Faris Yakob on Why Averages Don't Exist
Cross Tabs
The Beauty of Averages and Ethical Data Practices
This chapter explores the appeal of averages and the normal distribution, emphasizing the tendency to overlook outliers in data. It also highlights ethical considerations in data manipulation and underscores the value of authentic content creation.
The wealth divide is reshaping consumer markets, with 10% of households now driving 50% of all consumer spending in America while the majority struggle with inflation and debt. This economic distortion, hidden by misleading averages, is now colliding with new international tariffs that threaten to remove entire categories of goods from store shelves.
In this episode of Cross Tabs, Farrah interviews brand strategist Faris Yakob about how misunderstood economic metrics mask the real consumer experience. They discuss how the stock market crash will impact wealthy consumers who've been propping up economic growth, why statistical averages are increasingly misleading when wealth distribution looks nothing like a bell curve, and how political polarization mirrors these economic divisions. Yakob provides fascinating context for why so many Americans feel economically squeezed despite positive macroeconomic indicators.
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Resources
The Road to Somewhere by David Goodhart
'What the Comfort Class Doesn't Get' by Xochitl Gonzalez in The Atlantic
“Strands of Genius” newsletter by Faris Yakob
Paid Attention by Faris Yakob
Our Guest
Faris is the co-founder of Genius Steals, a nomadic creative consultancy that works with brands, agencies and events. He and his partner Rosie speak at conferences and corporate events all over the world and have been living nomadically in between engagements for the last 7 years.
Previously he held senior agency roles at Naked Communications, McCann and MDC Partners, in London, Sydney and NYC. He is the author of Paid Attention: Innovative Advertising, writes a monthly column on effective brand communication, and bylines include Fast Company, Financial Times, The Guardian, Economic Times of India Brand Equity, and Campaign.
Your Host
Farrah Bostic is the founder of The Difference Engine, a strategic research and innovation consultancy. Drawing on her extensive background in research and strategy, she examines how power dynamics and data patterns shape both democratic institutions and market environments, bringing a sharp analytical perspective to the intersection of politics, data, and business.
Her incisive questioning style and ability to connect political movements with business implications makes Cross Tabs essential listening for political analysts, business leaders, and engaged citizens seeking to understand the forces shaping our political and economic landscapes.
Learn more about Farrah’s experience helping B2B and B2C companies across various industries turn audience insights into effective strategies at thedifferenceengine.co, and be sure to connect with her on LinkedIn if you’d like to discuss how The Difference Engine can help your business grow with authentic customer insights.
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