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jerryking : consumer_behavior   32

Spy tactics can spot consumer trends
MARCH 22, 2016 | Financial Times | John Reed.
Israel’s military spies are skilled at sifting through large amounts of information — emails, phone calls, location data — to find the proverbial needle in a haystack: a suspicious event or anomalous pattern that could be the warning of a security threat.....So it is no surprise that many companies ask Israeli start-ups for help in data analysis. The start-ups, often founded by former military intelligence officers, are using the methods of crunching data deployed in spycraft to help commercial clients. These might range from businesses tracking customer behaviour to financial institutions trying to root out online fraud......Mamram is the Israel Defense Forces’ elite computing unit.
analytics  consumer_behavior  cyber_security  data  e-mail  haystacks  hedge_funds  IDF  insights  intelligence_analysts  Israel  Israeli  Mamram  maritime  massive_data_sets  security_&_intelligence  shipping  spycraft  start_ups  tracking  traffic_analysis  trends 
april 2019 by jerryking
Hard Lessons (Thanks, Amazon) Breathe New Life Into Retail Stores
Sept. 3, 2018 | The New York Times | By Michael Corkery.

Barbara Kahn, a marketing professor and former director of the retailing center at the Wharton School, has written “The Shopping Revolution” describing the disruption in the retail industry.

It may be too early to declare the death of retail. Americans have started shopping more — in stores. From the garden section at Walmart to the diamond counters at Tiffany & Company, old-school retailers are experiencing some of their best sales growth in years....Stores that have learned how to match the ease and instant gratification of e-commerce shopping are flourishing, while those that have failed to evolve are in bankruptcy or on the brink....Amazon has forever changed consumer behavior....Many successful stores are now a cross between a fast-food drive-through and a hotel concierge......Doomsayers have predicted that online shopping, led by Amazon, would one day conquer all of retail, rendering brick and mortar obsolete....But the pace of closings has slowed, as the most unprofitable stores have been culled and the weakest companies have collapsed....Far from retrenching, many retailers are expanding their physical presence or spending billions to overhaul existing stores......Many of the new stores are supposed to be all things to all shoppers — what the industry calls an “omni-channel” experience.

Customers can order online and pick up at the store. They can order online and have their purchases delivered home, in some cases, on the same day. Or they can visit the store
Amazon  BOPIS  bricks-and-mortar  consumer_behavior  e-commerce  home-delivery  instant_gratification  lessons_learned  omnichannel  retailers  revitalization  same-day  store_closings  Target  Tiffany  books  Wharton 
september 2018 by jerryking
Navigating a Breathtaking Level of Global Economic Change
November 14, 2017 |The New York Times | by Andrew Ross Sorkin.
you’d think that any sense of “faith” in the global economy might be shaken, or at least, uncertain given events like North Korea, Russian interference in elections in the United States, post-Brexit Europe, and hurricane damage.

Not so.

In conversation after conversation with some of the nation’s top business leaders and chief executives last week, there is a stunning amount of genuine “confidence” in our economy here and, yes, even globally.

“I’m very surprised,” Laurence D. Fink, the founder of BlackRock, the largest money manager in the world overseeing some $6 trillion, said at The New York Times DealBook conference last Thursday, describing his new sense of optimism.......Mark Cuban, whose disdain for President Trump is so acute that he is considering running for president himself in 2020 as a Republican because it “means you get to go head-on with Trump right in the primaries — and so there’s nothing I’d have more fun doing.” Still, though, he said he believes the economy is in good enough shape that when it comes to investing in the stock market, “I just, you know, I just let it ride.”

