Episode 33: Marketing Science
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Looking Outside is for curious people looking for a fresh take on familiar topics, in business and beyond.
Marketing is often thought of as a creative field, in part because it leans into the art of negotiation to sell a product, but it must be done with rigor. In this episode, we explore that rigorous side of marketing, and the research that should shape its decisions, with Marketing Science research professor and Director of the Ehrenberg-Bass Institute, Byron Sharp.
Naturally curious and a lover of history, Byron sprinkles nuggets of real world truths, as he explains how marketing research is not geeky mathematics or engineering, but the observation of real people and their reaction to what they desire or require.
Marketing science is at its core punk, or anti-establishment, and because of this Byron challenges any purist academic to ‘get out of the lab’ and the marketing bubble, and into the real world. There you must put aside your assumptions about what works based on isolated cases, or personal passions, and any snobbery you may hold about unglamourous categories, and seek out the patterns that form evidence. “Look and you will see,” Byron says, because most people don't bother to really look.
Through evidence, and a methodical approach to separating what works and what doesn’t, guardrails for marketing become evident; guardrails, Byron says, that allow you the freedom to be more creative within a framework of success.
Jo and Byron also discuss how making people things they want to buy, and making profit from this – in essence, the marketing economy - is not a shameful thing. And while we all want the world to be a better place, marketers must make decisions based on the logic of human behavior, and treat their brand’s budgets with measured discipline.
To look outside, Byron places himself literally in a different environment. Particularly if he is doing work that requires sustained deep thinking, lifting his head from the computer or walking out of the office and seeing something exciting and new can make it easier to think more creatively. This can be working out of a different location, going into a foreign supermarket or catching public transport ... the key is to leave your everyday environment and be open to surprise.
Byron Sharp is a Professor of Marketing Science and Director of the Ehrenberg-Bass Institute – the world’s largest centre for research into marketing.
Byron calls himself an old-fashioned scientist (known for research that seeks to discover and describe law-like patterns) who studies a 'new' area – marketing (buying behaviour and brand competition).
His first book How Brands Grow: what marketers don’t know has been called one of the most influential marketing books of the past decade (Warc, 2015) and was voted marketing book of the year by AdAge readers. In 2015 he published the follow-up How Brands Grow Part 2 with Professor Jenni Romaniuk. He has also written a textbook Marketing: Theory, Evidence, Practice which reflects modern knowledge about marketing and evidence-based thinking. The revised 2nd edition of the textbook was published in 2017.
Byron has co-hosted, with Professor Jerry Wind, two conferences at the Wharton Business School on the laws of advertising, and is on the editorial board of five journals.
Follow Byron on LinkedIn and Twitter @ProfByron.
Learn more about the Ehrenberg-Bass Institute, based out of University of South Australia: www.marketingscience.info or on LinkedIn and Twitter.
Check out the original How Brands Grow book and the revision How Brands Grow Part 2.
Buy both books on Amazon.
