Why it matters
Data science has enormous value for marketing in extracting meaningful information from data and discerning the right insights. However, it is still a long way from being an established science and its application must be considered and not divorced from the complex realities that businesses operate in.
- Hire data scientists that look at context first before data to solve a problem.
- Context is critical because in many cases it tells a completely different story to the one the data appears to be telling.
- Marketers must think about causality when determining attribution and ROI on media investments.
Melbourne Business School’s Ujwal Kayande believes the industry is neglecting to think about cause and effect – otherwise known as science – and it’s hindering efforts to create lasting, effective marketing strategies.