Marketers need intuition more than ever before. The masses of data that they can analyze, and the tools available, can certainly find interesting patterns on their own, but that is just one ingredient in the value creation recipe. Since there’s so much data out there, good intuition (and by that, I’m including judgment as well) is necessary to set priorities for what to look for, what matters to the customer, what the competitive landscape looks like and how behaviors are changing over time.
In the first installment of this series, we got the perspective of Paul Pellman, CEO of Adometry, on how data and measurement collide with the intuition of advertisers and marketers across the industry. As part of our effort to bridge the worlds of advertising and academia, I spoke with Anindya Ghose, NYU professor and co-director of the Stern Center for Business Analytics. Anindya’s research is all about measuring and quantifying cross-media, cross-device and cross-platform synergies in digital marketing and social media to determine true reach and value. He provides an interesting perspective and window into the future.
What is your take on how the data science revolution in advertising changes the role of intuition?
The last few decades have been a gradual evolution from the Mad Men era. Traditionally, strategic decisions were made by the advertiser’s gut instincts. Pour some scotch, sit back on your leather sofa, and wait for inspiration to strike with the next idea of a slogan consumers can’t resist. That evolution has accelerated, and the advertising world now looks a lot more like revenge of the nerds. Data scientists are the new sexy professionals. There is still a place for creative, but data now drives all aspects of... Read more
Advertisers have always trusted their guts when it comes to connecting with consumers. But, how do we really know that works? Enter data science. The numbers are out there to tell us if campaigns are truly effective, and it’s sparking a debate over the end of intuition.