Why Data Matters in Marketing

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Professor Gunter Hitsch

Guest post by Professor Günter J. Hitsch

If you want to be a more effective marketer, learn some data science. In this era of data-driven marketing, being able to analyze data is critical to understanding consumer decision-making. That’s why I challenge my students to dig into the data, and use it to support business decisions.

In my newest class, Data Science for Marketing Decision Making, I aim to immerse students in data-driven marketing techniques. Using modern data-processing tools, my students examine massive amounts of data in order to implement key marketing decisions. Analyzing these data allows us to predict the impact on everything from pricing and advertising, to customer profitability and the return on investment from customer targeting.

We are incredibly fortunate at Booth to have access to several Nielsen databases, which are housed at the Kilts Center for Marketing. The Kilts Center is very important to my work and the level to which I’m able to incorporate consumer research into my projects and curriculum. I want students to walk out of my class with a different way of thinking about marketing.
 
One of my students published a blog earlier this month about how his view of marketing has changed. What he once thought was a “soft” field has become a model for how to use data and hard evidence to make informed decisions. Read the blog here » 

 
Gunter HitschGünter J. Hitsch joined Chicago Booth faculty in 2001. Professor Hitsch’s recent research focuses on the application and development of ideas from the machine learning and causal inference literatures in marketing and industrial organization, including customer-targeting and optimal pricing. His work has been widely published, and he is the recipient of two Kilts Center Fellowships—a True North Communications Inc. Scholarship and a Fellowship from the Ministry of Science in Austria.