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How Machine Learning has Finally Solved Wanamaker's Dilemma

Published: 13 August 2016 Publication History

Abstract

It has become a cliché to talk about Wanamaker's dilemma, his famous quote that "Half the money I spend on advertising is wasted; the trouble is I don't know which half" is well known. So why talk about it today? Well, I'll show you that some of the best targeted consumer marketing still suffers exactly from this problem, and tell you why -- it's not humanly possible to solve it! At Amplero we've finally solved it and made that solution accessible to marketers, using machine learning in combination with the revolution in online experimentation that the advent of the multi-armed bandit has brought about.

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  1. How Machine Learning has Finally Solved Wanamaker's Dilemma

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    cover image ACM Conferences
    KDD '16: Proceedings of the 22nd ACM SIGKDD International Conference on Knowledge Discovery and Data Mining
    August 2016
    2176 pages
    ISBN:9781450342322
    DOI:10.1145/2939672
    Permission to make digital or hard copies of part or all of this work for personal or classroom use is granted without fee provided that copies are not made or distributed for profit or commercial advantage and that copies bear this notice and the full citation on the first page. Copyrights for third-party components of this work must be honored. For all other uses, contact the Owner/Author.

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    Association for Computing Machinery

    New York, NY, United States

    Publication History

    Published: 13 August 2016

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    1. Wanamaker's dilemma
    2. marketing optimization
    3. multi-armed bandit experimentation

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    KDD '16 Paper Acceptance Rate 66 of 1,115 submissions, 6%;
    Overall Acceptance Rate 1,133 of 8,635 submissions, 13%

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