Chapter 5: Marketing Analytics Flashcards
customer relationship management
A systematic tracking of consumers’ preferences and behaviors over time to tailor the value proposition as closely as possible to each individual’s unique wants and needs.
structured data
Data that (1) are typically numeric or categorical; (2) can be organized and formatted in a way that is easy for computers to read, organize, and understand; and (3) can be inserted into a database in a seamless fashion.
unstructured data
Nonnumeric information that is typically formatted in a way that is meant for human eyes and not easily understood by computers.
marketing automation
A group of systems and technologies that can be used to establish a set of rules for handling different marketing-related processes without human intervention.
lead
An individual or firm with a potential interest in buying something you sell.
sales funnel
The process through which a company finds, qualifies, and sells its products to buyers.
SMART goals
Goals that meet the criteria of being specific, measurable, achievable, relevant, and timely.
lead nurturing
The automated process of sending personalized and relevant content to the prospect to build their trust, making it more likely that they will eventually make a purchase.
big data
A popular term to describe the exponential growth of data—both structured and unstructured—in massive amounts that are hard or impossible to process using traditional
database techniques.
internet of things
Describes a system in which everyday objects are connected to the Internet and in turn are able to communicate information throughout an interconnected system.
data mining
A process in which analysts sift through Big Data (often measured in zettabytes—much larger than gigabytes or even terabytes) to identify unique patterns of behavior among different customer groups.
marketing analytics
A group of technologies and processes that enable marketers to collect, measure, analyze, and assess the effectiveness of marketing efforts.
Digitial marketing channels
A/B test
A method to test the effectiveness of altering one characteristic of a marketing asset (e.g., a web page, a banner advertisement, or an email).
click through rate
A metric that indicates the percentage of website users who have decided to click on an advertisement to visit the website or Web page associated with it.
cost per click
An online ad purchase in which the cost of the advertisement is charged only each time an individual clicks the advertisement and is directed to the web page that the marketer placed within the advertisement.
