Being aware of marketing terms is important to be on top of your game as a marketer. So I will be going to go through some terms that stood out to me as I was reading the chapters and I felt that they were valuable to take note of.
Geofence description is basically in the name “fence” if you think about it what geofencing is creating a digital fence that incorporates a location or avoids a certain location. This technology uses GPS and RFID to establish the boundary line. This is commonly used for marketers to target their audience based on location. An example of this would be if a business purchased a Snapchat filter, to increase awareness and sales to the business. This is a great way to increase awareness but the filter will only be available at that certain location to be used on the customers Snapchat filter. This is just one example of what geofencing is in marketing but there is more ways that this feature is being used. Another example would be to send an app notification when the customer enters a business. This is used to trigger purchases and make the user more prone to making a purchase. I believe that geofencing is a powerful technology advancement and more marketers should take advantage of it. For more information you can click the link below. https://geomarketing.com/geomarketing-101-what-is-geofencing
A field experiment is essentially an experiment that is done in real time, this type of experiment is common in marketing as it is used to observe customer feedback. An example of this type of study would be giving specific chip samples at Costco. The customer feedback would be how many people purchased the chips after trying them. This would give feedback to the chip production company if people have a low or high purchase rate. This type of experiment can be very beneficial for marketers as it gives almost instant feedback and they don’t have to wait several months to see the customer feedback. For more information on the term you can click the link below.
Natural experiment is another type of study that marketers use to determine customer reaction to certain products/services. Although natural experiments in marketing take a different approach, and this involves the customer to not be in a controlled environment. It is called a natural experiment for a reason. An example of this would be to send a text message with an ad on a hair product for rainy hair days to a location where it is currently raining and then send that same exact ad to people that are located somewhere where it is not raining. Then observe the results of the experiment for this specific one, the business should evaluate if the weather impacts the sales at a specific location because of the weather. I think that this type of experiment is valuable as marketers want to know the response to the brand to natural factors.
The next terms that I will be going over is data integration is basically a business combining several sources of data to put to use. This is important in marketing because the more information you have about the subject is usually best, especially if the information is coming from a few sources. This is very beneficial for marketers as they have access to a lot of information from one place without having to go to data centers around the world to get access to that information.
“The goal is to turn data into information, and information into insight.”
In conclusion all of these marketing terms are valuable and important to know in general bu they are especially important if you are a marketer. Knowing and taking advantage of all these tools and practices can help you elevate your marketing skills and succeed as a marketer.