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Big Data, Stupid Decisions / Strata Jumpstart 2011 / Panos Ipeirotis / http://www.youtube.com/watch?v=LXDFwphuwCs

by Panos Ipeirotis on Sep 19, 2011

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Strata Jumpstart, New York, September 19 2011 ...

Strata Jumpstart, New York, September 19 2011

Big Data, Stupid Decisions: The Importance Of Measuring What We Should Be Measuring

Video at http://www.youtube.com/watch?v=LXDFwphuwCs

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Big Data, Stupid Decisions / Strata Jumpstart 2011 / Panos Ipeirotis / http://www.youtube.com/watch?v=LXDFwphuwCs — Presentation Transcript

Big Data Stupid DecisionsThe Importance Of MeasuringWhat We Should Be Measuring Panos @IpeirotisStern School of Business, New York University “A Computer Scientist in a Business School” http://behind-the-enemy-lines.com
Shopping for a camera
Multiple merchants sell the same camera
Consumers do not always buy the cheapest
Willoughby’s enjoys a 7.5% price premium (= $140)
Price Premium Percentages, Amazon.com Transaction price compared to competition 20000 18000Number of Transactions 16000 14000 12000 10000 8000 6000 4000 2000 0 -100% 0% +30% +100%
Customers care about reputation!
The price of Willoughby’s reputation : $140 (*) (*) vs 17th street photo
What is reputation? Factors affecting pricing power  Number of stars  Number of past transactions  …  Text!My reputation, Iago, my reputation! -Shakespeare, Othello
How text affects reputation?
The value of text
The value of text Misspellings…
good packaging -0.56%Positive? Negative?
Recommendation Letters: “He is a good student” “He works hard” Decision: Reject
AAA++++ seller -2.93%Positive? Negative?
People interpret things differently, according to the context
Lesson #1Adapt to the environmentOne size does not fit all!
Same idea, different focus:How reviews (text) affect product sales?
Best camera! -0.20%Positive? Negative?
Tell me something specific, you shill!
Positive ? Negative?
“If this is the worst that can happen…”
What product features do customers want?
Point-and-Shoot: Lenses, zoom, … % DiscussionZoom Lenses Megapixel Battery Life
Point-and-Shoot: Lenses, zoom, … % Discussion Effect on SalesZoom Lenses Megapixel Battery Life
Lesson #2Not sufficient to know what people say Measure what people DO
Reviews, Grammar, and Hotel Bookings
Bad Grammar → Bad Sales
Zappos takes action! Examined and fixed grammar for millions of reviews on Zappos.com! Used Amazon Mechanical Turk, paying ~$0.10 per review Improved product sales!
But… is it ethical?“Would you correct a friend’s tweet orFacebook post?…Nitpick a colleague for using shorthand inemails sent from his iPhone?…This level of social intrusion is almostunthinkable.”
Experiment: Fixed 1000 reviews Emailed authors: “Do you approve of the changes?” Gift card for replying Result: 978 replies, not a single negative evaluation! “Thank you! I almost feel that I am ‘stoopid’ when I leave such reviews!” “Hey, the review is not updated online! When will it be fixed?”
Experiment: Fixed 1000 reviews Emailed readers: “Do you approve of the changes?”  Version 1: Only new version posted  Version 2: Disclaimer (“Review has been edited…”)  Version 3: Disclaimer + mouseover to see old review Result: For version 3, unanimously positive replies!
“Can you do the same for YouTube comments? My eyes hurt every time that I read them”
Lesson #3Check your gut instinct at the entrance Measure and then talk!
Lessons1. Measure in context: one size does not fit all2. Measure what people do, not what they say 3. Measure! Thank you!