Profiting from the Data Economy

David A. Schweidel is Associate Professor of Marketing and Co-Director of Emory Marketing Analytics Center (EmoryMAC) at the Goizueta Business School of Emory University.    Schweidel received his B.A. in mathematics, M.A. in statistics, and Ph.D. in marketing from the University of Pennsylvania. Prior to joining Emory in 2012, he was on the faculty of the Wisconsin School of Business at the University of Wisconsin-Madison.    Schweidel is an expert in the areas of customer relationship management and marketing intelligence. His research focuses on the development and application of statistical models to understand customer behavior and inform managerial decisions. His research has appeared in leading business journals, including Journal of Marketing, Journal of Marketing Research, Marketing Science, and Management Science. His research has garnered numerous awards, including the Gaumnitz Junior Faculty Research Award from the Wisconsin School of Business and the Marketing Science Institute’s Buzzell Award. He has been recognized as a leading scholar by the Marketing Science Institute’s Young Scholar program and by Poets and Quants’ “Top 40 Under 40.” Based on his research, he has consulted for companies such as eBay and HP Labs.    Schweidel has previously taught courses in data analysis and customer relationship management. Currently, he teaches one of the first courses offered at a top business school in digital and social media strategy. His teaching has been recognized at the Wisconsin School of Business, where he received the Chipman Faculty Award for Excellence in Teaching (2011). He also received the junior faculty teaching award from the MBA program at Goizueta (2014). In addition to his work in the classroom, he has led tutorials at conferences, including the INFORMS Business Analytics conference and the AMA Analytics with Purpose conference. He has also spoken at conferences such as the AMA Advanced Research Techniques forum, INFORMS Marketing Science conference, and the Marketing Science Institute’s Marketing Analytics in a Data-Rich Environment conference.    Schweidel is the author of Social Media Intelligence (Cambridge University Press), in which he and his co-author discuss how organizations can leverage social media data to inform their marketing strategies.

   Foreword   xiv
   Preface   xviii
Chapter 1  Beyond Big Data   1
   Searching for the Next Generation of Quants   2
   From Big Data’s Past to Its Future   5
   Characterizing Big Data   6
   Is Big Data a Strategy?   9
   Data Versus Insights   10
   Data and Value   12
   Value for Value   16
   Endnotes   20
Chapter 2  Building Businesses   23
   Back to Marketing Basics    23
   Putting Marketing Analytics to Use   27
   Internet-Based Businesses: Is Content or Context King?   32
   Social (Marketing) Networks   38
   Common Ground   44
   Discussion Questions: How Do We Reveal Ourselves Online?   45
   Endnotes   46
Chapter 3  Refining Practice   51
   Old Media? New Media? Just Media   52
   Better Data, Better Ad Targeting   57
   Old Media Meets New Media   59
   What’s Your Life Worth?   64
   Timing’s Everything   66
   You’re Where?   69
   Discussion Questions: Reaching Today’s Consumer   71
   Endnotes   72
Chapter 4  Improving Public Service   77
   Can Data Protect and Serve?   78
   Big Findings in Public Data   80
   Quality Trumps Quantity   83
   Compiling Data to Inform the Public   88
   Consumers and Providers of Data   90
   Discussion Questions: Data Science for Social Good   92
   Endnotes   93
Chapter 5  Today’s Data Economy 97
   The Groundwork   97
   The Current Exchange   100
   The Foundation of the Data Economy: Customer-Centric Marketing   108
   Customer-Centric Investments in Data   114
   Discussion Questions: The Collaborative Consumer   118
   Endnotes   119
Chapter 6  Cracks in the Foundation of the Data Economy   123
   Privacy in Customer Data   125
   Learning Who Your Customers Are   127
   Why Marketers Need to Engage in the Debate   130
   Transparent Practices, Informed Customers   135
   Sharing the Value of Data   140
   My Actions, My Data?   141
   Discussion Questions: The Hierarchy of Personal Data   144
   Endnotes   146
Chapter 7  Harbingers of Change   151
   Demand-Based Pricing   151
   The Consumer Highway to Hell?   156
   Benefiting from Price Discrimination   160
   Consumers’ Comfort with Leveraging the Data Exhaust   163
   Discussion Questions: Valuing Consumer Data   169
   Endnotes   170
Chapter 8  In Need of Oversight?   173
   Valuing Consumer Privacy   173
   Profiling by Association   176
   Data Sharing Free-for-All   180
   Consumer Data, But at What Cost?   185
   Data-Driven Discrimination   189
   Socially Acceptable Segmentation?   192
   Discussion Questions: Protecting Consumers Throughout the Data Value Chain   196
   Endnotes   197
Chapter 9  The Race for Resource   203
   Want Consumer Data? Pay to Play   203
   Exchanging Products and Services for Consumer Data   205
   Data Acquisition Free-for-All   208
   Empowering and Informing Consumers   211
   Reshaping the Media Landscape   214
   Consumer Data as a Financial Asset   218
   Do We Need Regulators in the Data Economy?   220
   Education as Part of Data Regulation?   224
   Can Consumer Control Ensure Competition?   227
   Discussion Questions: Empowering Consumers to Regulate Access to Personal Data   228
   Endnotes   229
Chapter 10  What’s Next for the Data Economy?   235
   Moving Beyond Double Jeopardy   235
   The Changing Face of Innovation   237
   Can Consumer Data Contribute to Competition?   239
   Smarter Practice, but How Far Is Too Far?   241
   The Cost of Data-Driven Innovation   .244
   An Appropriate Role for Government?   246
   A Right to Digital Privacy?   249
   Endnotes   252
Afterword   257
Index   259
 

The profound and unexplored implications of big data for companies, consumers, innovators, and regulators