Big data has transformed the way we do business. It’s changing the game of marketing to the point that long-held maxims are no longer true.
Previously, marketing was considered a fixed cost. But thanks to constantly incoming data, marketers can use instant feedback to pivot campaigns. The success of coupons used to be judged based on how many were redeemed; now we can see that even customers who don’t use the coupons they’re sent increase their spending. And television advertising isn’t dead: It improves the effectiveness of paid search and display ads down the line.
In this Three Things video, Darden Professor Raj Venkatesan explains how big data is shattering major myths about marketing.