Ads and Sales Midterm

KPI examples

-turnover rates of employees

-percentage of help desk calls answered in the first minute

-number of product returns

-number of new customers

-average customer spending

- social media likes, click throughs, comments, sales

Marketing generations

How marketers used to classify people, but realized this isn't the best way

Positioning statement

an expression of how a given product, service, or brand fills a particular consumer need in a way that its competitors don't

- pricing is a part of this

Positioning is not a ______. The ________ is the external manifestations of the posting

TAGLINE

Ex. "Think Different" is the tagline but the positioning is encapsulated in the tagline

Four types of advertising

Informative

Persuasive

Reminder

Promotional

Informative advertising

Creates awareness of brands, products, etc

- educates people about attributes and benefits

In-house agency

ad agency that is set up, owned, and operated by the advertiser

- for smaller, more mundane work

Audience/ Segmentation (topics to research)

Marketing segmentation is the process of dividing a market of potential customers into groups, or segments, based on different characteristics

- segments are made of peole who share traits

Brand perception/ Sentinment (topics to research)

- Brand tracking studies

- Conducted yearly

- Compare to benchmarks

- Compare to competitors

Marketing research process- Data collection

- Qualitative vs. Quantitative

SEM (Search Engine Marketing)

A form of Internet marketing that seeks to promote websites by increasing their visibility in search engine result pages.

Incremental innovation

creation of products, services, or technologies that modify existing ones

Ex. adding new features to existing products or services or even removing features. Even small updates to user experience can add value

Radical Innovation

a new product, service, or technology that completely replaces an existing one

Ex. the airplane was not the first mode of transportation, but it is revolutionary as it allowed commercialized air travel to develop and prosper

Creative and strategic agencies

Develop the creative platform, key messaging, platform, brand positioning

Ex. McDonald's "Im lovin it"

What is a "Creative"

the people that create the writing and visuals that form the content of an ad.

- artistic part of ads

Ad network

Collects ad inventory from publishers and sells it to advertisers (acts as an intermediary)

Examples of Brand Activation

coupons, incentives, gift with purchase, sweepstakes, contest, join activations, movie tie ins, loyalty programs

a good _______ is the most important thing to having a good ______

insight, campaign

Where do media dollars go?

Broadcast and cable networks, publishers (magazines/ newspapers), radio stations, social media platforms, search engines, billboards/ OOH, retailers, sports, sponsorships, entertainment

Advertising holding company

A company that bus and owns many smaller ad and pr firms

Independnet ad agencies

Owned by whoever founded it

- Quicker and more creative

Marketing

the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large

Brand

a name, term, symbol, design, or combination thereof that identifies a seller's products and differentiates them from competitors' products

- an intangible asset

Advertising

any paid form of non-personal presentation and promotion of ideas, goods, or services by an identified sponsor

- involves positioning

Positioning

The process of identifying an appropriate market niche for a product

- where does the product live in your head

Persuasive advertising

Tries to convince the customer that their product is the best out there

Reminder advertising

Reminds people about the need for a product or service, the benefits, feature provided

Promotional advertising

Drives immeditate sales or traffic by making a specific offer or incentive, mostly time limited

- Ex. BOGO, gift with purchase

Marketing companies

products, services, retailers, travel, restaurants

Ex. Macy's Target, Airlines, hotel, expedia

B2C

business to consumer

Ex. Grocery stores, clothing stores

B2B

Business to Business

Ex. Accounting/ Consulting, Enterprise software, ad agencies, health insurance

DTC

direct to consumer

Ex. food delivery services, razors

reatiler

any business enterprise whose sales volume comes primarily from retailing

- "co-op"

Nike positioning statement example

For athletes in need of high-quality,

fashionable athletic wear, Nike provides customers with top-performing sports apparel and shoes made of the highest quality materials. Its products are the most advanced in the athletic apparel industry because of Nike's commitment to innovation and investment in the latest technologies.

Positioning (price)

Price is a part of positioning (chart with price and quality)

CMO/ EVP, SVP, VP Marketing responsbilites

Responsible for all marketing decisions

Brand management responsbilities

- Responsible for all aspects of the brand

- Accountable for profit/ loss of the brand

Research

Gathering market research and data

Product development

- Continuing to improve the products

- Product extensions

- Entering new categories

Sales department

- Usually separate form marketing

- National/ Regional/ Local

- Natural tension between sales and marketing- sales always wants more advertising and other support

- CRUCIAL that they work together!

Manufacturing

- Raw materials "Supply Chain"

- Creation

- Packaging

- Prep for shipping

KPIs

Key performance indicators

- These are NOT the same for every category, they vary

Distribution/ Logistics

- How product get to markets

Marketing KPIs

specific, numerical marketing metrics that organizations track in order to measure their progress towards a defined goal within their marketing channels

Marketing Plan

Helps you set your marketing on the right course to make your company's business goals a reality

Plan on a page

an easy one page marketing plan example

Market Research

The activity of gathering information about consumers' needs and preferences.

