I wrote this 2 years back after watching a conversation of Sandeep Mittal! Every single point is still so relevant - the fundamentals remain same. Got reminded of this when I was sharing these principles with my team last week. Below is a quick refresh -
LOCTR (Lord of the Rings with a C in the middle) stands for - List Offer Creative Time Response. The pillars of Direct Marketing.
This is from a hippoBrain episode featuring Sandeep Mittal conversing with Rajesh Jain, Jaimit Doshi on Direct Marketing & Data Analytics. Some really thought invigorating points -
- It is not just good to be wrong, you should get wrong once in a while (makes the model stronger)
- Remember past data has biases because of human errors and make predictions biased, so factor it in
- All models are inherently wrong, but useful
- When you start getting it right - audience will reward you
- Make the customer feel it is for them, they will remember it for time to come
- Story Telling in Data is all about creating compelling & purposeful narrative
And most importantly
“You have the power to Nudge a Behaviour”