Mike Sherman + Temple Uni Industry Expert
This Webinar was hosted by Sheri L. Lambert and featured the Sherman duo: Mike and Alex Sherman. Mike was in Hong Kong during the webinar, (and has been stationed in Asia since 1997!) but was excited to be apart of the event. He has 35+ years of marketing research and experience, starting his career at Proctor & Gamble and Mackenzie and Company. Alex is a data science manager at CapitalOne, previously working at Deloitte. They co-authored their book 52 Things We Wish Someone Has Told us About Customer Analytics. The book’s purpose was to connect problems and solutions.
Too often we focus on the tools first, and then the customers. The first idea in the webinar was to reverse the order of discussion. The webinar mentioned the film Jerry Maguire many times, especially the symbolism behind “Show me the money!” The thought behind this point was how can we connect analysis to the money we’re making. There are four ways to ‘Show me the money’: Increase share of current market, capture more consumer surplus, grow overall demand, or reduce cost. The second learning objective was to reduce uncertainty that matters. More insight on customers leads to better decisions – known as leverage analysis – which is better than using judgement. The third goal was knowing how to use the right metrics. This is knowing how to ask the right questions, which tied into the final step: Collect and understand the right data. Asking the right question is extremely important. Prioritizing complaints by frequency and severity is key and helps identify golden opportunities. An example of Van Halen showed that something as simple as snack preparation says everything about a venue.