SBP 081: Not All Data is Evidence. With Prof. Koen Pauwels.
This week, we dive deep into marketing effectiveness with the distinguished Professor Koen Pauwels. Get ready for a treasure trove of insights, including a checklist on increasing sales, the two most common mistakes marketers make, and whether a discount or doubling your budget will drive sales. Professor Pauwels, Vice Dean of Research at Northeastern University, shares his expertise on data-driven decision-making, the difference between efficiency and effectiveness, and the role of intuition in marketing. This episode is packed with actionable advice and thought-provoking discussions you won't want to miss! Don't forget to leave a review on Apple or Spotify if you enjoy the show. Your feedback means a lot to us! Our Guest: Professor Koen Pauwels Distinguished Professor of Marketing and Vice Dean of Research at Northeastern University Consultant for companies like Amazon, Microsoft, Unilever, and Sony Author of multiple books and award-winning papers Website: www.marketingandmetrics.com Our Hosts: Follow our updates here: https://www.linkedin.com/company/sleeping-barber/ Get in touch with our hosts: Marc Binkley: https://www.linkedin.com/in/marcbinkley/ Vassilis Douros: https://www.linkedin.com/in/vassilisdouros/ Topics Discussed: • Data-driven vs. evidence-based decision making • Marketing effectiveness and efficiency • The importance of goal alignment in marketing • How to avoid common marketing mistakes • The role of intuition and creativity in marketing • Segmentation, targeting, and positioning • Old world vs. new world marketing • Effective use of discounts and advertising budgets Quote of the Episode: "In marketing, it’s better to be vaguely right than precisely wrong." - Professor Koen Pauwels Timestamps 0:00 - Introduction to the theme and Prof. Pauwels 2:55 - How Prof. Pauwels got into marketing effectiveness 3:52 - The model + the manager is better than either individually 5:20 - The difference between marketers in the US vs Europe 7:22 - Marketing Effectiveness vs. Effeciency 9:20 - ROI is limiting if you’re a mid to large size company 11:54 - ROI is NOT an effectiveness metric 14:50 - Improving marketing ROI is a team sport 16:05 - Looking for evidence where the light shines 17:37 - When Facebook Likes isn’t an objective 22:22 - Reach is a proxy metric 25:19 - The two big mistakes marketers consistently make 30:45 - Marketing theory: what still matters and what doesnt 35:43 - How does advertising actually work 38:30 - The common response to how sales volume respond to discount 41:27 - A checklist to quickly increase sales 45:40 - Reference pricing 48:30 - How do we get from here to there? 54:29 - Find out more about Prof. Pauwels 56:30 - Post-pod with V and Marc Long-Term effects of Advertising https://www.linkedin.com/pulse/long-term-effects-advertising-prof-dr-koen-pauwels-gasve/?trackingId=ydTzAVjqTFujBWIsvMnupQ%3D%3D Reference for all Published Papers https://marketingandmetrics.com/sitemap/ It’s not the size of the data, it’s how you use it https://www.amazon.ca/Its-Not-Size-Data-How-ebook/dp/B00HSUWKY4?ref_=ast_author_dp