Around the turn of the millennium, there was a lot of interest in the idea of customers as financially relevant. Thus work started to concentrate on the idea of customer equity. Customer equity was sometimes equated with the idea of customers as assets. This is an important aim (even though I have some measurement quibbles)….
Search Results for: metrics
A Unified Theory Of Marketing
One of the challenges with marketing is that there are so many bits that don’t fit together. As such let me put on record that I appreciate the potential for customers to be put at the center of all the marketing approaches. CLV, the value of a customer to the firm, has potential for a…
The Pseudo Profound Statement
I have previously written about how disappointed I was by Jerry Muller’s The Tyranny of Metrics, see here and here. Today I will look at a broader problem that his book exhibits. Namely ‘The Pseudo Profound Statement’. I see this in a lot of places not just in Muller’s work. Be Careful With A Pseudo…
Anecdotal Evidence Is Problematic In Justifying Arguments
Jerry Muller’s book on The Tyranny of Metrics argues that metrics are overused. (I have discussed other frustrations with the book here). Muller, however, very neatly illustrates the problem with his approach. Anecdotal evidence, by this here I mean stories not rigorously detailed, is problematic in justifying an argument. Basically he throws some numbers into…
The Problem Of Understanding Others
A second post on Gad Saad’s, The Parasitic Mind. I’m not sure this was his central aim but he did make me think about the problem of understanding others. Is Society Really Collapsing? I really wanted to know why he thinks society is collapsing. I have never known why people think this. It is not…
Defining Customer Experience And Its Role In Customer Journey
Customer experience is one of those phrases that crop up in marketing that seems important but it isn’t always 100% clear what people mean by it. As such a key task taken on by Katherine Lemon and Peter Verhoef in a 2016 piece was defining customer experience. They then note how this relates to the…
Machine Learning (ML) And Marketing: What Should You Know?
It doesn’t take long nowadays before someone will raise the issue of machine learning (ML) and marketing. Here I try and explain some of the basic issues in respect of ML and marketing. Arguably the key one being machine learning is often used for prediction rather than explanation. A good ML model might predict excellently….
Machine Learning And Retailing
Joseph Ryoo, Xin/Shane Wang, Praveen Kopalle and I have an article available now in the Journal of Retailing. This focuses on machine learning and retailing. It is a major question how new technology will change retail. Our work therefore tries to get a grip on this. Reviewing Machine Learning And Retailing In The Literature We…
A Plea About Language Used In Marketing
This page outlines a number of phrases that are used loosely, or just plain wrongly, by marketers. As such you can see this as a plea for more discipline in the language used in marketing. This is mostly aimed at academic writers. Still, hopefully, the advice will be useful even more widely. It is very…
Rationality And Marketing Strategy
Rationality and marketing strategy is an important topic for marketers to think about. I worry that many scholars and writers haven’t given too much thought to the big picture of decision-making. This is important because securing consumer choice is at the heart of marketing. Yet views of the decision-making underlying marketer’s discussions are often quite…