How Machine Learning has Finally Solved Wanamaker’s Dilemma

author: Oliver Downs, Analytical Insights, Inc.
published: Sept. 5, 2016,   recorded: August 2016,   views: 1497
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Description

We are all familiar with John Wanamaker’s famous quote: “Half the money I spend on advertising is wasted; the trouble is I don’t know which half.” What’s ironic is that Wanamaker’s dilemma is as much the marketer’s dilemma today as it was in the 1900’s. In an increasingly sophisticated marketing environment, where new marketing tools have enabled more precise targeting and marketing measurement than ever before, the challenge of solving Wanamaker’s dilemma has still loomed – that is, until now. In this talk, I will show you how at Amplero we have solved what’s not humanly possible to solve, making available to marketers an AI-powered marketing technology that makes use of dynamic machine learning at massive scale to enable smarter, more effective marketing. In particular, I will focus on the revolution of multi-armed bandit experimentation coupled with machine learning, highlighting what it means for today’s marketer, and specifically the marketer’s ability to directly impact business KPIs and customer lifetime value. As part of my presentation I will share experiences and examples from our work with BtoC enterprises with 10M’s of customers.

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