Rory Sutherland on Data and Marketing/ Digital Marketing Course from 42courses.
Channel: 42courses
Date: 2020-08-02

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Beware: Big data can equal big bullsh*t 🙊

Though an increase of data can be potentially useful and valuable, there does lie the issue (according to Rory Sutherland) of new datasets outnumbering people competent to analyse them leading to some crazy conclusions. 

Awareness of hidden variables can throw off your research, and ‘a solution for average is not a solution for everyone, it’s a solution for nobody.’

Understanding the statistics you read as a digital marketer is an important skill, as is putting those statistics to work for you. 

From Rory:
"So you won't be able to progress very far in marketing without hearing someone talking about data, particularly big data. Big data contains within it a slightly dangerous assumption which is that more data is always better. Be a little bit careful of that because when you have more data and when you have more variables your chance of generating truths and interesting insights goes up but the amount that's generated also increases and at an even faster rate, so problems like false correlations for example. 

"Correlation is actually a very weak measure in many ways. Also things like what's occasionally called compounding variables. In other words, there's another variable which you don't have which is causing the correlation and which therefore leads people to assume causation when of course absolutely none exists and can cause people to intervene in the wrong place.

"Generally there are some bits of good news. I don't want to come across as some sort of doomsayer about this except to say that there is the potential with big data that there is far
more data sets around than there are people who are statistically competent enough to analyse them and so the potential for truly insane conclusions being reached has actually gone up."

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