My th s of A n a ly t i c s
10 myths of
analytics and
insights
By Will Towler
W
ith so much attention given
to analytics and insights
over the past few years, revisiting some of the industry’s longstanding myths seems in order.
Whether you work with traditional consumer research methods or emerging
business intelligence techniques, here
are 10 fallacies to keep in mind to make
the most out of your efforts:
1. Scientific evidence is proof
History is full of inaccurate predictions
and once believable theories that turned
out to be wrong. Even Einstein, whose
name is now synonymous with genius,
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at one point embraced the now obsolete
static universe model. (Read more.) In
marketing, perhaps no other blunder is
more famous than the New Coke launch
in 1985. Taste tests with close to 200,000
consumers indicated New Coke’s taste
was more popular than the original formula. However, Coca-Cola executives
failed to consider the possibility that the
importance of brand heritage trumped
taste, and eventually the company reintroduced the original formula in response
to negative public reaction. (Read more.)
Takeaway: Science has always been
subject to error, requiring an open mind
to alternative possibilities.
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