In my blog, “Five Marketing Pet Peeves” I mention that it is important for marketers to be dynamic, to always adjust. Margaret R. McDowell discusses the same principles of adjusting and dynamic predictions in her article about famous statistician Nate Silver.
The idea that marketers, statisticians, and analysts (or anyone else) would adjust their predictions after the fact that they’ve made them irks some people. These people think that, by their nature, predictions should be static. On the contrary, Nate Silver believes people should adjust their predictions as more data flows in. Marketers must adopt Silver’s method of adjusting predictions in order to rationally and dynamically anticipate consumers’ wants.
Marketers have access to a wealth of data—data that is constantly updated. They should use this data in its most current (and thus most accurate) state. The question, according to McDowell, is why “wouldn’t everyone utilize new and dynamic empirical evidence”? There is no reasonable answer. Marketers should adjust predictions on an ongoing basis according to the latest data and trends.