August 23, 2005

I'm with Chuck

Does anyone understand econometrics?

A continuing challenge in our industry is how to measure the effectiveness of an ad.

WPP boss Martin Sorrell swears that his company has come up with the answer, and it's something called econometrics.

I have read and re-read an article in the Wall Street Journal on the subject, and I still don't get it.

Here's their explanatory paragraph:

"Econometrics uses statistical analysis to measure the relationship between different sets of events, such as the effect of educational qualifications on wage levels. To determine an advertisement's effectiveness, econometricians write an equation to measure the effect on sales of different factors, including the weather, price cuts and advertising."

As Mike Meyers' Coffee Talk hostess would say, "Discuss among yourselves."

Can anyone decipher that 'explanation'?

Apparently, we are not alone. At an advertising conference in France, Sorrell did his bit on econometrics to which fellow panelist Chuck Porter responded, "I don't understand what we're talking about." The audience cheered and clapped.

I'm sure Sorrell is brilliant. However, my image of him comes from a friend who sat next to him at the Wimbeldon tennis finals. Sorrell spent the entire time communicating on his Blackberry. Get a grip, Sir Martin!

Capturing Youth

New York's Metropolitan Museum of Art - with more than 5 million visitors annually - is the city's most popular visitor attraction. When I was there last week, I was struck - as always - by the wonderfully diverse group of visitors...all ages, all backgrounds.

The Met has succeeded where so many other arts organizations have failed...they successfully attract young people.

I'm not sure how they do it. But I was interested to read about some of the initiatives that other arts organizations - specifically symphonies - are trying.

For example, the New World Symphony in Miami Beach will play four 20-minute concers in one evening, each on the hour, from 7 to 10.

At the Milwaukee Symphony Orchestra's "Classical Connections" series, you can speed date, take salsa lessons or exchange resumes before the performance...which consists of a shortened concert with onstage commentary and occasional video.

The Cincinnati Symphony Orchestra has a Thursday night series that provides free dinners.

Researchers have concluded, "Focus on what the audience wants, loosen the definition of classical music, pay more attention to social functions, and offer lots of visual stimulation."

I suppose some people would call these initiatives gimmicks. But maybe they're innovations.

Regardless, doing the same thing inevitably leads to getting the same results. If arts organizations don't shake it up, they'll die with their audiences.