Marketing has a lot in common with farming. In their initial days, it was a given that throwing resources to get a job done, be it money, material and time in marketing, and fertilizers and water in farming would get results. They did but sooner than later costs and competition caught up, and made the exercise of large-scale allocation seem like a cruel joke. The first to understand this was farming, and more so in drier regions like Israel which pioneered drip-irrigation. Just the right amount at the right place helped increase output significantly while drastically reducing costs. And the best part, agriculture became a reality even in the desert! Realization is now dawning in the world of business to the possibility of conserving resources, and using it exactly where it’s most needed. Best of all, technology including IoT, AI and ML are helping gather information from varied sources to understand exactly what the customer wants, when and why. All this is now leading to a situation where irrespective of number of customers, each one can be tapped independently with a highly personalize suite of products, services, ideas and experiences.
In the world of marketing, times ahead would both be challenging and extremely exciting! Challenge it would be to gather, collate and silo information to get the right ideas in place- all the while ensuring that critical data remains clean and secure. Excitement comes from data which talks about knowing clients up very, very closely and personal that would help practically every industry directly or indirectly from construction to food, medicines, education and entertainment. Right from a person’s birth till the time of departing the world, every action shall now be recorded and analysed to know what the person wants. Though exciting and shining, the idea does have its share of dark clouds. What if such data finds its way into the hands of criminals? What if this data is used legally to influence people to take morally wrong decisions? Like always, the field is open to debate, and remains as useful and resourceful as a double-edged sword. Care and caution in the backdrop of a thick cane could come of use.
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