Human beings are actually not very rational decision makers — there is a great deal of evidence to that effect. We are subject to predictable biases. Increased computing power and better databases are allowing companies to use analytics and make better (unbiased) decisions. This is sparking the rise of new companies that can analyze data and some new applications. You can read more in “ So, What’s Your Algorithm? ” (Wall Street Journal, January 4, 2011 – non-subscribers may need to click here ). Read this article and think about how other firms (beyond the Schwan’s example in the article) could use “big data” to make better marketing decisions? Also, [Continue Reading …]
This was part of an interesting series I heard on the Marketplace radio show. You might be surprised at how sophisticated segmentation and targeting can be after reading (it is radio and text) “ Data mining pushes marketing to a new level ” Marketplace, July 26, 2010. For a follow-up with more information on clusters, see “ Hey Baby, What’s in Your Cluster ,” (Marketplace, July 27, 2010 – text version of radio story).