one and to what degree. [Read more →]
