Profiting from the Data Economy
Understanding the Roles of Consumers, Innovators and Regulators in a Data-Driven World
1st Edition
Published on 6. October 2014
978-0-13-381984-7 (ISBN)
Description
Today, the insights available through "big data" are potentially limitless - ranging from improved product recommendations and more well-targeted promotions to more efficient public agencies. In Profiting From the Data Economy, cutting-edge academic researcher, David Schweidel, considers the role that individual consumers, innovators and government will play in shaping tomorrow's data economy. For each group, the author identifies both what can be gained and what is at stake. Writing for decision-makers, strategists, and stakeholders of all kinds, he reveals how today's data explosion will affect consumers' relationships with businesses, and the roles government may play in the process. The book puts you in the shoes of individuals generating data, innovators seeking to capitalize on it, and regulators seeking to protect consumers - and shows how all these roles will be increasingly interconnected in the future. For analytics executives; senior managers; CIOs, CEOs, CMOs; marketing specialists, and analysts; and consultants involved with Big Data, marketing, customer privacy, or related issues. This guide will also be valuable in many business analytics, digital marketing, and social media courses and academic programs.
More details
Series
Language
English
Place of publication
United States
Publishing group
Pearson Education (US)
Target group
College/higher education
ISBN-13
978-0-13-381984-7 (9780133819847)
Copyright in bibliographic data and cover images is held by Nielsen Book Services Limited or by the publishers or by their respective licensors: all rights reserved.
Schweitzer Classification
Other editions
Additional editions
David A. Schweidel
Profiting from the Data Economy
Understanding the Roles of Consumers, Innovators and Regulators in a Data-Driven World
Book
10/2014
Pearson FT Press
€49.59
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Person
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.
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.
Content
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
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
