When I was studying statistics at university I was told about a project that a previous year’s student had conducted on weather forecasting. The story went that, after studying lots of data about the weather, the best way of predicting it was to say that tomorrow’s weather would be the same as todays. The same is true for predicting almost anything to do with consumers. The best way of seeing into the future is to assume people will buy tomorrow what they have today. Regrettably, this isn’t a very empowering model to use. Of course, you could change the world with your product launch or marketing plan and render the ‘what happened yesterday’ model obsolete. When this happens it really stands out and we pay considerable attention to it. However, this awareness is a bias that makes us underappreciate the fact that, mostly, things stay more or less the same. […]

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