Chapter 1 Flashcards
3 Steps to the Systematic Process of Digital Marketing
- Define the opportunity
- Develop strategies
- Implement digital techniques and best practices
Digital Marketing
The application of digital media, data and technology integrated with traditional marketing communications to achieve marketing objectives
Achieving marking objectives through applying digital media, data and technology
Online Company Presence
Different forms of online media controlled by a a company
Website, blogs, email list, social media presence
Owned Media
Customer Relationship Management (CRM)
Using digital communications technologies to maximize sales to existing customers and encourage continued usage of online services through techniques including a database, personalized web messaging, customer service, chatbots, email, and social media marketing
Digital Transformation
A staged program of organizational improvements to business models, people, processes and technologies used for integrated digital marketing in order to maximize the potential business contribution of digital technology, data and media
The evolving pursuit of innovative and agile business and operational models - fueled by the evolving technologies, processes, analytics, and talent- to create new value and experiences for customers, employees and stakeholders
Multichannel Marketing (Omnichannel)
Customer communications and product distribution are supported by a combination of digital and traditional channels at different points in the buying cycle or ‘path to purchase.’ With the range of mobile and IoT touch-points, some use the term omnichannel marketing
Customer Journey
A description of modern multichannel buyer behavior as customers use different media and touch-points to achieve their goals, including selecting suppliers, making purchases,and gaining customer support as part of their path to purchase
Paid Media
Bought media where there is an investment to pay for visitors, reach, or conversions through search, display ad networks or affiliate marketing
Offline, traditional media such as print and TV remain intact for some brands
Owned Media
Media owned by the brand
Online this is websites, blogs, email lists
Offline this is brochures and retail stores
Earned Media
The name given to publicity generated through PR invested in targeting influencers to increase brand awareness
Also incudes word of mouth that can be stimulate through viral and social media marketing
Application Programming Interfaces (API)
Method of exchanging data between systems such as website services
The 7 Ds of Digital Marketing
1.Digital goals and strategy
2. Digital audiences
3. Digital devices
4. Digital platforms
5. Digital media
6. Digital data
7. Digital marketing technology
Internet of Things (IoT)
A network of objects and devices at home and work providing sensors and connectivity that enable them to be monitored and exchange data with other systems
FAMGA
An acronym standing for Facebook, Amazon, Microsoft, Google, and Apple
Customer Lifecycle
The stages each customer will pass through in a long-term relationship with an organization, including acquisition, retention and extension, prompted by digital and non-digital communications touch-points
RACE
- Reach
- Act
- Convert
- Engage
Digital Business / Electronic Business (E-Business)
Electronically mediated information exchanges both within an organization and with external stakeholders supporting the range of business processes
Electronic Commerce (E-Commerce)
All financial and informational electronically mediated exchanges between an organization and its external stakeholders
Sell Side E-Commerce
E-commerce transactions between a supplier organization and its customers
Buy Side E-Commerce
E-commerce transactions between a purchasing organization and its suppliers
Key challenges of digital communications
- Complexity
- Responding to competitors
- Responding to changes in technology and marketing platforms
- Cost
- Attention
The 5 S Goals of Digital Marketing
- Sell
- Speak
- Serve
- Save
- Sizzle
Social Commerce
A subset of e-commerce that encourages participation and interaction of customers in rating, selecting and buying products through group buying. This participation can occur on an e-commerce site or in third party sites
Positioning
Customers perception of the product and brand offering relative to competitors
Target Marketing Strategy
Evaluation and selection of appropriate customer segments and the development of appropriate offers
Online Value Proposition (OVP)
A statement of the benefits of online services that reinforces the core proposition and differentiates from an organizations offline offering and those of competitors
Value Proposition
The benefits of value a brand offers to customer in its products and services
Advertising Medium
Ads displayed on publisher sites or social networks
Can be used to create awareness of brands and demands for products or services
Direct Response Medium
Target search advertising
Enables companies to drive visits to a site when consumers show intent to purchase such as searching for a flight to a destination
Platform for sales transactions
Online platform that purchases can be made through
Such as booking a flight online
Lead-Generation Method
Follow up to generate another purchase
For booking business flights, tools can be provided that help identity and follow up on corporate flight purchases
Distribution Channel/Distributing Digital Products
Upselling of add on items
For example, flight insurance
Customer Service Mechanism
Reducing costs of customer service by allowing customers to serve themselves
Relationship-building Medium
Company can interact with its customers to better understand their needs and publicize relevant product to offer
For example, an airline using an email newsletter and tailored alters about special deals to encourage repeat bookings
Transactional E-Commerce
The website, app or social network that enables purchase of products of services online
Typically in retail, travel and financial service sectors
Transactional platforms can also support the business by providing customer service and information for customers who prefer to purchase products offline
Services-Oriented Relationship-Building for Lead-Building and Support
Online prescence focuses on providing information to stimulate parachute and build relationships
Products and services are not typically available to purchase online
Typically in B2B sectors or for high-value complex products