Mr. Cuban, owner of the Dallas Mavericks, said he keeps a small amount of cash on hand as a precaution. “I keep a little bit, you know, as a hedge. I call it my ‘Trump hedge’ because you just never know.....Earlier in 2017, The Conference Board reported that chief executives’ confidence had reached 2008 pre-recession highs in the first quarter.....there are pockets of the economy that are causing anxiety. “The last two or three years have not been fun whatsoever,” Mickey Drexler, the chairman of J. Crew, said at the conference about the traditional retail business, which has been upended by Amazon and changes in consumer behavior. “It’s been miserable.” Those challenges are extending to mall owners and commercial real estate, too..... is the stock market a proxy for the economy of America?....“In the aftermath of corporate and public-sector disasters, it often emerges that participants fell prey to a collective form of willful blindness and overconfidence: mounting warning signals were systematically cast aside or met with denial, evidence avoided or selectively reinterpreted, dissenters shunned,” Roland Bénabou a professor at Princeton University wrote in a seminal work on confidence and groupthink. “Market bubbles and manias exhibit the same pattern of investors acting ’colorblind in a sea of red flags,’ followed by a crash.”
confidence  Andrew_Sorkin  Mark_Cuban  Laurence_Fink  BlackRock  shifting_tastes  optimism  consumer_behavior  CEOs  J._Crew  Mickey_Drexler  commercial_real_estate  shopping_malls  warning_signs  groupthink  bubbles  overconfidence  precaution  global_economy  willful_blindness  manias  market_crash 
november 2017 by jerryking
Mobile Ad Targeting Is Improving, According to Nielsen - WSJ
By JACK MARSHALL
Nov. 22, 2016

Ad targeting accuracy varied based on the demographic groups that campaigns were aimed at, however. For example, desktop ads performed better than mobile ads when targeting broader age ranges.

Conversely, Nielsen said mobile campaigns were more effective in connecting with narrower audiences. For example, for campaigns aimed at people aged between 18 and 34, 63% of mobile ads reached their intended demographic target, compared with 53% on desktop.

Despite advances in targeting technology, Nielsen said it remains highly unlikely that digital ad campaigns could ever achieve a 100% on-target percentage, because of consumer behaviors such as misrepresenting their age or gender, or sharing digital devices with family and friends.
mobile_phones  smartphones  advertising  targeting  LBMA  Nielsen  consumer_behavior  misrepresentation  demographic_information 
february 2017 by jerryking
Why Starbucks Might Be Innovating Too Fast - Barron's
By Alex Eule Jan. 26, 2017

Big Picture: Starbucks is seeing rapid success with its mobile ordering system, but it might be coming at the expense of in-store service.......The company now has so many customers placing advance orders via smartphones that some of its stores are having trouble keeping up.... “mobile order and pay” made up 7% of U.S. transactions in the latest quarter, up from just 3% a year ago.

But, it turns out, the existing stores haven’t been set up to handle the changing consumer behavior.

(From personal experience, I’ve noticed that Manhattan Starbucks counters are often over-filled with advance orders and those customers walk in and out, while the wait for in-store service is now longer than before.)

Starbucks president and chief operating officer Kevin Johnson, who’s set to become CEO in April, told investors that smartphone order volume has “created a new operational challenge...significant congestion at the handoff point. This congestion resulted in some number of customers who either entered the store or considered visiting a Starbucks store, and then did not complete a transaction.”
innovation  Starbucks  congestion  handoffs  in-store  order_management_system  mobile_applications  smartphones  consumer_behavior  operations  wait_times  brands  large_companies  shortcomings  revenge_effects  the_big_picture 
january 2017 by jerryking
Goodbye, Ivory Tower. Hello, Silicon Valley Candy Store. - The New York Times
By STEVE LOHR SEPT. 3, 2016

A number of tech companies are luring Ivy League economists out of academia with the promise of big sets of data and big salaries.

Silicon Valley is turning to the dismal science in its never-ending quest to squeeze more money out of old markets and build new ones. In turn, the economists say they are eager to explore the digital world for fresh insights into timeless economic questions of pricing, incentives and behavior....Businesses have been hiring economists for years. Usually, they are asked to study macroeconomic trends — topics like recessions and currency exchange rates — and help their employers deal with them.

But what the tech economists are doing is different: Instead of thinking about national or global trends, they are studying the data trails of consumer behavior to help digital companies make smart decisions that strengthen their online marketplaces in areas like advertising, movies, music, travel and lodging.

Tech outfits including giants like Amazon, Facebook, Google and Microsoft and up-and-comers like Airbnb and Uber hope that sort of improved efficiency means more profit....“They are microeconomic experts, heavy on data and computing tools like machine learning and writing algorithms,”
Silicon_Valley  massive_data_sets  economists  Steve_Lohr  Airbnb  Hal_Varian  digital_economy  academia  microeconomics  Ivy_League  insights  consumer_behavior  war_for_talent  talent 
september 2016 by jerryking
A Seismic Shift in How People Eat - The New York Times
By HANS TAPARIA and PAMELA KOCHNOV. 6, 2015

