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Archive for the ‘Statistics’ tag

Made To Stick – Book Review

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Made to Stick: Why Some Ideas Survive and Others Die is a book by Dan Heath and Chip Heath.

How can your message stick instead of getting forgotten in a few passing moments? How can you communicate your ideas in such a way that they are remembered and complied upon? That is the treatise of this book. It provides a very interesting framework that you can use, called SUCCESs.

Keep the message SIMPLE – focus on the core message, be clear, forthright, and make it compact. Avoid the ‘Curse of Knowledge’

Get audience’s attention by bringing the UNEXPECTED – Obvious things told in an unobvious ways can help get and retain interests of an audience. Sway away from numbers and focus on the message they send out. There is a gap between what we know and what we understand. Fill those gaps.

Help people understand and remember by being CONCRETE – Don’t be abstract. Speak about actual results, actual stories, and actual outcomes.

Be CREDIBLE – Be convincing by providing necessary details, statistics, and information.

Make people care by adding EMOTION – That is when people will respond to your message. Learn about primary motivation factors and use them judiciously.

Tell a STORY – Nothing sticks better than a story. Use them in such a way that people get a way to act your message. Not leave confused with how to do what to do next.

The book itself is full of stories and examples relating to each of these principles. As a book, I will give it an average rating. That is because in my mind the book is a victim of its own principles. Though interesting, it seems long for its topic and too many examples to remember and keep them sticky. It seems the Heath brothers compiled a list of stories, segregated them into buckets, and them wove some text around it. It is definitely a recommended book but I would suggest reading the first 10 pages of each chapter and the last chapter. If the message sticks, fine. But if not, the book has lost its own purpose.

The authors have a website that provides many resources that you may want to use. I personally do not like to register to access resources. So I cannot rate them here.

This book brought back memories of my Professional Communications class by Prof. Brandon Smith and Prof. Daphne Schechter. If you have access to such classes, I would highly recommend taking them.

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Conjoint Analysis – A Brief Introduction

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Cow

As promised earlier, here is my first guide. These guides are being prepared as I learn a few new concepts and methodologies during the course of my MBA (during the summer break).

I have also given a name to the series – Cow’s guide to <Subject>…. If you ask me, I may tell you why I have named it such. But for now, just consider it unique. These guides are intended to be a beginner’s reference and should be used as a casual read to get basic understanding of the concepts discussed.

So, here is the first guide – Cow’s guide to Conjoint Analysis. In my document Conjoint Analysis is referred to as applied in Market Research. Conjoint Analysis is extensively used statistical technique to quantify customer preferences for your potential/existing product based on its attributes and values. Attributes are nothing but features of your product and values are the various types (levels) within each attribute. You will understand better once you read my guide.

Conjoint Analysis is a powerful method and is applied extensively in Marketing Strategy, New Product Development, Pricing Strategies, and even Sales Forecasting.

I would much appreciate if you can provide me your feedback on the guide. You can comment on my structure, level of detail, or even the use of language.

Download link –> Cow’s guide to Conjoint Analysis

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Numerati – Stephen Baker: A brief review

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During my first semester here at Goizueta, I took a class on Statistics taught by Prof. Steve Stuk. Not only did I enjoy the class immensely, my interest in the subject was greatly enhanced. Prof. Stuk showed us numerous real world examples where statistical analysis is used and how it impacts our day to day lives. During the same time, my marketing teacher, Prof. Sundar Bharadwaj, referred me to a book – The Numerati by Stephen Baker – that talks about strides this new science is making in today’s context.

I recently finished reading the book and I have to say, I am greatly impressed. Stephen starts with asking everyone of us as to how much in our opinion do we leave a trail of data ‘explaining’ our tastes and behavior. Our clicks on the humble IE/Firefox/et all are getting captured and monitored by numerous numerati (number crunchers) to understand and gain information about us. He then goes on to mention how marketers are using the same data to provide us with targetted, contextual advertisement to get our business.

Then the author takes us on a journey – as a patient, blogger, lover, and even a terrorist. How the different companies and agencies are tracking information that we unconciously and willfully give to clearly identify us. Clearly many of the applications and systems designed are going to be for our own benefits. But an ethical question is also raised – Do we really want someone to process the information and join the dots to know a private ‘us’?

The digital age is changing the way businesses evaluate the needs of their customers. With the advent of Google and other data rich companies, a completely new discipline that intermixes core skills such as statistical analysis, anthropology, psychology, et cetra is taking birth. What this sector is creating and what impact will it have on our lives is the basic premise of the book. The book is organized very well and provides for an easy read.

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