Marketing Analytics & Measurement Flashcards
Why are media plans important?
They help clients understand what is in the marketing campaign before they run it.
What 6 tasks need to be defined in a Media Plan?
-Target audience: who do we need to reach?
-Budget: how much can we spend? How many channels do we have and how much for each channel?
-Media Mix: what kinds of channels are we using for paid advertisement?
-Duration: how long will the campaign take?
-Define KPIs
-Define Performance goals
What are the 3 different types of performance goals?
-Business goals
-Marketing goals
-KPIs (Key Performance Indicators)
What are the 4 different types of business goals?
-Growing revenue
-Increasing profit
-Gaining market share
-Improving customer service
What is a market share?
The % of an industry (or a market’s total sales) that is earned by a company over a specified period of time.
What are the 4 types of marketing goals?
-Raising brand awareness
-Increasing web traffic
-Generating leads
-Increasing customer value
What are KPI’s used for?
To gauge how successful a campaign is.
What are the 5 different channels that can be used for Paid Advertising?
paid search, display, video, shopping, and social media ads.
Which performance goal is the most important for Ad Campaigns?
ROAS
Return on ad spend
How can you calculate ROAS (Return on ad spend) as a DOLLAR amount?
(number of products sold x cost per unit)/ad spend
For every dollar spent on advertising, the company makes the ROAS dollar amount.
EX: (3 units x 100 dollars per unit)/ $80 in advertising to sell 3 units of $100 products =$3.75
In other words, for every $1 spent on advertising, the company makes $3.75.
How is ROAS usually reported?
As a ratio or percentage.
EX: “For every $1 spent on advertising, the company makes $3.75”
This translates to a RATIO of 3.75:1 (3.75 to 1) or 375%……ROAS = 3.75:1 or 375%
How do people usually set ROAS targets for campaigns?
-Using results from previous campaigns
-Set ROAS to SAME or SLIGHTLY BELOW the value achieved in previous campaigns.
-make best estimates using initial metrics from campaign and adjust if you don’t have data
What is the order of events?
-Marketing goal
-Performance goal
-Overall business goal
-Monitor KPIs
- Identify overall business goal
- Find a marketing goal that aligns with the overall business goal
- Identify the performance goals (target that has measurable, numeric value) (usually ROAS goals)
- Monitor the KPIs in relation to the performance goals
What are two examples of specific performance goals?
Number of impressions and number of clicks.
What are impressions?
Measures how many times an ad is displayed