....Consumers are walking away from America’s most iconic food brands. Big food manufacturers are reacting by cleaning up their ingredient labels, acquiring healthier brands and coming out with a prodigious array of new products. ....Food companies can’t merely tinker. Nor will acquisition-driven strategies prove sufficient, because most acquisitions are too small to shift fortunes quickly. ....For legacy food companies to have any hope of survival, they will have to make bold changes in their core product offerings. Companies will have to drastically cut sugar; process less; go local and organic; use more fruits, vegetables and other whole foods; and develop fresh offerings. General Mills needs to do more than just drop the artificial ingredients from Trix. It needs to drop the sugar substantially, move to 100 percent whole grains, and increase ingredient diversity by expanding to other grains besides corn....a complete overhaul of their supply chains, major organizational restructuring and billions of dollars of investment, but these corporations have the resources.
food  foodservice  brands  supply_chains  innovation  shifting_tastes  Nestlé  Perdue  Tyson  antibiotics  trends  Kraft  supermarkets  fresh_produce  OPMA  consumer_behavior  General_Mills  iconic  consumers  McDonald's  ingredient_diversity  seismic_shifts  new_products  Big_Food 
november 2015 by jerryking
Social Ad Platform 140 Proof Says People Aren't Always Honest About Their Locations | Adweek
March 14, 2014 | Advertising Age | by??

As a marketer, you’ve mastered location-based marketing. Your pizza is hot, it’s lunchtime, and you’ve pinpointed those smartphone-carrying consumers who are in spitting distance of your store. But what if your target consumers aren’t where they claim to be?
consumer_behavior  advertising  marketing  creativity 
october 2015 by jerryking
Canada playing catch up in digital marketplaces
A dominant digital force in China, online shopping “marketplaces” are picking up speed in the United States and are now starting to take hold in Canada.From eBay.ca to Amazon.ca and…
e-commerce  shopping-and-the-retail-industry  consumer_behavior  retailing 
july 2015 by jerryking
The Sensor-Rich, Data-Scooping Future - NYTimes.com
APRIL 26, 2015 | NYT | By QUENTIN HARDY.

Sensor-rich lights, to be found eventually in offices and homes, are for a company that will sell knowledge of behavior as much as physical objects....The Internet will be almost fused with the physical world. The way Google now looks at online clicks to figure out what ad to next put in front of you will become the way companies gain once-hidden insights into the patterns of nature and society.

G.E., Google and others expect that knowing and manipulating these patterns is the heart of a new era of global efficiency, centered on machines that learn and predict what is likely to happen next.

“The core thing Google is doing is machine learning,” Eric Schmidt....The great data science companies of our sensor-packed world will have experts in arcane reaches of statistics, computer science, networking, visualization and database systems, among other fields. Graduates in those areas are already in high demand.

Nor is data analysis just a question of computing skills; data access is also critically important. As a general rule, the larger and richer a data set a company has, the better its predictions become. ....an emerging area of computer analysis known as “deep learning” will blow away older fields.

While both Facebook and Google have snapped up deep-learning specialists, Mr. Howard said, “they have far too much invested in traditional computing paradigms. They are the equivalent of Kodak in photography.” Echoing Mr. Chui’s point about specialization, he said he thought the new methods demanded understanding of specific fields to work well.

It is of course possible that both things are true: Big companies like Google and Amazon will have lots of commodity data analysis, and specialists will find niches. That means for most of us, the answer to the future will be in knowing how to ask the right kinds of questions.
sensors  GE  GE_Capital  Quentin_Hardy  data  data_driven  data_scientists  massive_data_sets  machine_learning  automated_reasoning  predictions  predictive_analytics  predictive_modeling  layer_mastery  core_competencies  Enlitic  deep_learning  niches  patterns  analog  insights  latent  hidden  questions  Google  Amazon  aftermath  physical_world  specialization  consumer_behavior  cyberphysical  arcane_knowledge  artificial_intelligence  test_beds 
april 2015 by jerryking
On the Case at Mount Sinai, It’s Dr. Data - NYTimes.com
MARCH 7, 2015 | NYT |By STEVE LOHR.

“Data-ism: The Revolution Transforming Decision Making, Consumer Behavior, and Almost Everything Else,” by Steve Lohr,
Steve_Lohr  data  data_driven  data_scientists  Wall_Street  Facebook  hospitals  medical  books  Cloudera  consumer_behavior 
march 2015 by jerryking
Banking Start-Ups Adopt New Tools for Lending
JAN. 18, 2015 | - NYTimes.com | By STEVE LOHR.

