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Marketing > Week 11 - Digital Marketing and Marketing Analytics > Flashcards

Week 11 - Digital Marketing and Marketing Analytics Flashcards

1
Q

What is digital marketing

A

all the activities that are involved in planning and implementing marketing in the electronic environment, it allows consumers to interact deeply with the marketing organisations without the need for dealing with an actual person

includes the internet and web on computers,tablets, smartphones and other information telecommunication technologies

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2
Q

The characteristics of digital marketing

A

Profiling
Interactivity and community
Control
Accessibility and comparability
Digitalisation

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3
Q

Profiling

A

The process of gettng to know about potential customers before they make a purchase and to find out more about existing customers

Information can be gathered in the digital environment through
- requiring registration
-use of cookies on websites
-competitions

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4
Q

Interaction and community

A

Other than in0person interaction digital marketing offers the most opportunity for interaction between the marker and the customer

can occur in various ways:
- A virtual customer service officer
- a real customer service officer
- email, newsletters and RSS feeds
- survey participation
- online communities

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5
Q

Control

A

Individuals exercises varying degrees of control over their interaction with marketing.

  • push advertising: advertising sent from the marker to the customer
  • pull advertising: advertising that the customer actively seeks out

Control is the ability of the consumer to determine how they interact with the marketing message and to influence the presentation and content of the marketing message.

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6
Q

Accessibility and comparability

A

The web provides individuals with more ability than ever before to research products, compare products and seek the opinions of others

Their research is conducted outside the influence of a salesperson

Customers are far more informed about products and competing products than ever before

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7
Q

Digitalisation

A

the ability to deliver the product as information or to present information about a product digitally

Some products can be completely digitised, e.g. music

While not all products can be completely digitised, many retailers are finding that their services can be, e.g. online grocery shopping

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8
Q

Digital marketing methods

A
  • paid, owned, and earned media, brochure sites
  • social media, viral marketing, portals
  • Search engine optimisation; search engine marketing
    -Email, SMS and MMS marketing
  • Apps, VR, E-commerce
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9
Q

Paid, Owned and earned media

A

Paid: any digital advertising that a business pays for

Owned media: Any digital channel owned by a business in which content is controlled and governed by the organisation

Earned: Content that is generated via people outside the business

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10
Q

brochure sites

A

websites that are essentially an online advertisement for the organisation

Usually present product and contact details on highly visual and eye-catching way but offer little other functionality

Useful for businesses that seek to present portfolio if work that shows the customisation of their offering

They often suit the limited budget of a small business, or one that offers a highly customised service or bespoke products

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11
Q

Social media

A

The various websites that use technologies and experiences involve online communities where members contribute to and build the community and content.

Users can control their experience through customisation and interactivity.

encourage interactive information sharing and user-generated content

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12
Q

Viral marketing

A

use of social networks to spread a marketing message via earned
media

These marketing messages are spread by friends and colleagues, they have a much greater chance of being considered than traditional advertising

it is controlled by the online community, and some businesses pay a heavy price to try and manipulate the online word-of-mouth

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13
Q

Portals

A

A website that is design to act as a gateway to other related sites

Popularity has declined as search engines have become more powerful, and users can find better content themselves

Still widely used by the government where the intention is to provide citizens with a starting point from which to access all government services

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14
Q

Search engine optimisation

A

Tailoring certain features of a website to try to achieve the best possible ranking in search results returned by a search engine

An enormous industry has developed around SEO, and numerous businesses exist that specialise in providing SEO services to other businesses.

The effectiveness of SEO has also declined as users have become knowledgeable and cynical about how businesses work to appear among the top hits on search engines

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15
Q

Search engine marketing

A

Many search engines now seek paid advertising to place on search results pages.

The advertisements at the top of search results are sponsored links or ‘ads’.

Sponsored links are appealing to businesses because they are only returned for searches that are relevant to the advertised product, effectively ensuring the link is placed more prominently than links that are returned purely due to SEO efforts

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16
Q

Email, SMS and MMS Marketing

A

While spam is an unwelcome way of marketing, legitimate email and SMS marketing can be an effective way to build customer relationships.

When a business makes a sale, a well-timed follow-up email can help reduce purchase dissonance and can prompt a further purchase.

The chances are that an SMS will be read (and perhaps responded to) within minutes of being received.

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17
Q

Apps

A

A phenomenon that has coincided with the increased availability, affordability and consumer uptake of smartphones.

The development of application software (or ‘apps’) to run on these mobile devices.

Australian consumers are becoming increasingly mobile-active, with an estimated 17.9 million smartphone users in Australia and 15 million of us having access to a tablet device.

