For Peter Horst, It’s Critical To Recognize Simple Human Truths
Analytics can answer the “what” but not the “why” a consumer behaves a certain way, according to Hershey’s former CMO, who addresses the inherent challenge of applying big data and analytics to human behavior.
Peter Horst is a former CMO at The Hershey Company. Prior to that, he spent 12 years at Capital One and was CMO of TD Ameritrade. During this week’s “Marketing Today” podcast, he discusses a range of topics but speaks at length on the inherent challenge of applying big data and analytics to human behavior.
“It’s going to get increasingly more challenging to maintain that right balance of art and science, of machine speed and human insight,” Horst said. “All the analytics in the world still can’t answer the question, ‘Why?’ And you can run into the risk of horribly missing the boat with the consumer.”
He went on to add, “We absolutely need to embrace all of what big data and analytics can do, but while also stepping back and bringing in a little bit of skepticism.”
Highlights from this week’s “Marketing Today” podcast include:
- Let’s get digital: How CMOs should be thinking about digital. (5:30)
- Reach versus targeting: What are you trying to do? (10:15)
- Determining digital’s role, brand by brand. (12:00)
- Connecting all the dots: The importance of “whole-brain” marketing. (17:55)
- Deciding what kind of agency you want in your marketing mix. (21:20)
- How agencies need to evolve to provide the thought leadership brand marketers seek. (23:10)
- Brands to take notice of: Horst discusses Airbnb. (26:35)