Michael Schrage tells us that customer lifetime value is a problematic measure but to me his criticisms seemed to be unreasonable. I have one message for him: Don’t Expect Marketing Metrics to be Magical. Overegging His Critique Firstly, I think he may be overegging his critique for effect. We might all have sympathy with that….
How To Identify What Metrics Matter?
Having a lot of data is great but like pretty much everything in life that is a good thing it still brings its own problems. With a lot of data there are any number of metrics you can produce. Some even look pretty impressive in reports. Yet which ones are actually useful? How To Identify…
Marketing Metrics Must Add Up
Marketing metrics can get a bad reputation. This sometimes for good reason. A key, unsurprising, idea is that marketing metrics must add up. To Build Trust Marketing Metrics Must Add Up Kevin Lindsay discussed why this is: why do marketers (and people working with marketers) sometimes lack trust in the numbers they are being given?…
The Problem Of Goodwill And Marketing
Tony Tollington’s book on Brand Assets is fascinating. The book is not an especially easy read. Indeed, it gets into some pretty detailed philosophical debates around the nature of assets and accounting which can be tough. That said it is good to think about these things and Tollington definitely made me think. There is a…
Personalization In A World Of Artificial Intelligence
V. Kumar and his colleagues examine what Artificial Intelligence (AI) is doing to the world of marketing in their recent piece in the California Management Review. What is the future of artificial intelligence and personalization? Artificial Intelligence And Personalization Versus Customization Central to their analysis is the idea of personalization. They distinguish this from customization….
Why Are Coronavirus Maps On The News So Unhelpful?
This was a topical post on data visualization and population. I have refreshed it a little. While the specific maps have changed, As of late 2020 the maps are better now. E.g., they often show cases per 100k of the population rather than simple totals. That said, the point is still relevant. When showing maps…
Should Marketing Models Change As Consumers Work Out Marketer’s Tactics?
The Lucas Critique is a well know argument in economics that challenged many traditional results. The critique suggests that economic agents (here consumers) are forward looking. Consumers adapt their expectations and behavior given the marketers’ actions. Successful promotions tend to train consumers to expect promotions. This can mean the promotions may become less successful going…
Net Promoter, Do You Really Recommend?
I have mixed feelings about NPS (Net Promoter Score). It is rare for a marketing metric to be quite so successful. As such, I have got to admire how professionally it has been promoted. That said, it is hard to avoid the conclusion that it is over-hyped. It certainly isn’t the one number you need…
Marketing And The Movies
I want to do a long piece on marketing and the movies — the good, the bad and the silly. Today isn’t the day. For now I’ll note that Jason Squire has compiled an extensive review of the movie business in a book. It has a ‘does what it says on the tin’ title of…
The Politics of Accounting
Tony Tollington’s book on Brand Assets is fascinating. (Accounting rules have changed a bit since he wrote it. The acronyms and rule numbers aren’t what are used nowadays but the ideas are similar). He makes fascinating notes on the politics of accounting. The Politics Of Accounting For Intangible Assets Tollington notes the problems with the…