When bankers of the future decide whether to make a loan, they may look to see if potential customers use only capital letters when filling out forms, or at the amount of time they spend online reading terms and conditions — and not so much at credit history.

These signals about behavior — picked up by sophisticated software that can scan thousands of pieces of data about online and offline lives — are the focus of a handful of start-ups that are creating new models of lending....Earnest uses the new tools to make personal loans. Affirm, another start-up, offers alternatives to credit cards for online purchases. And another, ZestFinance, has focused on the relative niche market of payday loans.
Steve_Lohr  tools  banking  banks  massive_data_sets  start_ups  data_scientists  Earnest  Affirm  ZestFinance  Max_Levchin  consumer_finance  credit_scoring  fin-tech  financial_services  consumer_behavior  signals 
january 2015 by jerryking
Where to Look for Insight
Mohanbir Sawhney Sanjay Khosla
FROM THE NOVEMBER 2014
Innovation isn’t a department. It’s a mindset that should permeate your entire enterprise.

No matter the venue, the feedstock for innovation is insight—an imaginative understanding of an internal or external opportunity that can be tapped to improve efficiency, generate revenue, or boost engagement. Insights can be about stakeholder needs, market dynamics, or even how your company works.

Here are Seven Insight Channels
Anomalies

Examine deviations from the norm
Do you see unexpectedly high or low revenue or share in a market or segment? Surprise performance from a business process or a company unit?

Confluence

Find macro trend intersections

What key economic, behavioral, technological, or demographic trends do you see? How are they combining to create opportunities?

Frustrations

Pinpoint deficiencies in the system

Where are customer pain points for your products, services, or solutions? Which organizational processes or practices annoy you and your colleagues?

Orthodoxies

Question conventional beliefs
Are there assumptions or beliefs in your industry that go unexamined? Toxic behaviors or procedures at your company that go unchallenged?

Extremities

Exploit deviance
What can you learn from the behaviors and needs of your leading-edge or laggard customers, employees, or suppliers?

Voyages

Learn from immersion elsewhere
How are your stakeholders’ needs influenced by their sociocultural context?

Analogies

Borrow from other industries or organizations
What successful innovations do you see applied in other disciplines? Can you adapt them for your own?
customer_insights  HBR  analogies  anomalies  toxic_behaviors  trends  pain_points  assumptions  innovation  insights  conventional_wisdom  travel  laggards  copycats  dilemmas  extremes  orthodoxy  immersive  deviance  learning_journeys  leading-edge  unexpected  mindsets  frictions  opportunities  opportunistic  consumer_behavior  feedstock 
november 2014 by jerryking
Sponsor Generated Content: The State of the Data Economy
June 23, 2014

Where the Growth is
So for many companies right now, the core of the data economy is a small but growing segment—the information two billion-plus global Internet users create when they click "like" on a social media page or take action online. Digital customer tracking—the selling of “digital footprints” (the trail of information consumers leave behind each time they surf the Web)—is now a $3 billion segment, according to a May 2014 Outsell report. At the moment, that's tiny compared to the monetary value of traditional market research such as surveys, forecasting and trend analysis. But digital customer tracking "is where the excitement and growth is," says Giusto.

Real-time data that measures actions consumers are actually taking has more value than study results that rely on consumer opinions. Not surprising, businesses are willing to pay more for activity-based data.

Striking it Richer
Outsell Inc.'s analyst Chuck Richard notes that the specificity of data has a huge affect on its value. In days past, companies would sell names, phone numbers, and email addresses as sales leads. Now, data buyers have upped the ante. They want richer data—names of consumers whose current "buying intent" has been analyzed through behavioral analytics. Beyond the “who,” companies want the “what” and “when” of purchases, along with “how” best to engage with prospects.
"Some companies are getting a tenfold premium for data that is very focused and detailed," Richard says. "For example, if you had a list of all the heart specialists in one region, that’s worth a lot."

Tapping into New Veins
Moving forward, marketers will increasingly value datasets that they can identify, curate and exploit. New technology could increase the value of data by gleaning insights from unstructured data (video, email and other non-traditional data sources); crowdsourcing and social media could generate new types of shareable data; predictive modeling and machine learning could find new patterns in data, increasing the value of different types of data.

