lecture 1

Question 1

digital marketing

Answer 1

marketing of products or services using digital technologies, mainly on the internet, but also including mobile phones, display advertising and any other digital medium

Marketing on Digital platforms internet web and mobile = digital / content / internet marketing

Question 2

social media marketing

Answer 2

the process of creating (tailored) content to drive engagement, promote a business and generate revenue

Question 3

Marketing strategy

Answer 3

refers to a firms overall game plan for reaching and engaging with consumers

Question 4

gold standard data driven marketing

Answer 4

anchor on a decision that needs to be made

Finds data for a purpose

Start from what is unknown

EMpowers decision making

Question 5

Three main ways to analyze data

Answer 5

descriptive analysis

Includes exploratory analysis

Causal evidence

Predictive analysis

Question 6

descriptive analysis

Answer 6

summarise characteristics of data set

What does the data look like (means, standard deviations distributions of data)
(results are stylised facts)

Example:

How are users who discuss a movie connected on social media

is revenue attributed to clicks from search engines higher than last week

Has revenue growth from digital stores stayed high after covid-19

Question 7

Causal evidence

Answer 7

does a lead to B
Might also care about the mechanism of how it happens

Example:
Do search enginge ads increase product purchases

Does product promotion by influencers increase demand

Do push notifications work? in what way?

Question 8

Causal driven marketing eg

Answer 8

What is the impact of an marketing intervention (X) on an outcome (Y)

1) Hard to evaluate
2) Need to compute counterfactuals
3) Challenge: same person cannot both get treatment and not get treatment.

Question 9

Predictive analysis

Answer 9

How can I best predict an outcome

When A occurs, so does B

E.g.

Is a review posted by a real person or by a bot

How many retweets does nike expect its next tweet to get?

Who is most likely to click on a digital ad?

Not the focus for this class but still matters, but time constraints

Question 10

high quality data driven solutions are incredibly useful: Why?

Answer 10

Digital and social media impacts a wide variety of industries
-Media and entertainment, politics, health care, FMCG, fashion and beauty

Digital markets deliver a deluge of data

It provides real ansers to real problems in marketing and business strategy

People care about the answers

Being able to do (good) strategy relevant analytics ensures many (enjoyable) job prospects

However its hard

One needs to learn to use the right statistical tools and be able to work on causal (and predictive) questions while understanding the context of the problem at hand

(that seems like a lot…)

and… learning the tools can be boring

Opinion: I think the upside far, far outweighs the bad.