Apps (e.g. Ticketmaster) have the capability to:
o Find events you like
o Access setlists for shows you have attended
o Turn on auto-location to find nearby events
o Access your account and see past or upcoming orders
o Integrate with social media
o Access artist and venue info

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18
Q

VR

A

When Facebook launched their virtual reality system Oculus Rift, it was difficult to predict the roll-on effect, but the business community knew this needed to be taken seriously.

Virtual reality (VR) is not new; it has been experimented with since the 50s and 60s.

VR has now expanded into retailing.

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19
Q

E-Commerce

A

When the marketing exchange occurs via the internet, mobile phone or other telecommunications technology, it is known as e-commerce.

E-commerce is particularly attractive to small, niche businesses.

The web enables them to reach consumers across the globe, potentially making viable a business that could not generate adequate turnover just through local customers.

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20
Q

Ethical and legal issues

A

Ethical and legal issues mar arise from:
o Pervasive nature of modern information technologies
o Personalised nature of digital marketing
o International nature of modern information technologies
o Failure of laws and international agreements to keep pace with technological change and innovative use of new technologies

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21
Q

Privacy

A

One of the main focuses of digital marketing is to gather information about customer and potential customers to use in formulating market strategy

For many people, collection of the information itself is not a problem (although privacy advocates oppose it). What most people are concerned with is how the information is used.

There are few laws or rules aimed directly at regulating privacy protection online.

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22
Q

Misleading or deceptive conduct

A

Companies must be honest and truthful in all their business dealings, and if they are not, they are liable to be punished by the law

Unfortunately the internet is used by some to fraudulently obtain money from others

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23
Q

Spam

A

The most prevalent type of spam is advertising-related email (36%). The second most common is adult related in subject (31.7%). The third most common is unwanted emails related to financial markets (26.5%).

In Australia, the relevant legislation is the Spam Act 2003. In New Zealand, it is the Unsolicited Electronic Message Act 2007

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24
Q

Evaluating Digital Marketing Effectiveness

A

Practitioners actively engaged in digital marketing know that it is notoriously difficult to measure the effectiveness of digital marketing campaigns.

Online advertising is one area that offers further potential for marketers to assess the effectiveness

Deciding on a particular metric that quantifies an aspect of marketing performance can be invaluable information for the online marketer to know how successful a marketing activity is

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25
Q

The Significance and Importance of Data

A

It is essential to ensure that the data is processed correctly to provide meaning and value to the company. As data size increases it is important to look at valuable data rather than big data

26
Q

Understanding and obtaining data

A

For data analytics to be effective, an organisation must know the context in which the data was gathered and entered into the database, ensuring it measured what is was supposed to measure

If the data is an internal management information system (MIS) the IT department can help the marketing team obtain the data using structures query language (SQL)

27
Q

Sources of data

A
  • databases
  • Internet of things
  • scanner data
  • web data
  • Mobile data
  • social media data
  • survey data
28
Q

Databases

A

the information stored in databases can be organised using a database management system (DBMS)

29
Q

Internet of things

A

a term used to describe a system of electronic devices that are
connected to a network, such as the internet.

30
Q

Scanner data

A

also known as scanner panel data, is detailed on sales of consumer
goods.

31
Q

Web data

A

there a few ways to get data from the web
- ‘Scrape’ the data from the website
- Use web-based application programming interfaces (APIs)
- Extract data from PDFs that are posted online

32
Q

Mobile data

A

phones all have tracking and search history information of users.
there are projected to be more then 4.78 billion smart phone users in the world in 2020

33
Q

Social Media Data

A

social media groups can be though of as online focus groups and can be very informative even though they are secondary data.

34
Q

Survey data

A

surveying people from their target markets and analysing that data, unfortunately no way to tell if responses are truthful

35
Q

Data issues

A

-Spurious correlation
- data leakage
- noisy data and data preparation
- computing resources
- analysis resources
- storage resources

36
Q

Spurious correlation

A

where variables that have nothing to do with each other appear to be related

37
Q

Data leakage

A

occurs when data from the model is shared with data that was not used in the modelling process (sometimes knows as test data)

38
Q

noisy data and data preparation

A

‘noisy’ or ‘dirty’ data means it can contain all sorts of issues such as extreme values, missing data, incorrectly measured data, corrupted data. Another issue is the absence of data. Known as missing data.

39
Q

Computing resources

A

Issues with physical hardware capacity to store and distribute the data

40
Q

Analysis resources

A

not having the software to analyse the data

marketing data scientists use commercial software packages such
as SAS, Minitab, Tableau, SPSS, Matlab and Stata

41
Q

Storage Resources

A

to help reduce the burden and cost of storing terabytes of data, we should generally focus on keeping current customer data. A way to get around the issue of data storage is using cloud computing.

42
Q

Data Governance

A

The high volume of data available means many organisations now regard it as a monetised asset/commodity.

Others argue that since data can be cleaned and aggregated to fit a purpose, it is not a true raw commodity

43
Q

Data-driven marketing

A

A data-driven organisation is one that rests on a base of well-governed data.

