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4 Marketing Planning Phases
Situation Analysis
Marketing Strategy Development
Marketing Actions Development
Control Phase
KPI’s in Digital Marketing (Key performance Indicator) and what they use (data wise)
Measures how effectively they are achieving their goals.
ROMI
Customer retention rate
Conversion Rates
Brand recall
ROMI
(Return on marketing Investments)
Measures profitability of marketing investments
MIS Components:
Internal Data
External Data
Market Research
Marketing Analytics
3 Types of Research
Exploratory Research
Descriptive Research
Causal Reasearch
Explanatory Research
To explore new ideas or investigate a problem that is not defined.
(e.g. focus group to understand why the lost intrest in a product)
Descriptive Research
To describe characteristics, behaviors, or attitudes of a population in a measurable way.
Causal Research
To find cause-and-effect relationships.
A good research objective is…
clear, focused, and measurable.
Hypothesis
A testable statement that predicts the relationship between two or more variables.
Steps of the market research process:
Define the problem
Set research objectives
Design research
Collect data
Analyze data
Report findings
Make informed decisions
Validity
Is it measuring what its supposed to?
Reliabilty
Are the results consistent over time or across different researchers?
Increase survey response rates by:
Offering incentives
Keeping it short and clear
Sending reminders or follow-ups
Customer Retention Rate
The percentage of customers who continue buying from your business over a period of time.
Customer Conversion Rate
The percentage of potential customers (leads) who actually make a purchase.