Final exam Flashcards
Marketing
is ‘a process of meeting customer needs profitably’
Digital Marketing
is ‘a process in which organisations and existing or potential customers use the internet to create value and products as well as exchange them’
SOSTAC model
Marketing Strategy & Planning - SOSTAC model
Situation analysis: 5C
Objectives: SMART business (sales / profit) & marketing / customer goals
Strategy
Tactics: Marketing Mix – 4P
Action Plan
Controls: Key metrics & governance process -how will you track and measure success?
5C
Context, Customer, Competitor, Company & Collaborator analysis
Marketing Mix – 4Ps
Product / Price / Place / Promotion
Key metrics & governance process
how will you track and measure success?
6M Model of Marketing Communications
Just refer to SOSTAC and/or 6M models!
The Iterative method – Key in Digital Marketing!
Lots of (Digital) marketing models/frameworks to learn – how to know which ones to use
- Some models are more important than others – start with the Strategy and everything else must fall under that
- There are no ‘right’ or ‘wrong’ models to use – it’s all about the context, content and application rather than the structure
- Think of them as guidelines to structure your thinking, analysis, common sense and decision making, helping you not to forget anything that’s important to consider
- Bonus: they also help to convince others that you’re not just doing random things!
Defining a Digital Marketing Campaign
- Objective based
- Multiparted (traffic, content, landing pages, CRM, measurement etc.)
- Seamless and subtle (step by step)
- In flux (constantly changing / optimized in flight)
Establishing Marketing Objectives
Acquisition
Monetization
Engagement
Acquisition
- Increasing problem and solution (or brand) awareness
- Acquiring new leads and customers
- Activating leads and customers
Monetization
- Monetizing new leads and customers
Engagement
- Onboarding new leads and customers
- Building community and advocacy
SMART objectives
▪ S pecific
▪ M easurable
▪ A chievable
▪ R elevant
▪ T ime-bound
Possible advertising objectives
Market: Segmentation and Targeting
Digital targeting: manually vs AI-optimized
How does advertising really work?
Digital creative best practices – Meta Brilliant Basics
Media: digital marketing channel selection criteria
- Ability to find and target desired users
- Potential volume (in the mid to long term) / diminishing returns as you scale
- Cost (including setup, time, resources/skills)
- Ability to win (reach desired objective / ROAS) and optimize
+ Payback period
Money: methods for setting a marketing budget
Last year’s budget
Objective-task method
Percentage of sales (e.g. 10%)
Competitor-based
Affordability
Last year’s budget:
I will spend X% of what I spent on marketing last year
Objective-task method:
How much do I need to spend to reach my goal of 100 sales, based on historic results?
Percentage of sales (e.g. 10%):
If I have 100,000 euros worth of sales per month, I’ll invest 10,000 eur in marketing
Competitor-based:
If my competitor is spending 100,000 euros on marketing I’ll spend just as much or more
Affordability:
I only have 100 euros available to spend on marketing after all other expenses
Key digital marketing campaign metrics
- Spend
- Impressions
- Reach (unique no. of users)
- Frequency
- Viewability and/or Attention
- CPM
- Clicks / unique clicks & CPC
- CTR
- Conversions / sales (in units and value)
- CPA
- ROAS
- Website actions / qualified leads (e.g. add to cart, model comparison) for retargeting or longer sales cycles
- Brand lift (Ad recall, brand/product awareness, message association, action intent etc.)
CPM:
Cost per Mille (Cost / Impressions * 1,000)
Clicks / unique clicks & CPC:
Cost per Click (Cost / Clicks)
CTR:
Click-through rate (Clicks / Impressions)
CPA:
Cost per Acquisition (Cost / Conversions)
ROAS:
Return on Advertising Spend (generated value / marketing spend)
What do we mean by incrementality?
Gold standards for measuring incrementality
▪ A/B (or multi-variate) testing
▪ Econometric / regression known as marketing mix modelling
▪ Geo-testing (comparing similar / matched regions)
▪ Less accurate but often the most popular:
Trend extrapolation or before vs after comparison - not such a big problem if your baseline is 0 or very very stable!