Four types of segmentation

1. Geographic- region, country, city

2. Demographic- age, gender, education

3. Psychographic- lifestyle, attitudes, interests

4. Behavioral- previous behavior with brand, purchasing patterns, awareness of business

Ads/ Creative/ Content (topics to research)

- Concepts

- Headlines/ Copy

- Design/ Graphics/ Colos

- Offers

- Only test one variable at a time

New Products (topics to research)

Ex. Arby's

- Likelihood to try

- Taste test

- Competitive research

Product extensions (topics to research)

Extensive research (and business analysis conducted prior to every new extension)

Customer Journey/ Barriers (topics to research)

- There are many possible paths, the journey is not linear

- Research determines most likely path

*the sales funnel

The sales funnel

1. Awareness

2. Discovery

3. Evaluation

4. Intent

5. Purchase

6. Loyalty

Experience with visit (topics to research)

- A survey to learn more about experiences

Experience with customer service (topics to research)

Usually have a follow up survey or research to see how service was

The marketing research process (7 steps)

1. define problem

2. research objectives

3. research questions

4. determine sample

5. data collection

6. data processing and analysis

7. results- final report

Marketing research process- define the problem

- business decision --> should we introduce product?

- business problem --> to determine consumer preference and purchase intent for a proposed new product

Marketing research process- research objectives

Ex.

- To determine whether or not we should launch

- To determine potential market size

- To determine which flavors to launch

Marketing research process- Research Questions

The questions asked that will give you data

Ex.

- How likely are you to purchase this product

Why would you purchase it instead of...

Marketing research process- Determining the sample

- List demographics

- Current users of the product

- Non users of the product

Wighting

Adjusts the results of a survey to bring them in line with what is known about the population

Marketing research process- data processing and analysis

- Tabulating responses

- checking statistical significance

- Analysis/ Interpretation of what data says

Marketing research process- results

- Create executive summary

- Key findings

- Summarize Detailed results

Marketing technology

A marketing technology stack that marketers leverage to conduct and improve their marketing activities

The focus of martech is to:

- Make difficult processes easier

- Measure the impact of marketing activities

- Drive more efficient spending

Content Management System (CMS)- martech

Technology that powers a website, blog, or other relevant web properties where marketers want to engage their customers

Website metrics- martech

clicks, click-through rates, and percentage of traffic

- how are people finding our website, on what devices, session time, opt ins

Email- martech

A key customer communications channel that

all marketers need in their toolkit.

Email newsletters

Regular updates sent via email to subscribers.

Transactional emails

Email receipts, invoices, billing statements, order confirmations, tracking notifications

Often try to encourage additional sales

Behavioral emails

Personalized emails

Ex. welcome, recommendations, password reset

Insights and analytics- martech

Most marketers have website

analytics and their own business

analytics tracked in either homegrown or

third-party tools.

Experience Optimization- martech

This includes A/B testing and

personalization software, or

programs that allow marketers

to take action on their analytics

to make their marketing

campaigns more efficient.

A/B testing

This is the process of comparing two variations of a single variable to determine which performs best in order to help improve marketing efforts

Personalization

Collecting, analyzing, and effectively using information about consumer demographics, interest, and behaviors

Social media- martech

Technology to monitor social activity and make social engagement easier

Customer relationship management (CRM)

A technology for managing all your company's relationships and interactions with customers and potential custom

- Email is a compnent of this

SEO (Search Engine Optimization)

the process of maximizing the number of visitors to a particular website by ensuring that the site appears high on the list of results returned by a search engine.

SEO vs. SEM

SEO- organic, improves brand/ loyalty, takes time but had a lasting effect

SEM- Paid, increase sales/ leads, immediate effect

Disruptive innovation

an innovation that leverages new technologies

Ex. new iphones

Architectural Innovation

is simply taking the lessons, skills and overall technology and applying them within a different market.

- low risk

Dis- intermediation

Innovation where a group of intermediaries are bypassed in a market, creating a more direct interaction between buyer and seller

Ex. expedia

What are the primary drivers between the client and agency?

Positioning and the brief

The Brief

A short 1-2 page document outlining the strategy for a creative project

________ is the most important document between the client and the agency

The Brief

Client Assignment Breif

Prepared and presented by client team to agency team

- outlines business issue to be solved and KPIs

Agency Creative Breif

Prepared by agency strategists, account, and creative director and presented to the agency creative team

holding company

a company whose primary business is owning a controlling share of stock in other companies

Media agencies

Specialize in the buying and selling media for clients

Public Relations agencies

involved in the creation of publicity as well as in public relations

- campaigns, crisis management

social agencies

Develop social media plans, translate brand messaging into social media

Identity agencies

Create or update a brand's identity system (name, logo, fonts etc)

CRM Agencies

Build relationships with brand, customer service, orer management

Direct response agencies

Mail solicitations, email solicitations, direct response TV, fundraising

Brand activation agencies

sweepstakes, loyalty programs, sponsorships

Production agencies

Create the ads and content

In house agencies

consist of the company's own advertising staff, who may provide full services or a limited range of services

Strategist Profile

The profile of a planner is someone who is curious about people and ideas ,so they often studied psychology or sociology

What is the primary responsibility of the strategist?

WRITE THE CREATIVE BREIF

What is a planner's job?

Tp inform creative team by using customer research