L16: Metrics and Analytics Flashcards
What is consumer data?
Units of information collected from the interactions between a company’s touchpoints and current and potential consumers interested in its products and services.
What is Declarative Data?
refer to data created and, in general, disclosed continuously by consumers in their interactions with companies or brands and other consumers, either at the request of the company or of their own volition.
What is non-declarative consumer data?
The observable behaviors of customers in both digital and physical spaces that companies can track, process, and analyze to derive behavioral consumer insights.
CONCEPTUAL FRAMEWORK OF CONSUMER DATA
Primary usage of consumer data is…
reflects the company activities intended to gain marketing intelligence through market research activities.
CONCEPTUAL FRAMEWORK OF CONSUMER DATA
Secondary usage of consumer data is…
data, not actively collected for market research purposes but, instead, the by-product of consumers’ activities during the customer journey.
CONCEPTUAL FRAMEWORK OF CONSUMER DATA
EXAMPLES
Examples Quadrant 1: indepth interviews, surveys, focus groups, and other traditional market research techniques, that gather data from current and potential consumers about their preferences and consumption habits
Examples Quadrant 2: market research activities to experimentally collect novel forms of consumer data in controlled environments through neuroscience and neuromarketing techniques (eye tracking, fMRI, EEG)
Examples Quadrant 3: unstructured, behavioral data that consumers create in declarative form (e.g., social media activity, word of mouth [WOM]
Examples Quadrant 4: Data in non-declarative form (e.g., location, clickstream data)
What are social media analytics`
represent the tangible outcome of monitoring, measuring, reporting, calculating content from social media.
What does social media analytics consists of?
consists of gathering and analyzing the data in order to take decisions for businesses.
Choosing the right SMM Metrics
CHALLENGES OF MEASURING SOCIAL MEDIA
- Quantity vs. quality of data
- Variety of different platforms and engagement types: how to compare different social media engagements?
- What is the value of becoming a follower? Million Follower Fallacy: little correlation between influence and number of followers, fake followers
- Data is not neutral/Algorithms are often biased
- Uncertainty in big data
- Ethical considerations: Surveillance economy, Trade-off personalization vs. customer privacy
Is Social Media Activity measurable?
Metrics need to be…
Actionable
Accesible
Auditable
Marketing strategy & social media metrics challenge
- Getting high-quality data
- Finding the metrics that are relevant
- Having the skill to analyze and interpret the data
- Different metrics for different business
SOCIAL MEDIA METRICS
SOCIAL MEDIA METRICS
Awareness: Reach
number of people that see your content (follower/non-follower)
SOCIAL MEDIA METRICS
Awareness: Impressions
number of times people saw your content
SOCIAL MEDIA METRICS
Awareness: Social Share of Voice
how many people are talking about your brand? (direct: @nike or indirect “nike”)
SOCIAL MEDIA METRICS
Awareness: Audience growth rate
how many new followers in certain time (as percentage of total audience)