Updated: Nov 30, 2020
In this short article, we are going to get an understanding of how the world of social can produce outcomes that are very different from the groups of people that it encompasses.
Understanding the effects of Condorcet Paradox will come in handy when Aggregating Preferences in situations where we are using survey or polled data to build out our next Social Media targeting strategy.
Next time when you conduct a survey to gauge the preferences of a group of people (maybe it will be a social media poll on Facebook), understanding the inconsistencies of Preference Aggregation will help inform your Social Media targeting strategy.
This shot video from the University of Leeds illustrate how individuals can make completely rational preferences. However, when these rational preferences are aggregated, the collective wisdom can often be irrational.
So, next time when we are using survey or preference data to inform our Social Media Targeting strategy, here are couple of factors to consider:
Understand that aggregating preferences can lead to inherent problems and drawbacks
Each person may respond rationally on a survey; however, this does not guarantee that when aggregated to a macro-level, the collective will also show the same rationale
Whether your targeting strategy include Custom Audiences, Interests or Demographic Targeting, if your strategy is based on survey findings, it is very import to thoroughly understand the effect of Preference Aggregation when it comes to developing your copy, images, and constructing your marketing messages because, as we can see, collective preferences may not adequately represent individual preferences.