In this video from McKinsey & Company, Inc., Duncan Watts, principal research scientist at Yahoo! Research, talks about making better predictions though data and how that relates to our limits of intuition. He also touches on the importance of measuring and reacting and why a more scientific approach to data is combating conventional wisdom.
“The marketing world is about to experience a shock. We have these spontaneous intuitions about why people do certain things and how we can make them do other things, whether it’s engaging with our brand or buying our product or evangelizing our product to other people. We tell ourselves plausible stories about how consumers are going to behave if we do x, y, and z. But then when you actually get the data, they don’t do that. They don’t do anything crazy; they just do something different from what you expected.”
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This video is part of the McKinsey Future of Marketing series – check out other videos in the series below:
The Future of Marketing: Duncan Watts, Yahoo! Research
The Future of Marketing: John Hayes, American Express
The Future of Marketing: How The Role Of Brands Has Changed
The Future of Marketing: The Four Features Of A Successful Marketing Campaign