At the end of each year, I like to play a game. I call it ‘Do I Feel Old Yet?’. The rules are simple: look at a list of the top movies, songs, albums, or news stories from ten years ago. Do they feel like they happened a long time ago? If so, you’re doing well! You’re keeping up, staying current. However, when the top song list starts feeling your favourite Spotify daily mix, and the news stories feel like current events, you know you’re slipping.
First, the hockey stuff. I just can’t help myself; sport is such a great metaphor for marketing, or business in general. It’s competition in its purest form. There’s a reason why game theory is so useful to economists and decision makers. Games are a way to explore and optimize decision making within a predefined framework, constrained by a set of rules. Sounds a lot like running a business, no?
A couple weeks ago, we talked about the importance of knowing what the correct thing to do is, at least as it pertains to marketing. In that post, I touched on the value of data analysis when making decisions. This week, I wanted to do a quick case study of what data-driven decision making might look like, as opposed to purely insight (or guesswork) based decision making.