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Interactive and Digital Marketing > Module 1 Videos > Flashcards

Module 1 Videos Flashcards

1
Q

Two Types of Research Approaches

A 
Primary Data (user)
Secondary Data (other than the user)
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2
Q

Secondary Data Resources

A

Authoritative Blogs (MOZ)

Google Trends & Correlate

Platforms (Adwords, Keyword Planner)

Syndicated Market Research (eMarketer)

White Papers

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3
Q

Primary Data Resources

A

Your own data by

Listening Labs
Surveys
Testing-split A/B
Transactional Data
Web Analytics
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4
Q

Google Trends

A

A website by Google that analyzes the popularity of top search queries in Google Search across various regions and languages. The website uses graphs to compare the search volume of different queries over time.

Used for SEO but mainly for PPC and social media-topics/keywords

  • Seasonality information
  • Filter by location
  • Identify related keywords
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5
Q

Google Correlate

A

Shows many different variables that interact together commonly that can help you predict a certain outcome.

Careful–some correlations are just a coincidence or of no value. Split testing is what decides things best

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6
Q

Online Surveys

A

Vendors have templates w/typical questions for certain
situations, (e.g., customer satisfaction) they can be edited

Paid versions have advanced functionality such as skip logic, validation, chart analysis & statistics

(Keep an eye out for Response Error)

Some online survey vendors

www. qualtrics.com
www. surveymonkey.com
www. zoomerang.com
www. surveygizmo.com
www. polldaddy.com

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7
Q

Response error

A

Sometimes results might not be representative of your overall customers (e.g., if 80% of customer buy in brick-and-mortar stores but only online customers are surveyed)

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8
Q

Online Panels

A

Like an offline focus group or 1:1 personal interviews.

Specialized panels by Vertical or by Category (you can then design your own questions).

Main benefit is access to hard to reach target market (e.g., physicians).

ex: Research Now

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9
Q

Biggest source of primary data

A

Data from web & social media analytics data

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10
Q

Buyer Personas (using primary research)

A

Iconic representation of a target segment with a symbolic user-usually fictionalized aggregate. They are research-based (web analytics and transactional data), grounded in data, facts and actual interviews with customers.

Benefits:

  • Personalize your messaging/offers
  • Improve your web/social content

A buyer persona development process will typically take about 6-8 weeks to complete.

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11
Q

The Customer Journey

A 
Awareness
Research
Decision
Pre-Purchase
Purchase
Post-Purchase

Add a timeline for each phase-(e.g., 3 weeks)

This data comes from surveys of current customers
data from online tools (e.g., Google Trends) and your
own online/offline data-may need more than one
journey if different buyer personas.

Audit each step, see where problems are occurring,
decisions being made & where opportunities may exist

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12
Q

Awareness

A

How do potential customers find out about your product?

e.g. social media, TV, billboards

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13
Q

Research

A

Product websites, social media, search it on Google, ask friends, etc.
-consumer behavior comes in-

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14
Q

Decision

A

To make or not make the purchase.

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15
Q

Pre-Purchase

A

Where to buy? Check inventory. Engage in social sphere to help make final decision on product.

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16
Q

Purchase

A

Make the purchase.

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17
Q

Post-Purchase

A

Go back to social sphere: leave reviews, tell friends/family about the positive or negative experience.

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18
Q

Digital Experience Journey

A

Sometimes companies may create an “experience” only journey vs. buying stages

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19
Q

Company Strategy

A

Company’s Marketing Strategy > Digital Marketing Strategy > Digital Tactics

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20
Q

Strategy v. Tactics

A

Strategy Tactics
Who is responsible? Upper management | Mid to lower
level managers
Time frame Longer Shorter
Tools Market Research,
customer and market
data analysis. Then use of strategic
techniques such as Porter’s Generic Strategies,
Ansoff &GE matrix
Email, PPC, SEO,
Social media, UX, mobile,
web analytics,
conversion optimization, SMS,
etc.
Activity type Mainly planning/monitoring | More operational-
execution
Competitive risk Harder to copy Easier to copy
Traits More high level-the “what” Process oriented-the
“how to achieve”

21
Q

Strategy

A

To be effective it cannot be “All Things to All People”. Need a lot of focus.

