Workgroups Flashcards
What was workgroup 1 about?
Customer Valuation: The objective of this exercise is to practice in calculating customer valuation metrics
using real-life customer data and reflect on the managerial use of the metrics you have
generated. Try to generate analytics that are useful to a manager. The goal is not so
much to make the perfect analysis, but to think about what a useful analysis would look like
What were the key metrics in workgroup 1?
Recency, Frequency, Monetary Value, Retention, and CLV
Key insights from workgroup 1?
Recency can be interpreted differently for different goals. If a customer is a frequent shopper and recently bought items, they can be rewarded. If they had not shopped recently enough, they can be retargeted to inspire them to shop more. All metrics should be assessed individually as, while they give you a quick and dirty number when combined, they each tell a different story individually.
What was workgroup 2 about?
Measuring the impact of social media activities is the greatest challenge for marketers on social media. The objective of this exercise is to practice in calculating metrics based on real-life social media data. Furthermore, you will have to reflect critically on the usefulness and validity of each metric. Part of this assignment is finding methods and tools that can help you achieve this. You may have to do some manual coding of social media data yourself. The methods and tools are only means to an end. In the end, you should be able to generate analytic insights
What were the key metrics in workgroup 2?
a. Engagement (e.g., likes, comments, mentions, shares, retweets)
b. Audience growth/decline (e.g., change in number of followers)
c. Customer service (e.g., response time, response rate)
Key insights from workgroup 2?
Not all actions carry the same value. The need for customer service response time varies by industry and social platform. Engagement can look different for different brands. Should not be lumped together for a “top-level” view.
What was workgroup 3 about?
The objective of this exercise is to practice in adopting a stakeholder perspective on marketing performance, by developing relevant metrics that provide real-time insights into the outcomes of stakeholder marketing. Taking it one step further, you will use your metrics as input to create a stakeholder reputation monitoring dashboard and you will reflect critically on each metric
Key metrics from workgroup 3?
The key metrics varied by brand but sentiment was a reoccurring theme. Also, revenue was an important indicator.
Key takeaway from workgroup 3?
Sentiment and balancing stakeholder needs are very important in business relationships. Stakeholders can be both internal (ex/ employees) and external (ex/ society, suppliers, government agencies).
