Marketing Analytics Foundation Flashcards
Who is responsible for promoting and selling the products a company makes.
Marketer
What are the steps in marketing and promoting a product?
- Market/consumer research
What is the process of identifying the right customers for the product?
Market/consumer research
It is the practice of measuring and analyzing data to inform, evaluate, and improve the performance of your marketing initiatives.
Marketing Analytics
It is all about gathering and analyzing data to make your marketing better.
Marketing Analytics
What are the 5 uses of Marketing Analytics?
- Identifying the target audience
- Planning and forecasting
- Evaluating marketing effectiveness
- Marketing optimization
- Optimizing the sales funnel
What are the steps in the Sales Process or Sales Funnel?
- Awareness
- Interest
- Decision
- Action
`What can marketers learn from data?
- What products each customer has bought in the past
- What social media content is resulting in most purchases
- What keywords are customers searching for
- Age, gender, and location
- What their interests are
- How to market to those customers in the future
How do you evaluate an advertising campaign?
Return on Ads Spent (ROAS)
What is the formula for ROAS?
Revenue made from Ads / Advertising Costs
How do you optimize a marketing strategy?
- Adjust your marketing mix
- Optimize within a channel
- Use testing to optimize
What are the sources of offline data?
- Contact form
- Loyalty program
- Survey
- Customer feedback
- Point of Sale (POS)
- Call center/focus group
- In-store tracking
Where can offline data help?
- Calculate lifetime value
- Understand store traffic and plan staffing
- Plan inventory
- Target recommendations
It is a selection of the larger dataset that represents the whole dataset.
Sampled Data
It is the whole populate or dataset at its raw state.
Non-Sampled Data