Given all this, the data economy is sure to keep growing, as companies tap into new veins of ever-richer and more-specific data.
data  data_driven  SAS  real-time  digital_footprints  OPMA  datasets  unstructured_data  data_marketplaces  value_creation  specificity  value_chains  intentionality  digital_economy  LBMA  behavioural_data  predictive_modeling  machine_learning  contextual  location_based_services  activity-based  consumer_behavior 
july 2014 by jerryking
Aldo seizes ‘put up or shut up’ moment for shoes - The Globe and Mail
SUSAN KRASHINSKY - MARKETING REPORTER
TORONTO — The Globe and Mail
Published Thursday, Feb. 27 2014,

Aldo announced the biggest investment in development that the company has made in its 41-year history. Over the next five years, it will spend $363-million and hire roughly 400 people in an effort to better market itself to customers who have more options than ever.

“We’re being confronted with more competition from so many different angles at this point. It’s basically a ‘put up or shut up’ moment,”....Fundamentally, Mr. Bensadoun sees this as a marketing problem.

Clothing retailers have the luxury of showing you a shoe in its proper context – in other words, as part of an outfit. One of the things Aldo is planning for its store of the future is more screens in-store (e.g. digital signage) that will help to do that, in the absence of any apparel stock.

The store could choose a top 10 looks of the week, Mr. Bensadoun suggests, which could be browsed on the screens (and on a mobile-friendly version of the same service for people on smartphones.) Those looks would specify which shoes to wear with them so that customers could pick footwear based on an overall style they identify with. It would also go the other way: for those who pick up a shoe they like, it will be possible to see how to wear it, and with what....Data are another key part of this transformation project.

Part of Aldo’s multimillion-dollar investment will be devoted to building a better data analytics team as well as hiring research and behaviour experts. This is a priority for all marketers, who face a buying public that has never been more inundated with messages – on television, on their mobile phones, tablets, and computers.

“The consumer insights and analytics department at Aldo was very much in its infancy, up until very recently,”
Aldo  shoes  retailers  e-commerce  marketing  analytics  data  Susan_Krashinsky  SHoeMint  ShoeDazzle  Zappos  customer_insights  consumer_research  contextual  seminal_moments  consumer_behavior  in-store  footwear 
july 2014 by jerryking
Italy Loses Its Taste for Pasta
October 11, 2013,| WSJ | By MANUELA MESCO

Italy Loses Its Taste for Pasta
Consumption Has Dropped 23% in Past Decade

Elsewhere, more and more Italians are turning to delis offering prepared dishes with meat and vegetables. Consumption of frozen fish and meat dishes has soared 70% in the past decade, while ready-made vegetable dishes grew 50%, according to the Italian Institute for Frozen Food. Sales of salad bags have also soared as mixed salads gain at lunch.

Pasta makers are attempting to respond. Barilla, which has about 35% of the Italian pasta market, has sought to beat back the idea that pasta is fattening. It cites pasta's calorie count—365 calories a portion—prominently in its television ads and promotes pasta's low glycemic count. It recently launched an app that helps count calories and is pushing lower-calorie recipes on its website. It is also about to introduce a pasta that is free of gluten, the ingredient often blamed for the bloated feeling associated with pasta.
pasta  Italian  diets  Italy  consumer_research  gluten-free  frozen_foods  prepared_meals  consumption  consumer_behavior 
october 2013 by jerryking
Why retailers love customers who shop on their smartphones - The Globe and Mail
Jul. 18 2013 | The Globe and Mail | SUSAN KRASHINSKY.
The study found that, unsurprisingly, even the most plugged-in consumers do not tend to click on digital ads. Of the smartphone owners surveyed, two-thirds said they “rarely” or “never” click on online advertisements, with the minority reporting that they do so regularly. It helps when an ad is personalized. In that case, 49 per cent said they would regularly click on ads. But even then, just over half still said they would rarely or never consider it. The greatest opportunity for marketers is arguably not in advertising to those digitally connected consumers; it is in offering them something they will find useful....“We are witnessing a seismic change in consumer behaviour due to the emergence of social and digital platforms and the significance and ubiquity of mobile as a consumer platform,” Mr. Schultz told analysts on a conference call in April to discuss the company’s earnings. The data Starbucks can now collect on those users are crucial for it as a marketer.

