A marketing expert and entrepreneur tells why marketing strategies not based on hard data are doomed to fail.
In his forthcoming book, Predatory Marketing, C. Britt Beemer, founder of America's Research Group (ARG), argues that marketing strategies not based on hard data are doomed to fail:
"For as long as anyone can remember, the upper-end furniture industry assumed that people with bigger incomes make up the high-end furniture buyer....[But an] ARG study revealed there is only a 65 percent correlation....[We also] learned there was only a 38 percent correlation between education level and high-end furniture purchases....
"In over 95 percent of the high-end furniture purchases, the single factor that influences Americans most is how often they entertain guests in their home....With this information, many new avenues are opened to high-end furniture manufacturers and retailers.... Architectural Digest [is] filled with ads that cater to this furniture-affluent shopper. But a far better place to reach these consumers would be magazines such as Gourmet or Bon Appetit."