Comments on: Math Marketing http://www.goldsmithstrategicservices.com/blog/data-analysis/math-marketing/ Perspectives on Consumers Wed, 21 Dec 2011 20:51:23 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: pookyamsterdam http://www.goldsmithstrategicservices.com/blog/data-analysis/math-marketing/#comment-24 pookyamsterdam Sat, 29 Aug 2009 04:51:59 +0000 http://goldsmithstrategicservices.wordpress.com/?p=177#comment-24 The biggest takeaway I have here is this- people are valuable, intrinsically as the Highway sign laminator was. And I love this story for the humaness of it. Every person on the other side of that Ad spend is a real person. This is critical to support. What we miss when we assign a number to a feeling lessens it's experience, but we have to have some measure of impact (sales) for our advertising or we can't justify the ad spend and out jobs are going to be in danger. This is one of the big lessons of social media. You are connecting with them at an activity they choose to do. If you remove the end user from the equation you are going to struggle with your advertising because you are not addressing who is actually going to be casting their increasingly valuable dollar vote for your product. The biggest takeaway I have here is this- people are valuable, intrinsically as the Highway sign laminator was. And I love this story for the humaness of it.
Every person on the other side of that Ad spend is a real person.
This is critical to support. What we miss when we assign a number to a feeling lessens it’s experience, but we have to have some measure of impact (sales) for our advertising or we can’t justify the ad spend and out jobs are going to be in danger.
This is one of the big lessons of social media. You are connecting with them at an activity they choose to do.
If you remove the end user from the equation you are going to struggle with your advertising because you are not addressing who is actually going to be casting their increasingly valuable dollar vote for your product.

]]> By: SHRINIVAS DHARMADHIKARI http://www.goldsmithstrategicservices.com/blog/data-analysis/math-marketing/#comment-23 SHRINIVAS DHARMADHIKARI Fri, 28 Aug 2009 07:13:41 +0000 http://goldsmithstrategicservices.wordpress.com/?p=177#comment-23 In Math marketing you have raised an important issue. There is already a sense of unease about excessive reliance on performance metric based on advance analytics. The two important issues that I see are as below Theoretical foundations We must first of all realize that we are dealing with Social science which is still an evolving discipline. The recent emergence of Behavioral Economics is challanging the very foundations of classical and neo classical economic theories. Any measurement amd modeling based on excessive reliance on assumptions of rationality are likely to be of questionable robustness. Analytics The monumental computing power unleashed by modern computers has proliferated use of Statistics and Econometrics often at the cost of wisdom and technical discretion. The professionals have perpetuated an aura of mysticism around these technique in their obvious self interest, so much so that anything that has been churned out of a complex model has acquired status of an universal truth and a "nice excuse" for risk aversion in managerial decision making. In that sense Math Marketing is a case of pendulum swinging to other extreme of "What cannot be measured , cannot be managed" approach. In Math marketing you have raised an important issue. There is already a sense of unease about excessive reliance on performance metric based on advance analytics.

The two important issues that I see are as below

Theoretical foundations

We must first of all realize that we are dealing with Social science which is still an evolving discipline. The recent emergence of Behavioral Economics is challanging the very foundations of classical and neo classical economic theories. Any measurement amd modeling based on excessive reliance on assumptions of rationality are likely to be of questionable robustness.

Analytics

The monumental computing power unleashed by modern computers has proliferated use of Statistics and Econometrics often at the cost of wisdom and technical discretion. The professionals have perpetuated an aura of mysticism around these technique in their obvious self interest, so much so that anything that has been churned out of a complex model has acquired status of an universal truth and a “nice excuse” for risk aversion in managerial decision making.

In that sense Math Marketing is a case of pendulum swinging to other extreme of “What cannot be measured , cannot be managed” approach.

]]> By: lovestats http://www.goldsmithstrategicservices.com/blog/data-analysis/math-marketing/#comment-22 lovestats Fri, 28 Aug 2009 00:41:42 +0000 http://goldsmithstrategicservices.wordpress.com/?p=177#comment-22 Hiya! I guess i'm really quantitative because i think EVERYTHING can be measured. You just have to figure out how. Love can be measured by number of hugs, intensity of hugs, frequency of hugs, length of hugs. Change the word hugs with kisses, phone calls, donations, volunteered hours, and you have another ton of measures. :) But I do get your point! Hiya! I guess i’m really quantitative because i think EVERYTHING can be measured. You just have to figure out how. Love can be measured by number of hugs, intensity of hugs, frequency of hugs, length of hugs. Change the word hugs with kisses, phone calls, donations, volunteered hours, and you have another ton of measures. :)

But I do get your point!

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