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The 4th and 5th Marketing Revolutions_Data Scientist Age and Bayesian Paradox !

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  • 1. The Quaternary Marketing The 4th and 5th Marketing Revolutions: Data Scientist Age and Bayesian Paradox !Paris, 29th may 2012Bruno TEBOUL

2. The author: Bruno TeboulCorporate Digital Marketing Director(The european leader in ICT)Master of Epistemology(1993 - University of Paris 12)Post Graduate Diploma in Cognitive Neurosciences(1994 - Ecole Polytechnique)Executive MBA(2003 - HEC/UCLA)PhD student in Marketing & Management Science(2012 University Paris-Dauphine) Bruno Teboul 3. The 4th marketing revolution:Data Scientist AgeBruno Teboul 4. The 4th marketing revolution:Data Scientist Age The BIG DATA :Bruno Teboul 5. The 4th marketing revolution: Data Scientist Age The BIG DATA :Bruno Teboul 6. The 4th marketing revolution:Data Scientist Age BIG DATA :In a new paper titled, " Closing the MarketingCapabilities Gap," Wharton School professor GeorgeDay addresses the disconnect between the demands ofmarkets and the ability of firms to meet those demands.Such a gap, he points out, is "costing firms profitabilitynow and competitiveness in the future."Using Days paper -- and also a new IBM study basedon conversations with 1,700 chief marketing officersworldwide -- Day and colleague David Reibstein talkedwith Knowledge@Wharton about the growing flood ofdata, new knowledge sharing technology, the sociallynetworked and ever demanding consumer, and howsome companies are successfully building theircustomer base, among other topics. Bruno Teboul 7. The 4th marketing revolution:Data Scientist Age BIG DATA Unfortunately, older data processingtechnologies (such as Relational DatabaseManagement Systems, or RDBMS) are simply not capable of processing data in volumes that the industry has collectively coined Big Data volumes that are in terabytes/petabytes.As such, we position the consumer as the only real appreciating asset and we tie everything together through the use ofBig Data. Bruno Teboul 8. The 4th marketing revolution: The Data Scientist AgeData enables us to understand customers and to manage contactand content strategy. Data is a core component of integratedmarketing and, via an integrated approach, we can speak with asingle voice across channels and lines of businesses.However, to succeed in a meaningful way at that level ofcustomer centricity, we have to manage all that data in a way thatholistically fuels customer engagement and experience. Thateffort requires a whole ecosystem of people, processes, andtechnology.Even the most sophisticated and modern businesses today aresurprisingly ill equipped to manage even the most basic digitalmarketing standards and activities, let alone jettison forward intothe new world of Big Data techniques.Bruno Teboul 9. The 4th marketing revolution:Data Scientist Age A data scientist represents an evolution from the business or data analyst role. Anjul Bhambhri, vice president of big data products at IBM, says, A data scientist is somebody who is inquisitive, who can stare at data and spot trends. Its almost like a Renaissance individual who really wants to learn and bring change to an organization. A Data Scientist need to have the mathematics, statistics, and computer science skills in order to really work with data and be able to analyze it Bruno Teboul 10. The 4th marketing revolution:The Data Scientist AgeBruno Teboul 11. The 5th marketing revolution:The Bayesian paradoxBruno Teboul 12. The 5th marketing revolution: The bayesian paradox The Bayesian Paradox: Human beings are not Bayesian, as it is necessary to use the power of Bayesian computation (through thelanguage R ) such probabilistic modeling for predictiveanalysis. Bruno Teboul 13. The 5th marketing revolution: The bayesian paradox Bruno Teboul 14. The 5th marketing revolution:The Bayesian paradoxDaniel Kahneman Amos TverskyIntuitive statistical judgment and inference havebeen most famously studied within the heuristicsand biases tradition of Amos Tversky and DanielKahneman .The idea is that people assess uncertainty by useof simple heuristics that are often effective but canlead to cognitive biases.Bruno Teboul 15. Bruno Teboul 16. The 5th marketing revolution: The Bayesian paradox End of the HomoEconomicus Myth !Bruno Teboul 17. John Maynard Keynes Herbert Simon Pierre Boudieu Ludwig Von MisesThe 5th marketing revolution:The Bayesian paradoxBruno Teboul 18. The 5th marketing revolution:The bayesian paradoxTherefore, the judgment can not be perfectlypredicted by the standard Bayesian.The hypothesis of a "man statistician" in nature nolonger holds and the effects of this scientificstatement are serious consequences for the basictenets of traditional marketing.It is both notable and regrettable that the 13thedition of Marketing Management by Philip Kotlerdedicates only a single page "with heuristics"whereas 800 pages are dedicated to thediscoveries of the psychology of reasoning andcognitive neuroscience, which refute the theory of"homo economicus, the conceptual basis oftraditional marketing, the legacy of themicroeconomics of the same period.Bruno Teboul 19. The 5th marketingrevolution:The bayesian paradoxBruno Teboul 20. The 5th marketing revolution:The bayesian paradoxBruno Teboul