CEOs Should Use the Net to Pinpoint Marketing

Last Updated Oct 31, 2008 3:17 PM EDT

Effective CEOs can use data mining to greatly improve their marketing and win customers.

That is the message from Bob Donnelly, a business columnist who has worked with IBM, Pfizer and Exxon along with smaller companies. It might sound rather obvious but Donnelly insists it works. Some ideas:

  • Use "crowd sourcing" which uses the internet to ask customers for ideas on what they want and what they want changed.
  • Try advanced profiling of what customers are buying through serious study of credit and loyalty card programs.
  • Send electronic discount coupons to customers who you know want certain types of products.
  • Once you learn what customers want, make sure the stores nearby them are properly supplied.
Donnelly says, "You certainly can't refute the fact that the internet and information technology have created a gigantic opportunity to explore customer behavior like never before. But, are you participating in it?

Good question.