Archive for Penry Price

The End of Intuition? A Discussion with David Edelman

Posted by Penry Price on May 14th, 2013 at 5:08 am

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.

The End of Intuition? A Discussion with Anindya Ghose

Posted by Penry Price on March 27th, 2013 at 8:24 am

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

The End of Intuition: A Discussion with Paul Pellman

Posted by Penry Price on March 13th, 2013 at 6:33 am

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.

The Driving Forces Behind the Data Revolution

Posted by Penry Price on December 20th, 2012 at 3:11 pm

I suspect when John Wanamaker made the observation that "Half the money I spend on advertising is wasted; the trouble is I don't know which half,” he knew he was a century ahead of his time.  Thanks to the Internet and radical advances in ad technology, the industry has introduced a variety of innovative media forms.  But those innovations have only compounded Wanamaker’s age-old struggle to determine which half?
We spend a great deal of time and technology trying to better understand the 50 percent that works.  Assuming we have the best available information (albeit not synthesized and in disparate locations), improving performance requires several tools -- starting with more accountable media channels and better attribution models.  We need a means to analyze the data we have to drive actionable insights.  We need agencies that can seize opportunities, rather than simply react to them.
Before we dive in and start solving the puzzle, though, let’s take a step back and look at the problem.  How did we get to this place, with all this data but little sense of how to connect the dots?  For starters, media audiences have fragmented.  Your key demographic no longer migrates to “must-see TV” on Thursdays.... Read more