K-Message

  • About
  • Glossary
  • Pharma marketing
  • Bank marketing
  • Alcohol advertising
  • Tobacco advertising
✕

Genomics Marketing for the Financial Industry: a Scam or a Real Thing?

Bank Marketing

Genomics Marketing for the Financial Industry: a Scam or a Real Thing?

Piotr Wrzosiński June 1, 2014

Genomics marketing. If you are into financial marketing news, you have probably read about it recently. At K-message we are close both to bank marketing and to life sciences, including the “real” genomics. Obviously “genomics marketing” smells fishy in the same way as any of those connections of advertising with scientific terms that average brand manager does not understand.
Is genomics marketing yet another scam, a buzz word without meaning? Or maybe there is something in it?
First, let’s define genomics. Genomics is the branch of molecular biology, that looks into the structure, function, evolution and mapping of genomics. It is a great and disruptive piece of science, but so far nothing that you could relate to marketing efforts in banking or financial services.
 

Human Genome. CC by VaXzine
Human Genome. CC by VaXzine

 
“Genomics marketing” is promoted by one major company, Infosys with its “Consumer Genome” project.  There are also followers (ie. Fractal Analytics) hoping to catch the wave if the buzzword catches. And sometimes it does, as you can see in the recent article by Mary Schacklett on TechRepublic (‘Genomic’ analytics: Build sales by finding your most profitable customers).
In general, what Infosys offers under “genomics marketing” label is a capability to build customer profiles and forecast their behavioral patterns basing on analysis of the data available.  The concept of crunching lots of data available about customer to model and predict behavior makes sense. The name of it does not. Why have they picked up “Genome” to label it? There is some reasoning behind, although hardly convincing. The first reason for that is that biological genome is unique and determines some characteristics of human behavior. Similarly, the model provided by the Infosys Consumer Genome Project would offer individual profile, supposed to guess some characteristics of the consumer. The second reason is that this model is crunching big amounts of data, something that is being done in genetic research as well.
 
English: The first printout of the human genom...
English: The first printout of the human genome to be presented as a series of books, displayed in the ‘Medicine Now’ room at the Wellcome Collection, London. The 3.4 billion units of DNA code are transcribed into more than a hundred volumes, each a thousand pages long, in type so small as to be barely legible. (Photo credit: Wikipedia)

 
From marketing perspective, obviously the name of the Consumer Genome Project suggests something very advanced, scientific and incredibly expensive. Everyone heard something about the Human Genome Project, about genes being connected to disease and cure, about genetic determinism. That is pretty good name for marketing service and it may well sell to non life-sciences companies.
That is not to say, that what is offered under “genomics marketing” label is completely useless. On the opposite, the concept of data mining in pursue of customer behavior patterns is well proven. While one probably would not go into the full personalization of marketing efforts towards every retail consumer, having extensive market segmentation in place is nothing new and actually a daily bread for retail banking industry. Just remember, it has nothing to do with genomics, it is just a data mining for better market segmentation.
 
 

Enhanced by Zemanta

Share this:

  • Click to share on Twitter (Opens in new window)
  • Click to share on Facebook (Opens in new window)

Related

Author: Piotr Wrzosiński

Previous Article

Pharma digital marketing in the U.S. Spending more and wrong.

Next Article

Gartner Cool Vendors in Life Sciences 2014 - are they really cool?

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Latest Posts

ACI’s Digital Marketing in Healthcare

ACI’s Digital Marketing in Healthcare

(Not) The Best Pharmaceutical Ads – Lions Healthcare 2016

(Not) The Best Pharmaceutical Ads – Lions Healthcare 2016

IoT in Financial Services and Banking – Definition and Examples

IoT in Financial Services and Banking – Definition and Examples

Arba WordPress Theme by XstreamThemes.
 

Loading Comments...