Biz advice from Freakonomics author

Stephen Warley July 19th, 2006

Now that Dr. Steven Levitt has written the best selling “business” book, Freakonomics, he told CTAM attendees that several Fortune 500 companies have approached him to interpret their data. While they appreciated his alternative perspectives about societal trends and behaviors, he said they are less inclined to take his advice when it comes to their business (the truth hurts sometimes). Whether we like to hear it or not, he did impart these bits of advice to help TV execs deal with change:

  • When gathering research, it’s sometimes more useful to put people in unusual situations rather than usual ones. (He once suggested to a movie studio that people should watch movie screenings alone, so that aren’t influenced by members of a focus group.)
  • Build feedback mechanisms. There is so much money being left on the table in the absence of regular dialogue with your consumers.

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