“The dashboard, the insight's never enough. You need to get either to the decision, or you need to get to the doing of the thing.”
quote is from the automated transcript, cleaned for reading:
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More from Corey Pearson
Insight
Retail churn is fuzzy and non-deterministic compared to subscription businesses
“And in the world of retail, this concept of churn is really fuzzy. So Netflix knows when their customers quit, you know, because you actually cancel. But a retailer, you know, your big retail brand, Amazon or something, and you had this customer who was orderi…”
Corey PearsonMar 3, 2014▶ 12:53Corey Pearson, Custora // Data Driven NYC 23 // January 2014 (Hosted by FirstMark Capital)
AssertionNot checkable as stated
Retailers lose 80% of customers who go inactive for 4-5 months
“What you can do is say, hey, a customer that kind of looked like this, that had this pattern, that ordered with this frequency, that bought this kind of stuff, if they go quiet for four or five months, 80% of the time, they never return.”
Corey PearsonMar 3, 2014▶ 13:31Corey Pearson, Custora // Data Driven NYC 23 // January 2014 (Hosted by FirstMark Capital)
Insight
Algorithms cannot replace human marketers trying novel creative ideas
“There's something very, ah, helpful about having marketers in the mix there where they say, well, you know what, you know, that, that model will never realize necessarily, well, maybe we should try a funny email, or maybe we should try this type of communicati…”
Corey PearsonMar 3, 2014▶ 22:21Corey Pearson, Custora // Data Driven NYC 23 // January 2014 (Hosted by FirstMark Capital)
Disclosure
Custora relies heavily on R for statistical analysis and predictive modeling
“Just like Rent the Runway, we're built, we use a lot of R to do a lot of this, ah, heavy lifting with statistics”
Corey PearsonMar 3, 2014▶ 4:54Corey Pearson, Custora // Data Driven NYC 23 // January 2014 (Hosted by FirstMark Capital)
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