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Wanamaker Was Wrong. The Vast Majority Of Advertising Is Wasted.

Nineteenth-century Philadelphia retailer John Wanamaker supposedly said "Half the money I spend on advertising is wasted; the trouble is I don't know which half." 21st century Philadelphia Wharton marketing professor Peter Fader has found a way beyond mass marketing to targeted marketing to understanding Customer Lifetime Value (CLV). His main conclusion is that a very small proportion of your current and potential customers account for a very large proportion of your profitability.
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