Sources of Data
Although organizations of any size can employ database marketing, it is particularly well-suited to companies with large numbers of customers. This is because a large population provides greater opportunity to find segments of customers or prospects that can be communicated with in a customized manner. In smaller (and more homogeneous) databases, it will be difficult to justify on economic terms the investment required to differentiate messages. As a result, database marketing has flourished in sectors, such as financial services, telecommunications, and retail, all of which have the ability to generate significant amounts of transaction data for millions of customers.
Database marketing applications can be divided logically between those marketing programs that reach existing customers and those that are aimed at prospective customers.
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“I count him a great man who inhabits a higher sphere of thought, into which other men rise with labor and difficulty; he has but to open his eyes to see things in a true light, and in large relations; whilst they must make painful corrections, and keep a vigilant eye on many sources of error.”
—Ralph Waldo Emerson (1803–1882)
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—Barbara Ehrenreich (20th century)
“To write it, it took three months; to conceive it three minutes; to collect the data in it—all my life.”
—F. Scott Fitzgerald (1896–1940)