In this episode of The Flux, host John Cordier interviews Matt Madden, Director of the BYU Marketing Lab, about his work in making complex statistics and marketing analytics accessible. Madden discusses the lab's unique approach, which allows students to apply their skills in real-world consulting projects. They delve into key topics like market research techniques such as conjoint analysis, which helps students and clients understand consumer behavior more accurately than traditional surveys.
Madden shares his journey from math education to statistics and ultimately to marketing, providing insights into how data can guide consumer insights while acknowledging its limitations. He highlights the challenges of relying solely on past data, emphasizing the need for creativity and risk-taking in decision-making. They also discuss integrating newer technologies, like AI and machine learning, into marketing analytics, exploring both the opportunities and concerns associated with increased data availability. Madden further addresses the importance of qualitative data, its challenges, and the evolving nature of market research.
The episode closes with advice for students entering the marketing field, focusing on the importance of resilience, saying "no" to prevent burnout and the necessity of balancing data-driven decisions with human creativity and empathy.
This episode is a must-listen for marketers, data enthusiasts, and business professionals seeking to harness data analytics while maintaining a consumer-focused, ethical approach.
00:00 Introduction to The Flux
00:45 Meet Matt Madden: BYU Marketing Lab Director
01:03 The BYU Marketing Lab: Real Consulting Experience
02:08 Conjoint Analysis: A Market Research Technique
05:59 From Math Education to Marketing Analytics
07:32 Predictive Modeling in Healthcare
11:14 The Future of Marketing Analytics
13:39 Challenges in Data Privacy and Forecasting
20:02 Entrepreneurship and Qualitative Data at Scale
24:18 Industry's Overexposure to Surveys
24:44 Consumer Feedback Fatigue
25:32 A Rare Example of Effective Feedback
27:04 The Importance of Data in Business Decisions
27:58 Challenges for Small Businesses in Using Data
30:30 Disaster Recovery in Data Analytics
32:59 The Future of Modeling and Machine Learning
35:33 Advancements in User Interface and Visualization
37:28 The Evolution of Programming Languages
41:19 Advice for Graduating Students
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