Companies now need to be aware of and use data analytics to drive decision-making

In today’s environment, where there are few remaining areas of differentiation in marketing capabilities, you need to have the ‘right’ people who are trained in using statistical software as well as understanding business processes and how the data was
obtained

44
Q

Data and analytics

A

Data are facts about or details of objects that can be compiled into information.

Analytics is the process of organising data into meaningful information.

The benefits of analytics come from not only using the right analytics but also using the right data to generate insights.

To truly be effective in using data, an organisation must integrate the data from multiple silos and departments.

45
Q

Data-driven decision making

A

The marketing insights and decisions that arise from the analysis of data about or from consumers

One of the easiest ways to become a data-driven organisation is to provide dashboards for the organisations so that employees at all levels can see and use data to help them in their jobs

Data-driven marketing approaches must use the SMART principle

attribution modelling, which seeks to find out which touchpoint is most instrumental in a customer’s purchase decision.

46
Q

Types of marketing that are data-driven

A

Customer relationship management (CRM)
Dashboards
Customer lifetime value
Social media listening

47
Q

Customer relationship management (CRM)

A

Companies use to manage and analyse customer interactions and data throughout a customer’s life cycle

Goal is to improve business relationships with customers, assist in customers retention and drive sales growth

it can keep customers engaged with our product, and if done properly, we can have them become an extension of the internal sales team

48
Q

Dashboards

A

A data visualisation tool that displays current status of metrics and KPI for an enterprise

they consolidate and arrange numbers, metrics and sometime performance scorecards on a single screen, providing agggregated data to users who do not need to see individual-level data

49
Q

Customer lifetime value

A

assesses customer’s value over their lifetime as a customer

using data collected from customers over time, we can see how much a customer has purchased and how often

If a customer has high lifetime value, it may be worth marketing to them.

Part of using a customer’s lifetime value is forecasting future sales

50
Q

Social listening

A

the process of judging how a brand or organisation is being talked about on various social media platforms

Since reviews and social media comments about a company or its product are valuable data, marketing analysts can better tailor a good or service based on the voice of the customer

51
Q

Data-Driven results

A

the empowerment that comes with transformative knowledge of
customer, guest, product, patient or fan information, as well as ongoing access to relevant, real-time data in an easy to understand format.

enables businesses to make educated, actionable and profitable decisions

The proper use of data analytics for marketing decisions can require an organisation to change the way they have been operating which can be difficult and time-consuming

52
Q

Data analytics in marketing

A

marketing analytics
descriptive analytics
predictive analytics

Analytics can be used for customer insight, segmentation and targeting, as well as automating menial tasks

53
Q

Marketing analytics

A

practice of measuring, managing and analysing marketing performance

54
Q

descriptive analytics

A

simplest type and is typically used to explain what has happened

55
Q

predictive analysis

A

Forecasts what might happen in the future

56
Q

How to make marketing analytics successful

A

must be a business case as well as appropriate data and an ability to deploy and analytics situation

Predictive modelling, k-means clustering, association rules and visual data analytics are examples of different types of analyses that might be used depending on the specific business case

57
Q

Artificial intelligence and machine learning

A

Machine learning involves the study of algorithms that can extract information automatically. it’s mostly used to make predictions and understand the market

three types of machine learning
1. supervise
2. unsupervised
3. reinforcement

58
Q

Data ethics and the future of marketing analytics

A

Being relatively new, there are still some issues related to the field of analytics.

However, as organisations become obsessed with data and the potential cost savings, there may be too much overreliance on data.

Many customers dear that their personal data is being misused by companies.

Organisations must realise that in marketing analytics, there are opportunity costs.

59
Q

Legal and Ethical Issues in Data Analytics

A

An issue with big data is that sometime there is too much data to go through and analyse, but sometimes it is not ethical to analyse data.

Data Snooping: when an analyst picks a model to confirm what they want to prove. The ethical issue related to data snooping is that of confirmation bias. It is a serious issue in analytics.

Data Breach: when information is intentionally or unintentionally released from a secure location in a company.

60
Q

Analytics skills for decision makers

A

To be prepared for a data centric world, even non-quantitative marketers need to have basic numeracy and data literacy skills.

Lack of knowledge of statistics can lead to serious errors in analytics interpretation.

Marketers that use a combination of human intuition, data and analytics to inform marketing strategies are better positioned for the future job market

61
Q

Future of Data Analytics in Marketing

A

It is important that analytics is valued at all levels of an organisation.

A ‘real time’ business is about being able to make a decision at the ‘real time’ it matters.

To do this effectively, companies need to integrate data with their business processes.

It is important to ensure there is a balance between real-time data and having enough data to be statistically valid.

Marketing (11 decks)

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