Marketing Analysis Exam 2

Social listening

extracting consumer data from social media (e.g. Hootsuite, Facebook Audience Insights)

Benefits of social listening

You can get consumer data directly

help marketing professionals make better decisions when it comes to the 4 p’s

Single-attribute social listening tools

Focuses on a single aspect of a post such as the text or an image

Multi-platform social listening tools

Allows connection to multiple platforms (example: Hootsuite)

Native social listening tools

Some social media outlets provide detailed analytics about who is interacting with your content (example: Facebook)

What is web analytics? E.g. Google Analytics

analysis of website traffic for marketing purposes

Content analysis

Using data in meaningful ways,

studying digital formats of communication to further understand customers

Text Analysis tools

medallia

Sentiment analysis tools

nifi

Search-volume data tools, e.g. Google Trends

indexes the search volume of terms people use on search engines, public access

Data scraping

A computer-programmed extraction of information from individual computer screens, websites, or reports

Content analysis

allows for sentiment and text analysis of gathered data

Three types of segmentation:

• Demographic - gender, age

• Psychographic - values, lifestyle

• Behavioral - habits

Three strategies for market targeting:

• Undifferentiated marketing

• Differentiated marketing

• Concentrated marketing

Cluster analysis

seeks to group objects such that segments are created that are as homogeneous as possible given the choices by the researcher

A/B Tests are field experiments in the digital marketing context making use of

big data

Steps to design and implement a simple A/B test

1. Ask question

2. Do research

3. hypothesis

Experimentation

procedure in which one or more causal variables are systematically manipulated and data on the effect variable

Causal inference

process of figuring out whether a change in one variable directly causes a change in another variable

Key steps of experiments:

a. Decide on your treatments (How many factors?)

b. Design the experiment design

c. Recruit participants and run the experiment

d. Analyze the experiment

Randomization

the way variables are controlled (coin flip)

Importance of randomization

a strategy for eliminating biases in measuring treatment

Marketing analytics metrics

measures of a data-driven project to maximize marketing effectiveness

Marketing Campaign life cycle:

1) Design (exploratory research)

2) Implementation (ensure campaign success)

3) Evaluation (compare results to goal)

Marketing Analytics Campaign Strategy steps:

a. Identify metrics (have a goal)

b. Analyze the metrics (track metrics)

c. Take improvement actions 

Return on Marketing Investment (ROI)

revenue * contribution margin/spending

Support metrics:

a. Brand metrics (e.g. brand recall, brand recognition)

b. Customer metrics (e.g. customer lifetime value, customer profit)

c. Digital marketing metrics (e.g. conversion rate, impressions, reach…)

d. Development metrics

Customer lifetime Value (CLV)

informs companies about how much a customer is worth to them, focuses on long term

Undifferentiated marketing

offer the same marketing effort to everyone

Differentiated marketing

target potential segments with different marketing

Concentrated marketing

commit all marketing to a single market segment