Synopsis
At the vanguard of the Internet revolution are two computer scientists from Minnesota who are pioneers of Collaborative Filtering (CF). CF is a technology that enables companies to understand their customers and in turn sell products, goods, and services with remarkable success. To test CF, John Riedl and Joseph Konstan built two Internet sites, MovieLens and GroupLens, that allowed users to customize their preferences for movies and news. The results were astounding -- MovieLens demonstrated amazing accuracy, almost ensuring that the recommendation would prove enjoyable. In "Word of Mouse," the authors analyze dozens of companies from Best Buy to Amazon to TiVo -- and show what these companies are doing right -- and what they are doing wrong. Riedl and Konstan map out a broad range of strategies that companies can employ to raise revenue, customer loyalty, and satisfaction.
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About the Author
John Riedl is co-founder and Chief Scientist at Net Perceptions, the leading real-time personalization company on the Internet. His research includes GroupLens-the innovative technology that led to the founding of Net Perceptions. Joseph Konstan, also a co-founder of Net Perceptions, is the author of many papers and holds a Ph.D. in computer science from U.C. Berkeley.
Reviews
It's a long jump from early dot-com collaborative filtering to the world of absolute marketing depicted in Minority Report, but the underlying principle remains the same: gather information about your customers' preferences and purchases in order to increase future sales. Collaborative filtering software pioneers Riedl and Konstan effectively describe the initial steps toward tagging individual consumer likes and dislikes and turning that information into individualized marketing. While most of us may be trying to forget about the super-hyped promise of e-commerce, this book outlines the steps companies have taken to profile online customers and create content that pushes the spending buttons. The authors acknowledge the utter disaster of early online retailing while explaining how the Internet can be used to learn consumer behavior. Though Internet retailing has a tarnished reputation, the future of product marketing is being hammered out online. Readers may roll their eyes at yet more references to the marketing practices of Amazon and Priceline.com, but there really is monumental work being done to match consumer desires with products-and this books details the progress.
Copyright 2002 Reed Business Information, Inc.
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