WEBVTT NOTE This file was generated by Descript 00:00:00.080 --> 00:00:01.260 Okay, let's do this. 00:00:01.750 --> 00:00:04.950 Today, I'm going to teach you something about digital marketing. 00:00:05.120 --> 00:00:08.239 For half a century, consumers media consumption was 00:00:08.260 --> 00:00:10.159 dominated by offline media. 00:00:10.380 --> 00:00:14.740 Today, more than half of all the media we consume comes through digital channels. 00:00:15.099 --> 00:00:18.169 Reaching consumers through digital channels offers several 00:00:18.170 --> 00:00:19.959 advantages over traditional media. 00:00:21.450 --> 00:00:25.650 First, firms ability to target specific consumers has increased greatly. 00:00:25.939 --> 00:00:30.369 For example, an online retailer can decide to advertise only to those consumers 00:00:30.429 --> 00:00:32.170 that have visited its online store. 00:00:32.549 --> 00:00:35.739 The second big advantage of digital marketing is measurement. 00:00:36.120 --> 00:00:39.850 Online, it's possible to track individual consumers across 00:00:39.890 --> 00:00:41.770 time and even across devices. 00:00:42.550 --> 00:00:44.770 With measurement comes the ability to optimize. 00:00:45.220 --> 00:00:49.160 Testing two different advertising campaigns, so called A B testing, 00:00:49.370 --> 00:00:53.449 is easy in digital marketing, yet many firms struggle to embrace it. 00:00:53.839 --> 00:00:54.289 Why? 00:00:54.835 --> 00:00:58.355 One inhibitor for digital marketing acceptance is novelty. 00:00:58.835 --> 00:01:03.134 Digital marketing instruments are still in the flux and come and go quickly. 00:01:03.595 --> 00:01:07.544 Moreover, understanding and integrating the various digital marketing 00:01:07.554 --> 00:01:09.485 instruments is not an easy task. 00:01:09.944 --> 00:01:14.244 Surefire ways for using them don't exist, yet which potentially exposes 00:01:14.394 --> 00:01:16.134 advertisers to risk of failure. 00:01:16.664 --> 00:01:19.294 The most important challenge, however, is mindset. 00:01:19.785 --> 00:01:24.164 For 50 years, marketing executives based their decisions on intuition. 00:01:24.304 --> 00:01:26.054 Experience and gut feelings. 00:01:26.455 --> 00:01:30.324 Today, marketing executives need analytical skills, at least as 00:01:30.345 --> 00:01:34.294 much as they need intuition for a successful digital marketing campaign.