If you’ve ever read the book Freakonomics, you know that data doesn’t exist in a vacuum. Through the properties of causation and correlation, it’s possible to apply insights from one situation to another—even when there’s no discernable relationship. This book—written by a couple of brilliant economists—shows us that everything is connected somehow. Much of the book is rooted in principles of asymmetry: the data we don’t have vs. the data we’re given.
We here at JXM may be simple marketers, but the concept of asymmetry is something that governs exactly how we do what we do. Specifically, we focus on closing the industrial asymmetry gap. We strive to capitalize on the advantage that comes from connecting the dots between data and marketing strategies in industries that, on the surface, aren’t intrinsically related.
Freakonomics asked “what do schoolteachers and sumo wrestlers have in common?” We’re asking questions like “how can audience targeting for BFSIs improve the performance of a healthcare marketing campaign?” Our goals are the same: bring to light the data you’re not looking at to contextualize the data you have.
Thinking outside the box
Most marketing agencies love to tout their expertise in a specific industry. Likewise, many brands find themselves looking for partners with a nuanced understanding of their field. A manufacturing company hiring an agency that focuses on B2B marketing for manufacturing services sounds like a match made in heaven, right?
On some level, it is. But on another level, it also limits thinking and produces inferior results. It’s too easy to create an echo chamber of ideas or fall in rank and file with what the competition is doing. There’s a lack of outside perspective, which often translates into a lack of imagination or innovation. You might never think to try strategy X or target using Y methodology because, from an industry standpoint, you don’t know what you don’t know.
At JXM, our experience allows us to not only think outside the box, but to also cross-pollinate when it comes to ideas, innovations, and strategies. What works in one industry might work in another, and we’re eager to make these connections. Even if it’s not a perfect fit, there’s a reason to delve deeper and understand how we might be able to do better.
Cross-pollinating across industries
Many of the incredible examples in Freakonomics stem from comparisons of demographic information. It’s rife with data points that connect how people behave with who they are, and vice-versa. Naturally, this is some of the same data used by marketers. And, when this data and strategies for deploying it are stretched across industries, there are some Freakonomics-esque conclusions that await attentive marketers.
For example, JXM has a wealth of experience working with financial brands that’s given us a strong understanding of how to use socioeconomic status for targeting. These strategies have resulted in major wins for clients in the healthcare sector (via economic downturn targeting) and luxury consumer goods (via high-net-worth targeting). In other words, by understanding how BFSIs group their audiences, we’ve been able to help healthcare and luxury goods brands refine their targeting and generate better marketing ROI.
Working with a well-rounded team
Some industries lend themselves to different facets of marketing better than others. Financial brands have access to significant customer information by the sheer nature of the business. Conversely, healthcare advertising strategies are extremely rigid for the same reason. The key in overcoming industrial asymmetry is to figure out which industries lend their data and strategies to others, and how those insights fit. Hence: the Freakonomics theme.
At JXM, we’re constantly looking at all facets of marketing to identify cross-pollination opportunities: targeting capabilities, channel strategies, audience behaviors, demographic factors, etc. We’re well-aware that we don’t know what we don’t know—and we’re intent on figuring it out for the benefit of our clients. It’s a task made infinitely easier when you’ve got experience in multiple industries to pull from, a love of data analysis, and the forethought to look for connections where they might not be immediately evident.
Finding the connection, closing the gap
One of the reasons Freakonomics was such a hit book was because the concepts seemed mind-blowing. It was many people’s first introduction to the idea that, if you look deep enough, you can find connections anywhere. Whether through causation or correlation, taking the time to connect data often leads to incredible insights.
Want to see how overcoming the industrial asymmetry gap can enhance your marketing efforts? From finance to healthcare, luxury goods to staple CPGs, there are opportunities to improve your strategies by looking at data from outside your industry. Contact JXM to start exploring and let’s get freaky with data.