Today I'm joined by Dr Grace Kite from Magic Numbers to explain the wonderful world of Econometrics. Now before you switch channels bear with me on this one. Data is simply a reflection of people’s individual behaviour and economics is just the science of findings patterns in that behaviour that can tell us something. If there was a Queen of making the data simple and dealing with the people in charge of making the business decisions then its Grace.
What we covered in this episode:
- What is Econometrics and why you do it?
- The critical role of people in any econometric project
- Cristiano, Coke and the complete misattribution of data
- Importance of senior buy-in to an Econometrics project
- Making econometrics like art on a Friday not maths on a Monday
- Marketing as an investment not a cost
- How the data captures the behaviour of people
- What Grace learnt when rebranding her business
- Why Grace has been turning business down
- How Jon created the Uncensored CMO brand in 45mins
- Why every tech company has a blue logo
- Traditional vs Modern marketing and who is right
- Is creative effectiveness really in decline?
- How life stage influences media choice more than anything
- The Wrong and the Right of it and what the data really says
- Why ‘it depends’ is usually the right answer
- The importance of evidence over opinion on social media
- Does paid search actually lead to sales?
- The role of search as a window into consumer demand
- Does Share of Search actually predict demand for your brand
- The one thing Marketers are not talking about but should be
About Dr Grace Kite
With more than 20 years’ experience, Dr Grace Kite is a business economist who’s worked on more than 120 econometrics projects across all the main advertising buying categories. In each of these categories, she has developed deep knowledge on market trends and the true nature of competition.
Grace is a columnist at marketing week and WARC and a regular speaker on marketing effectiveness. With over 4,000 social media followers, she now appears alongside the likes of Mark Ritson and Les Binet. She believes that knowledge that arises from effectiveness analysis doesn’t get fed back to the people that plan campaigns often enough. Her writing and talks set out to ‘lift the lid’ in a way that normal people can understand.
After earning a PhD in Economics, Grace took on increasingly senior roles at Mindshare, Millward Brown, Holmes & Cook, Mediacom, PHD and OMD. In 2010 she founded the business now known as magic numbers.
Her work has led to twelve IPA Effectiveness award winners plus a Cannes Grand Prix. She was a technical judge for the 2020 IPA awards, and will judge for WARC in 2021.