Solving the micromarketing challenges of the Information Age
We live in the Age of Information, so we are told. Never before has so much raw data existed bearing testament to every pulsebeat of human commerce, every touchpoint between a customer and a good or service. The problem for decision-makers, according to the conventional wisdom, is Information Overload – volumes more data to analyze than the human brain can easily digest. But it is not that simple – there are deeper challenges below the surface.
While the conventional wisdom is right in the aggregate, the lush and dense information rainforest starts to turn remarkably arid and sparse as you drill down into the nuanced segments of your demand environment. At the micromarket level, infrequent transactional activity in the long tail of customers and SKUs yields little insight to inform decision making. Managers thus face challenges that go well beyond the simplistic construct of TMI (too much information). They need tools for managing the real information problems in their micromarkets. These tools need to address head-on the challenges posed by what we call the 4-Cs: Continue reading