10. What’s Next for the Data Economy?
Smaller brands typically attract fewer customers compared to larger brands. On top of this, customers tend to buy smaller brands less frequently compared to their larger counterparts. This phenomenon was referred to as “double jeopardy” by sociologist William McPhee in the 1960s and has subsequently been found to apply to a number of different contexts. For example, researchers have found that double jeopardy applies to consumers’ store choices and brand choices.1 Applied more recently, Harvard marketing professor Anita Elberse identified similar patterns in investigating the dominance of blockbuster offerings compared to niche products in customers’ music and movie choices.2