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| Behavioral Segmentation Leverages More of What You Know About Your Customers |
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| Posted on 06/09/2008 by
Don Ryan |
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Pavlov proved that you could condition animals to act a certain way, preferably a way you wanted them to, through behavioral re-enforcement. And ever since, marketers have been trying to copy the trick. That’s because, while opinions and attitudes matter, behavior matters more. Sure you want your customers and potential customers to think well of your brand and have positive intentions, but in the end you want them to actually do something that generates revenue for your business.
Maybe this is why the emerging field of behavioral economics has garnered so much attention in recent years, and particularly since Daniel Kahneman and Amos Tversky (posthumously) were awarded the Nobel Prize in Economics. Since then, books like Freakonomics and Predictably Irrational, written by other authors interested in personal behavior and decision making, have shot up the best seller lists and bec... |
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| The Analysts Are Coming! The Analysts Are Coming! |
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| Posted on 05/19/2008 by
Bill Duffy |
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Not since the Boston Tea party triggered a revolution over two hundred years ago has there been such a stir about another significant “revolutionary” event scheduled to take place on Boston’s waterfront on September 17, 2008.
Mark your calendars because iKnowtion will be hosting the first ever conference exclusively devoted to marketing analytics. The “Marketing Analytics Xchange” (MAX 08) will be held in Boston at the Long Wharf Marriott hotel right in the center of Boston’s historic waterfront district.
We are thrilled to be hosting this inaugural event, which will bring together an impressive array of speakers and attendees from leading companies, academia, and service providers to discuss the latest trends in marketing analytics and decision making.
Many of you (our frequent blog visitors) have been telling us for some time now that you are hungry for a greater dialogue ar... |
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| What’s Your Win-Rate? |
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| Posted on 05/05/2008 by
Mike McGuirk |
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What I really mean is, what is your failure-rate? This may sound like a bizarre metric, but successful innovators accept that all new ideas may not turn into 'wins.' In fact, they understand it’s a necessary cost of innovation.
Let’s apply this to the data-driven marketing area.
If you tell me that your company is nearly perfect when it comes to testing your myriad of marketing levers, I will argue that you are under leveraging your businesses test and learn function.
Why?
Because as good as we may be at projecting the needs and motivations of our customers, there is no replacement for putting the test in-market and letting the customers decide. Yes, we need to do all we can to properly inform our market tests, but some level of uncertainty is a reality and it should not impede progress and our need to learn and grow.
The point is, if you never fail, you’re not pushing ... |
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| Everyone Likes Validation … of their Marketing Models! |
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| Posted on 04/22/2008 by
Rafael Bradley |
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Validation of behavioral models is an interesting topic for marketing scientists. For the rest of our colleagues, it probably rates up there with the joke about a lawyer, an engineer, and an econometrician. (If you don’t know that joke, ask me sometime.)
Roughly, model validation is composed of two activities. First, the accuracy of the model is measured by comparing model predictions to known values. Second, the ability of the model to classify marketing prospects into more-desirable and less-desirable groups is assessed. This ability is known as rank-ordering.
On a recent project we used response models to optimize return on marketing investment (ROMI) for a client. The models were developed by a third-party. The models were new and untested, and it was my job to validate the performance of the vendor’s models and develop estimates of the response curves from the models.
The ... |
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| Who’s Driving the Bus? |
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| Posted on 04/08/2008 by
Ken Howes |
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Statistical models are invaluable tools for marketing. But we need to keep in mind that models are only as good as the marketing input that goes into developing them. Without it, even the most statistically robust models are doomed to failure.
Let’s take cluster analysis as an example. Cluster analysis is a statistical technique that is often used to develop marketing segmentations. It uses complex mathematical algorithms to find groups of customers or prospects that share a similar set of characteristics.
But that’s all it does.
The statistics couldn’t care less about the quality of the underlying data being used. It makes no value judgments as to the importance of each data element or to the potential marketing relevance of key combinations of variables.
And that’s the problem. The statistics may be the glue that holds the solution together. But marketing has to ... |
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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
marketing resources more effectively. If you're trying to tackle these kinds of issues in your company, join us
at Wise Guys - we'd like to hear from you.
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Rafael Bradley |
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Bill Duffy |
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Ken Howes |
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Mike McGuirk |
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Marcy Riordan |
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Don Ryan |
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Sreekanth Sampathkumaran |
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