Ten takeaways from 2013 Yale Consumer Insights Conference

2013 Yale Consumer Insights Conference
  over the weekend challenged
thought boundaries for marketing and big data in quite an overwhelming way.
Alternating between leading marketing practitioners and leading marketing
academics- 25 speakers delivered their message in 20 minutes followed
by 5 minutes of questions and answers. Since the format of the conference was
in one room and participants stayed together, conversations continued during
the breaks. Here are ten takeaways from the leading marketers at the
conference that resonates with this blog:

Design is iterative was one message
from IDEO's speakers Annette Diefenthaler Senior
Design Researcher and Ashlea Powell, Project Lead at IDEO. It sort of
challenges the notion that test marketing is old as Innovation text books will
tell you, partly because they were written before the social media revolution.
It's perfectly fine to iterate your innovation based on what you learn from
observing users up close.

The visual web
is about human connection
according to Abigail Posner, Head of Strategic Planning,
and Agency Development at Google. The reason people share funny videos is that
they want their friends to smile and not because they want to show off!

90% of the world's data was created in the last
two years
said Stephen Gold ,VP Worldwide Marketing of IBM Watson
Solutions, who was explaining about the artificially
intelligent Watson
that might help deal with the data deluge.

85% of retail is cash/check in the
world according to Carlos Fonseca SVP/Group Head Strategy, Operations and
Analytics of MasterCard. Obviously a long way to go for the card and electronic
payment companies!

Analyze Big Data for low hanging fruit first
was a compelling message from Tamara Gruzbarg, Senior Director of
Analytics and Research, Gilt. Analysts should continue finer data
mining but the first cut recommendations should allow for quick action.

A deep
qualitative understanding of the human spirit of customers
is a mission at
Starbucks. According to Pam Greer, VP of Consumer Insights at Starbucks this is
achieved by anthropological and sociological techniques.

7.      Reaching sports fans across platforms
involves a “surround” strategy
according to Barbara Singer VP Advertiser
Insights & Strategy at ESPN. Advertisers need to understand sports fan
behavior across TV, magazines, smartphones and tablets and appropriately design

Articulating the Advertising Agency Brief i.e.
the fight the marketer wants to win
is critical to campaign success
said David Terry, Director of  Strategic Planning of Wieden+Kennedy
known for great campaigns like
Old Spice
that was covered in an earlier post. Typical problems in the
client-agency brief process include briefs that are not real, not true, not
simple and not BIG. 

Millenials worldwide are about "Pride and
according to Christian Kurz VP Research, Insights and
Reporting  of Viacom
International Media Networks
based on their global study of millenials in 24
countries. In other words young people are far more tolerant worldwide today
than ever before due to technology and globalization.

10.  Focus
groups will be extinct and neuroscience will replace much marketing research

was the prediction of Stan Sthanunathan, VP of Marketing Strategy &Insights
at Coca Cola– the Keynote Speaker. Indeed
with improvements in neuroscience, traditional market research methods
will change in unprecedented ways.

Overall a great conference  Contact StratoServe.

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