Wanamaker Was Wrong. The Vast Majority Of Advertising Is Wasted.
|09/21/2016||Posted by BusinessMediaguide.Com under General World News||
Nineteenth-century Philadelphia retailer John Wanamaker supposedly said “Half the money I spend on advertising is wasted; the trouble is I don’t know which half.” 21st century Philadelphia Wharton marketing professor Peter Fader has found a way beyond mass marketing to targeted marketing to understanding Customer Lifetime Value (CLV). His main conclusion is that a very small proportion of your current and potential customers account for a very large proportion of your profitability. So, relentlessly focus your marketing resources on those individuals.
But focus those resources differently.
As Orwell put it, “All animals are equal, but some animals are more equal than others.” read more >>>