Should address these questions:

  1. What do we do?
  2. Who is our customer?
  3. What business are we really in?

–some look at the perspective of what they sell, but that can be too narrow. Trains don’t have to be railroad business, but transportation business.

22
Q

Porter’s Generic Strategies -Company level

A

Low Cost (ie Walmart)

Differentiation between Real and Perceived
–have a unique way of delivering the product that sets it apart. (is a $100 perfume REALLY better than a $30 or is it just advertising?)

Focus Segmentation–to start off in ONE segment and branch out to other segments later.

23
Q

What Strategy Is Not…

A

These are more like unrealistic tactics…

Let’s do a viral YouTube campaign…or everyone is using Instagram, Snapchat etc.-we need to jump in

 Let’s be the Apple of toothpicks, staples, etc.
 Launch now… we will figure out how to make money later
 Make it free….

24
Q

What is a tactic?

A

Tactics are how Strategic goals are achieved

25
Q

Earned-not paid/organic Digital Strategy

A

Facebook, Twitter, Instagram,

Pinterest, YouTube, SEO, etc.

26
Q

Paid Media Digital Strategy

A

Search or Display ads
(e.g., be it on AdWords, Facebook, Twitter, website
banner ads, etc.)

27
Q

Owned Digital Strategy

A

E-mail,
Blog,
SMS,
Push notifications

28
Q

What is the Digital Strategy End Game?

A

SEND THEM TO YOUR WEBSITE

Common mistake: Sent to your website, but they see a post to visit them on social media instead and engage there.

29
Q

Best Payback in Digital-General Rule

A
  1. Usability-UX
  2. E-mail, SMS & Push
  3. SEO
  4. PPC
  5. Social Media

Considerations: Is it owned, earned or paid? … where do conversions occur?

30
Q

Law of Diminishing Returns

A

More Effort = More Return (conversions)

Less Effort = Less Return

31
Q

7 P’s of Services marketing

A

People
(customers, employees, social interactions, roles & scripts, relationships)

Physical Evidence
(facilities, equipment, uniforms, symbols, signage)

Process
(service design, standardization, customization, operational efficiency)

Promotion
(internal marketing, direct marketing, advertising, etc.)

Product
(total service product, core product, supplementary services, facilitating services, supporting services)

Price
(cost-based, demand-based, operations-based, competition-based, relationship-based)

Place
(access, location, delivery services, electronic delivery)

32
Q

Which “P” will play a larger role in today’s tech environment?

A

The “Process” aspect.

For example. Marketing automation and the
Internet of Things –Opportunity Identification

Marketer Skills Needed:

a) Data analysis-leverage A.I.- predict & understand needs
b) Understand processes & flowcharting
c) Creating customer & experience journeys

33
Q

Mindset for tactical success in digital marketing

A

1) Always be conversion focused
2) Key Metrics–know your breakeven points, Cost to Acquire a Customer and Customer Lifetime Value
3) Split A/B Testing

34
Q

Comparison Typical vs ROP (Return on Promotion Campaign)

A

Generic (waste of money) vs Specific (less waste of money)

35
Q

Steps for a ROP Campaign

A
  1. Know your current customer defection rate and share of wallet–maximize and/or improve this first.
  2. Don’t choose your target segment based on instinct–conduct market research and look at your data then select a highly responsive and profitable segment.
  3. Know both your Customer Acquisition Cost (CAC) and Customer Lifetime Value (CLTV) to determine how much you should be spending to acquire a new customer.
36
Q

The Allowable and Return on Promotion determines…

A

…what conversion rate you need to break even on that promotion. Allowable somewhere b/w GP and NP Formula is: Total selling price-Cost of order

37
Q

CAC

A

Cost of Customer Acquisition
(same as CPA or Cost per acquisition used mainly for PPC while CAC is across platforms)

How much should I spend (be it with ads or other means to acquire a customer?)