“Retail has historically been a rather anonymous transaction for many,” said Lori Bieda, executive lead for consumer intelligence at SAS Canada. “… Mobile makes a consumer known to retailers.”...The SAS research showed that people want their phones to act as “personal shoppers.” Those surveyed said they would be more likely to return to a store that sent them offers on their mobile devices – but that’s highly contingent on those offers being relevant and targeted to that person’s preferences.
bricks-and-mortar  consumer_behavior  customer_loyalty  Indigo  market_research  mobile_applications  mobile_phones  online_advertising  personal_shoppers  retailers  seismic_shifts  smartphones  Starbucks  Susan_Krashinsky 
july 2013 by jerryking
How Canadian companies can tap into Asia’s consumer boom
Jun. 03 2013 | G&M | by DOMINIC BARTON.

Possible send to Earl Davis of Teachers.

To capture this opportunity, Canadian companies need an intimate understanding of the new Asian consumers. First, on the consumption and services front, they need to locate these consumers, with forensic precision....Second, Canadian companies need to understand the diverse and evolving tastes of Asian consumers. Across the region, the number of higher income households is rapidly expanding. These consumers are often young, are more international in their outlook, and are more willing to pay a premium for quality products. They consume more services, from education and health care to foreign travel....Third, Another significant opportunity for Canada is the provision and delivery of food, energy, and natural resources. By 2030, global demand for food is expected to rise by more than 25 per cent, mostly in Asia, and fertilizer demand will grow by 50 per cent.
Dominic_Barton  McKinsey  China  Canadian  target_marketing  consumer_behavior  shifting_tastes  China_rising  booming  Asia  Asian  Asia_Pacific  BRIC  middle_class  inland  affluence  infrastructure  forensics 
june 2013 by jerryking
Wal Mart Supercenter Conversion
1 November 2012 | SSRN | Minha Hwang McGill University minha.hwang@mcgill.ca and Sungho Park Arizona State University spark104@asu.edu

1 November 2012
big-box  Wal-Mart  grocery  supermarkets  Nielsen  consumer_behavior 
march 2013 by jerryking
Stores Like Target and CVS Add Groceries to Attract Shoppers - NYTimes.com
January 16, 2011 | NYT | By STEPHANIE CLIFFORD.

Reflecting a major shift in the way Americans shop for food, retailers better known for selling clothes or aspirin, including Walgreens, CVS/Pharmacy and Target, are expanding in a big way into the grocery business, with fresh produce, frozen meats and, yes, even sushi.... The changes have hit the traditional grocery businesses, stores like Supervalu and Safeway, whose profits had already been declining because of rising food prices, fixed real estate and labor costs, and more competition.

Like the grocers, the convenience stores and discount stores are not making a lot of money on their groceries. Instead, the goal is to draw more customers.
retailers  grocery  supermarkets  pharmacies  Target  CVS  Walgreens  fresh_produce  frozen_foods  convenience_stores  consumer_behavior 
march 2013 by jerryking
HOW OUTSIDE FORCES IMPACT FOOD INDUSTRY INSIDERS
Jul. 24, 2006 | Supermarket News | by David Orgel.

Who holds power and influence in the supermarket industry today? That's usually an easy answer: Wal-Mart, Kroger, Kraft, Coke and the like.

But food industry clout is also shifting to players that aren't retailers, suppliers or other members of the establishment. These outside participants are gaining more influence over everything from consumer behavior to industry mergers.

Who are these people? A number of them are highlighted in the SN Power 50 rankings in this issue (see Page 24 for the full list). The ones I will point out appear under the category of "Other Players" because they don't neatly fit into the rest of the segments.

Consider the case of "The New Private Investor" (No. 45 on the list), which is our umbrella name for all the private equity investors now heating up the merger and acquisitions landscape.
consumer_behavior  food  grocery  influence  investors  Oprah_Winfrey  outsiders  power  power_brokers  private_equity  supermarkets 
march 2013 by jerryking
Change or die: could adland be the new Detroit?
Feb 18, 2011|Campaign |Amelia Torode (head of strategy and innovation at VCCP and the chair of the IPA Strategy Group) and Tracey Follows ( head of planning at VCCP)...

As the world changed with the globalisation of markets, the transformative power of digital technologies and a shift in consumer demand, the automotive industry and the city of Detroit did not. At a fundamental level, nothing changed. Detroit failed to adapt, failed to evolve.

We have started to ask ourselves: is adland the new Detroit?

