lecture 7: digital marketing analytics

Question 1

analytics definition

Answer 1

= broad term that means gaining insight from data
- translation from consumer behavior into actionable business data
- most common is web analytics

Question 2

3 stages of creating/implementing performance management

Answer 2

1. creating a performance management
2. defining the performance metrics framework
3. tools/techniques for collecting insight, run process and summarize

Question 3

step 1: creating performance management

Answer 3

1. goal setting (aims)
2. performance measurement (what’s happening)
3. performance diagnosis (analgie why it happening)
4. corrective action (implement solutions)

Question 4

step 2: defining the performance metrics framework

Answer 4

• contributing at different levels
  per channel:
• channel promotion (why do they visit)
• channel buyer behavior (when, how long, bounce rate, stickiness, repeats)
• channel satisfaction (measure and ask consumer)
• channel outcome (sales, register): attrition rate= lost at ach step of funnel sales
• channel profitability: set a target, email makes most

Question 5

step 3: tools/techniques for collecting insight, run process and summarize

Answer 5

• ab testing
• multivariate testing: different combinations on web page
• clickstream analysis: analysis of visitor behavior
• path analysis: how people travel trough content
• on site search effectiveness

Question 6

7 common campaign metrics

Answer 6

1. volume searches: clicks, visitor sessions, unique visitors
2. quality measures: conversion and bounce rates
3. media cost measures: cost-per-click, cost-per-thousand
4. acquisition cost measures: cost-per-action, cost-per-acquisition
5. ROI or value measures: profit referred/spent on referrer
6. branding measures: brand awareness/recall
7. lifetime-valuebased ROI
   - more sophisticated modles

Question 7

social media analytics + and -

Answer 7

positive
- useful overview of performance
- can see engagement and different content types

negative
- lack depth and detail
- data doesn’t tally with other analytic programs
- focus on succes (going viral)

Question 8

3 phases of social media marketing metrics

Answer 8

1. listening and tracking (whole industry)
   - find FAQ, common issues, what they love, key consumers
2. measuring
   - run campaign, look at traffics and conversion rates
3. evaluating
   - how social media contributes to company’s objectives
   - use rROI as key performance indicators (KPI): engagement, followers, social shares, sentiment etc.