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| Posted on 07/19/2010 by
Don Ryan |
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| Changing Behavior Has Its Price |
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Long ago, someone told me that humans are motivated by four principal things: money, recognition, fear, and guilt. (I can think of at least one more, but no need to quibble.) It wasn’t surprising, therefore, that every time I looked at an ad or a piece of direct mail I could see one of these four great motivators, and sometimes several of them, in the creative. It was further explained to me that a monetary incentive could take several forms; the most powerful form when something is offered for free, as in “buy the 20 ounce size and get 4 more ounces for free.” That certainly wasn’t hard to understand.
But, I was reminded, other discounts and special offers short of free could also work very well in stimulating demand, as Adam Smith’s ghost might duly agree. When price declines, demand goes up. Everyone has his price.
Of course, you c... 
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| Posted on 06/21/2010 by
Mike McGuirk |
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| Using Customer Engagement as a Retention Tool |
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As a marketing executive, you understand the importance of developing a loyal customer following. You know your most loyal customers generate the greatest amount of business revenue and that they often become your strongest advocates; influencing the purchase behaviors of many people they know.
The question I’d like to raise in this blog is ‘Are you effectively using your company’s information resources to pay attention and respond to your customers' actions?’ I would argue the more you stay tuned into the engagement patterns of your customers, the better equipped you will be to respond to customer needs and build strong customer relationships.
Identifying ‘At-Risk’ Customers
Customer transaction data is one of the most powerful information sources a company has to track and assess the strength of customer relationshi...
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| Posted on 03/04/2010 by
Don Ryan |
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| Analytics Is Not Enough - Part II |
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Since my last post, I finished reading an interesting book called How We Decide by Jonathan Lehrer. It is essentially the reciprocal of Malcolm Gladwell’s long running best seller Blink, the former discussing the inner workings of the human brain and its tendency to be influenced by our emotions and the latter a paean to human intuition and instinct.
Whether you agree with what these authors, profess or not, their books are fun reading and provocative. And, if you’re like me, they make you reflect on the decision making processes of the companies you work with and think about t...
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| Posted on 12/16/2009 by
Ken Howes |
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| Are Your Analytic Tools Deceiving You? |
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I recently came across an old issue of Wired Magazine which contained the article, Recipe for Disaster: The Formula That Killed Wall Street. It describes the rise and fall of a model that was used by Wall Street from 2001-2007 to price certain kinds of complex financial securities. The problem was that users of the model didn’t really understand its major economic assumptions and limitations, so they continued using the model even after the economy started behaving in ways that violated the model’s assumptions. And the results were disastrous.
In today’s business environment, where analytic tools such as response models, segmentation etc. are widely used to inform business decisions, it is critical for marketing executives to understand the limitations ...
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| Posted on 11/23/2009 by
Don Ryan |
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| Analytics Is Not Enough |
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A number of popular business books have been written recently about the power of analytics to improve business performance, including Competing on Analytics, the New Science of Winning by Thomas H. Davenport and Jeanne G. Harris and Super Crunchers by Ian Ayres. These books are very good primers on the topic, are easy-to-read, chock full of case examples, and in the end, make a compelling argument. So compelling in fact, that it is hard to imagine any business leader who would try to make a counter argum...
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ABOUT iKNOWTION |
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iKnowtion is a marketing and analytic consultancy that helps Fortune 1000 companies optimize the impact of marketing
expenditures from demand spending to customer focused initiatives.
iKnowtion's industry knowledge and expertise,
combined with a comprehensive and proven analytic approach provides Global leaders in automotive, financial services,
retail and consumer goods businesses with the marketing insights and analytical engines required to dramatically
improve business results. Founded in 1999, the company is headquartered in Burlington, Massachusetts. To learn
more about us, please visit www.iknowtion.com.
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ABOUT Wiseguys |
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With so much change going on in the field of marketing, we felt that it was high time we try to stimulate
a dialog that focuses on the significant transition taking place within the marketing sciences area of many
companies.
Most experienced marketers agree that new tools and approaches are needed to help allocate and measure
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