   
 | From the Editor's Desk
The new dot com bubble is here: it's called online advertising In 2018 $273bn was spent on digital ads globally. We delve into the world of clicks, banners and keywords to find out if any of it is real. What do we really know about the effectiveness of digital advertising?
Picture this. Luigi's Pizzeria hires three teenagers to hand out coupons to passersby. After a few weeks of flyering, one of the three turns out to be a marketing genius. Customers keep showing up with coupons distributed by this particular kid. The other two can't make any sense of it: how does he do it? When they ask him, he explains: "I stand in the waiting area of the pizzeria."
It's plain to see that junior's no marketing whiz. Pizzerias do not attract more customers by giving coupons to people already planning to order a quattro stagioni five minutes from now.
Economists refer to this as a "selection effect."
Continued here
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