Chapter 8 Flashcards
What is the primary goal of multichannel marketing?
Engages customers across multiple channels (e.g., websites, email, mobile, stores)
Provides customers the flexibility to act using their preferred channel.
Why is multichannel marketing important?
Builds customer relationships by maximizing every touchpoint
Direct marketing increases sales with increased engagement opportunities.
Align channels meet needs of customers at various stages of the journey.
What challenges are associated with multichannel marketing?
Targeted Messaging
Highly Choreographed Campaigns
Marketing Response Attribution
List two strategies for effective multichannel marketing.
- Create a centralized customer view for consistent data across channels
- Establish a multichannel marketing platform to streamline processes
What are the benefits of multichannel marketing?
- Increased sales and ROI
- Cost-effective long-term strategy
- Better engagement and targeted experiences
- Enables retargeting and re-marketing
- Improved data collection and analysis
What does multichannel marketing analytics help to understand?
How each marketing channel impacts others and optimize cross-channel performance
What is Marketing Mix Model (MMM)?
Statistical method to evaluate marketing effectiveness
Uses regression analysis on time-series data to estimate how various marketing tactics impact sales.
What are the key functions of Marketing Mix Modelling (MMM)?
- Identify drivers/detractors of sales
- Provide recommendations for investments
- Optimize campaigns to hit revenue targets
- Forecast future performance based on marketplace conditions
What is the purpose of the data collection phase in the MMM process?
Inform analysis
Methods include time-series data, aggregated data, and self-stated questionnaires.
What methods are used in the actual analysis phase of the MMM process?
Time-series analysis, regression model
Each model is unique but shares common attributes.
What are attribution models used for?
Measure how touchpoints contribute to business outcomes like sales, profit, or customer retention
Describe the Last Click attribution model.
100% credit to the last interaction before purchase
What is the Linear Model in attribution?
Equal credit for all touchpoints
How does the Time Decay attribution model work?
Closer touchpoints to the conversion receive more credit
What distinguishes MMM from attribution?
MMM uses aggregated historical data, while attribution uses real-time, user-level data
In the example of Retailer ABC, what does attribution help identify?
Effective media channels and touchpoints
Analytics pinpoints areas for better targeting (e.g., devices used, online vs. in-store shopping).
