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!

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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