Risk-Based Marketing
It's a bit of a dangerous time for marketers. Jim Schroer points that out in our debut issue of The Marketing Xfactor. Fact-based management, the science of marketing, has progressed to a point at which we can know almost anything about customers, if we want to. We can even try to predict customer reaction to a marketing campaign. But where risky business is concerned, we need some gray area. Art needs to be reintroduced into the art + science = marketing equation. Needs and values for important customer groups must be explored. But the best ideas just might come from tapping into the emotions that can't be measured. I'm not a big fan of shocking consumers with creative executions. But I am a big fan of using branding to get customers to aspire to more. And that's risky. But it can work. Coach does it without TV ads. BMW does it through the customer experience. Tesco does it through a loyalty program. These things may seem safe and obvious, but to take a risk on strategies that break from tradition is the sweet spot for marketing.
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