1 Lesson marketeers need to learn from field of operations & manufacturing today
Satisficing solution, a popular concept in operations management, is aimed towards maximizing results given a time and resource constraint. The solution is ever more important for modern-day marketers. Actively working towards a satisficing solution instead of a perfect one should help every brand to reach out to its customers with relevant content and context.
I came across the term satisficing during one of the operations electives in my second year of management course and it remained with me ever since.
What is satisficing?
Satisficing is a combination of two words satisfy and suffice. It was coined by the Nobel award winning economist Herbert A Simon in 1956. Satisficing is basically settling for a solution which is not perfect but meets the satisfactory threshold optimising time and resources. Over the years it has been used in economics, operations and psychology. I believe it is the most important approach for modern day marketing.
We all would to love create “pieces of art”.
Yes we marketers are passionate by nature, we love to ensure that every piece of communication is a work of art.
But….
Timing is everything
With trends on twitter changing by the second, any misses in the opportunity to connect with the customer is sure to cost brands dear. The longer one looks for a perfect solution the shorter the window of opportunity to connect with your customer.
Goldfish has an attention span 9 seconds… for us it is 8.25 !!!
Thanks to a highly digitized world average human attention span has fallen 30 % in fifteen years. This fall in the attention span and the exponential growth in number of media on which a customer can be present necessitates that brands communicate more frequently and be omnipresent.
The world belongs to “satisficers” — join the gang and prosper.
About me:My name is Garima Mamgain. I have 7+ years of work experience marketing, sales and technology experience across sectors such as telecom, banking and automobiles. I am an MBA (IIM Lucknow) but am an engineer at heart (B.E from Mumbai University). I usually share my thoughts and interesting articles on marketing, technology and books that I read. You could follow me on twitter @garimamamgain or connect with me on LinkedIN.