Didn't drill into the details here, but I think there's one area where digital advertising is indisputably useful: the cold start. So many start ups have benefi

Didn't drill into the details here, but I think there's one area where digital advertising is indisputably useful: the cold start. So many start ups have benefitted hugely from buying Facebook/Twitter/Google ads when they hit that point where all their friends, investors and employees are already using the app, and they've maybe to got a handful of organic users, but how do they get from a few dozen to a few thousand users? This is really the sweet spot for digital advertising. The cost is low, both because you don't need that many new users to make a huge difference, and because the volume is so low that the targeting works really, really well, and conversion rates are really high. For a more established business, sure, you're getting people that would have bought anyway. But in this case, you're getting people that would have bought if they knew you existed, which they don't.