Data: find stories in numbers

It's time to reimagine our role. We're no longer solving problems but investigating mysteries; no longer taking a brief, rather taking on a case. Like a detective, we start with behaviour, looking for patterns and anomalies. We assume that what we're being told is not entirely the "truth" so search for information that is given from various perspectives and tend to believe our eyes more than our ears.

Imagine the implications for how we approach data. Seen through the lens of "mystery", we're not simply seeing data as a stream of numbers but as a snapshot of behaviour and an insight into human nature. What we do with data is the same thing we do when we sit on a park bench or at a pavement café - people-watching,albeit from desktops. It's human stories hidden within numbers, and it takes away the fear that surrounds "big data".
shifting_tastes  data-driven  data_journalism  Detroit  advertising_agencies  data  storytelling  massive_data_sets  adaptability  evolution  United_Kingdom  Publicis  managing_change  sense-making  insights  behaviours  patterns  anomalies  assumptions  automotive_industry  human_experience  curiosity  consumer_behavior 
december 2012 by jerryking
Mining of Raw Data May Bring New Productivity, a Study Says - NYTimes.com
May 13, 2011 | NYT | By STEVE LOHR.
(fresh produce) Data is a vital raw material of the information economy, much as coal
and iron ore were in the Industrial Revolution. But the business world
is just beginning to learn how to process it all. The current data surge
is coming from sophisticated computer tracking of shipments, sales,
suppliers and customers, as well as e-mail, Web traffic and social
network comments. ..Mining and analyzing these big new data sets can
open the door to a new wave of innovation, accelerating productivity and
economic growth. ..The next stage, they say, will exploit
Internet-scale data sets to discover new businesses and predict consumer
behavior and market shifts.
....The McKinsey Global Institute is publishing “Big Data: The Next
Frontier for Innovation, Competition and Productivity.” It makes
estimates of the potential benefits from deploying data-harvesting
technologies and skills.
massive_data_sets  Steve_Lohr  McKinsey  data  consumer_behavior  data_driven  data_mining  analytics  Freshbooks  digital_economy  fresh_produce  OPMA  Industrial_Revolution  datasets  new_businesses  productivity 
may 2011 by jerryking
Why a Product’s Job Matters
April 18, 2007 | - The Informed Reader - WSJ | by Robin
Moroney. A basic principle of business–knowing what consumers want from
a particular product–is often ignored by corporations. Many businesses
focus on qualities that are largely irrelevant to the consumers’ buying
decisions, such as product prices, or data on customer age, gender and
marital status. Some business-to-business companies slice their markets
by industry; others by size of business. The problem with such
segmentation schemes is that they are static. Customers’ buying
behaviors change far more often than their demographics, psychographics
or attitudes. This leads to situations in which, in the words of the
late business guru Peter Drucker, “the customer rarely buys what the
business thinks it sells him.”
Peter_Drucker  Clayton_Christensen  Scott_Anthony  segmentation  marketing  market_segmentation  static  dynamic  purchase_decisions  hiring-a-product-to-do-a-specific-job  B2B  demographics  psychographics  attitudes  demographic_information  relevance  consumer_behavior  behavioral_change  irrelevance 
january 2010 by jerryking
Google's Banker
May 3, 2004 | Fortune | By Adam Lashinsky.... Valentine also
took a different approach on making investments: He bet on the
racetrack, not the jockey. "... you build great companies by finding
monster markets that are in transition, and you find the people later,"
says Valentine...."But in Moritz, Valentine saw a resemblance to another
precocious go-getter he had observed at close range: Steve Jobs.
"They're both incredibly aggressive questioners," says Valentine. "And
our business is all about figuring out which questions are relevant in
making a decision, because the people who are starting a company (i.e. the founders) don't
have a clue what the answers are."... Valentine's principles: only
targeting businesses with fat margins; avoid capital-intensive
businesses; take measured steps; never underestimate the difficulty of
changing consumer behavior; don't begin a rollout until you're sure the
recipe is working; avoid any business Wall Street is prepared to throw
hundreds of millions of dollars at.
behavioral_change  capital-intensity  consumer_behavior  disequilibriums  Don_Valentine  founders  large_markets  margins  Michael_Moritz  precociousness  questions  rollouts  rules_of_the_game  Sequoia  Steve_Jobs  vc  venture_capital  Wall_Street 
october 2009 by jerryking

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