1.) Calculate CAC=MCC/CA

MCC = Total marketing campaign costs RELATED to acquisition (not retention)
CA = Total customers acquired
38
Q

CLTV

A

Customer Lifetime Value

Many different ways to calculate. Some formulas are simple while some don’t look at key variables.

CLV=Margin($) x (Retention Rate(%)/([1+discount rate(%)]-Retention Rate(%))

At a minimum, make sure the CLTV model includes: average gross profit per customer (not revenue, could also use net profit), retention rate, present value over some long time (3+ years).

Snapshot customers who started Year 1 then follows them plus referrals.

Exclude delinquent or inactive customers.

CLV=Margin($) x (Retention Rate(%)/([1+discount rate(%)]-Retention Rate(%))

39
Q

Ratio of CLTV to CAC

<1:1

1: 1
2: 1
3: 1
4: 1

A

Losing money at an accelerated rate

Losing money/maybe breakeven

Marginal returns

Optimal level

Could be underinvesting in promotions, might need to be more aggressive and be closer to 3:1 so your acquiring as many customers for healthy growth.

40
Q

Google LTV

A

Google Analytics has an LTV (lifetime value) Feature so you can see which channels contribute more profitable customers.

41
Q

PPC w/out web analytics conversion data =

A

you not getting the best ROI and might be a waste of money

42
Q

Need to know CLTV to CAC

A

What is an average order size? $50 or $500?

What is my repeat business rate over the years?

What is my average profit? 10% or 40%?

43
Q

Referral-Viral Coefficient

A

Viral Coefficient is a referral metric on steroids-but difficult to achieve.
It is the number of referred customers divided by the original customers

Used by SaaS (software as service), gaming and mobile app marketers

Coefficient must be greater than 1 for “viral growth”

44
Q

Pros and Cons of Viral Coefficient

A

Pros: If little to no marketing budget and in one of these businesses–very important

Cons: Not changed by promotional efforts; driven mainly by products/service and how satisfied customers are.

45
Q

How to find number of referred customers

A

of customers: 100

Avg # of invites/shares/referrals each customer sent out: 10

Referrals are customers*avg # of invites: 1,000

46
Q

Net Promoter Score

A

Predictor of Referral Health

0-6: Detractors
7-8: Passives
9-10: Promoters

Net Promoter Score = %Promoters - %Detractor

NPS is an absolute number, not a %.

E.g. if 25% promoters and 15% detractors score is +10

47
Q

How to design an Experiment-Split Test

A

Have a control and test A/B or multi-variate (need a lot of traffic for this type of test)

Randomization

Statistically-valid sample size

48
Q

Tips when testing the offer (in split testing)

A

A/B Testing: test different versions of a web page, splitting the traffic evenly between both pages.

Multivariate: Test different elements within a single web page. Ideal for high-traffic websites. The marketer needs to be experienced and also have a large volume of data/traffic when different types.

  • Test only one feature at a time.
  • Code your tests so you can measure results (e.g. urls, special toll free number, match codes, different coupon codes
49
Q

What do digital marketers test?

A
  1. Usability (webpage version A vs B)
  2. Market Segments (income levels)
  3. Product A vs B (Adidas vs Nike)
  4. Form submissions
  5. Call to actions (“act now” vs “3 days left…”)
  6. Offer A (10% off) vs Offer B (buy one get one free)
  7. Compare media vehicles (SEO vs PPC vs Twitter vs Facebook)
  8. Timing (weekday vs weekend, morning vs evening)
  9. Seasonality (summer vs fall)

10. Look for insights in web analytics data–then test your hypothesis.

Interactive and Digital Marketing (16 decks)

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