How To Minimize Regret

The term “minimizing regret” in scientific circles can be defined as using experiments to minimize patient loss.  A scary proposition to bring up in a marketing-related blog, but a reality of scientific experimentation.   This is also a key term if you’ve ever been to Las Vegas and lost your money.   Not how much can I win, but how long can I play before losing?    Regret theory is a fascinating side of human behavior. Most believe marketing’s key principle is to spend the least amount you can to derive the maximum “impact” for your company in the shortest time possible, right? Impact is a key term here. It has wildly different meanings to each business, but for the sake of this argument, let’s say impact is revenue increase.   Most look at…

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