Polk Bros. Chair in Retailing; Professor of Marketing; Director Kellogg-McCormick MBAi
What do Watermelon Oreos and Cheetos lip balm have in common? A customer you don’t want.
Using artificial intelligence, marketing professor Eric Anderson and a team of researchers learned that fans of these ultimately doomed products were “harbingers of failure,” in that they tended to really like items that were later discontinued. The fine print for businesses: you don’t want your product to be in their shopping carts.
This is the kind of insight that AI and analytics can bring to bear, but getting there isn’t as easy as pressing a button or hiring data scientists, Anderson says.
“Business leaders need what’s called a ‘working knowledge’ of data science,” Anderson says.
On this episode of The Insightful Leader, we learn how business leaders can get the most out of these tools.
Note: The Insightful Leader is produced for the ear and not meant to be read as a transcript. We encourage you to listen to the audio version above. However, a transcript of this episode is available here.