Unit 8 Flashcards
communication process
- sender
- encode the message
- transmit the message though a media channel
- receivers decode the message
- receiver provides feedback
- a loop
Marketing communications
6 M model
mission
message
market
media
money
measurement
Outbound marketing
firm is initiating communication with the audience
- push messages to broad audiences
- ex: TV, radio, magazines, newspaper
inbound marketing
communication is initiated by the customer / they are seeking solutions
- marketing is attracting them or pulling them in
- ex: SEO/ SEM
In strategy framework
Action plan/ 4 Ps- promotion (value creating)
how to measure the cost and impact of marketing investments
Money and measurement of 6 M model
6 Ms broken down
mission- objectives
market- target audience
message- Strategic execution
media- Strategic execution
money - impact
measurement - impact
Types of budgeting approaches
Top down
bottom up (objective- task method)
Competitive benchmarketing
Top down budgeting
comms budget is just a % of revenue from the pervious year
- advertising to sales ratio
bottom up budgeting
set your goals first and then evaluate how much it will cost to reach those goals
Message delivery metrics
reach, impressions, frequency, CPM
message impact metrics
Conversion rates, CTR, vitality, open rates, time on website, copy testing
ROMI
Return on marketing investment
ROI=
(incremental profit gained – cost of marketing investment) / cost of marketing investment
Last click attribution (first click)
conversion was caused by the last click
Linear attribution
every touch point was equally responsible for the conversion
time decay attribution
more credit assigned to each touchpoint as they click closer to conversion
Position based attribution
- U shaped
- first and last click receive the most credit for the conversion
Purchase stages (Mission)
Need recognition
Information search
Consideration
Evaluate alternatives
Purchase decisions
Post purchase assessments
Customer funnel (mission)
Awareness- think
Knowledge - think
Liking - feel
Preference - feel
Conviction - do
Purchase - do
competitive benchmarking budgets
Set your budget based on your desired share of voice
- your spend relative to competition spend in the marketplace
Customer digital journey
Awareness > consideration > intent > decision
preferred attribution models
- regression/ model based
- experiment based
regression based attribution model
scientific ways to allocate weights to ads along journey path
- actually data driven
experiment based attribution
- attribution based on a/b testing
- most accurate
- difficult/ expensive
