Marketing Analytics Glossary Terms

For this blog post, I will be reviewing our glossary terms from Marketing Analytics chapters twelve and thirteen.

brand recognition: the ability to confirm a prior exposure to a brand

This is something that I am familiar with but always find so interesting. When I think of the term brand recognition, the first thing that comes to mind involves something silly we do as consumers. For example, we don’t always say something like, “could you pass me a tissue?” We might say “could you pass me a Kleenex?” There are several different brands of facial tissue, yet when we say Kleenex, we all know what we are referring to. The same goes for Chapstick. Chapstick is a brand, not necessarily a product. So when you are going to the store to buy some Chapstick, you may just be buying lip balm.

Image result for kleenex

breadth: the range of usage scenarios for a brand

As someone who has an interest in advertising, this term seems valuable to me. Marketers seem to always be looking to stretch that good quote, that good photo, or sound bite where someone had something positive to say about your product.

campaign life cycle: the process of creating and running a campaign through several stages

I have been the creator and facilitator of various social media campaigns throughout my job history. One in particular, for a yoga studio, is most memorable. The owner of the studio wanted creative ways to increase her following on Instagram. I suggested we hold a contest where users would post photos of themselves doing a particular yoga pose each day and then be entered to win a free yoga class from her studio at the end of the month. It was a great success! We had so much fun creating the content. It didn’t even feel like we were working.

Here is the yoga studio I used to work with – click me!  

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Marketing Analytics Glossary Terms

Mobile Marketing in France – Engagement Strategies

“Select a country other than your own and research the different cultural nuances of mobile marketing, using examples that you find. Discuss your findings and research and its impact on the country you selected, and how it might impact other countries.”

For this blog post, I have decided to research and analyze current mobile marketing trends in France. I chose France simply because I have always wanted to travel there and I have a basic understanding of the language (thanks, Madame Kakuk from Menominee High!).

To begin my search, I began looking up general ideas and thoughts behind mobile marketing in France. Here is an article I found discussing an association dedicated to utilizing technology to propel the campaign’s used in France’s mobile marketing efforts. The article on this site includes prolific names involved in these marketing efforts, along with this quote:

“The French association was created in 2002, and gathers more than 90 members. It is therefore the professional reference of the mobile marketing industry for announcers, official and professional institutions.

Through their agreement with MMA Global, the Mobile Marketing Association France is the only digital association in France with a real international reach, counting for more than 700 member companies throughout the world.”

france 1

This is an article from 2011 titled “The insider’s guide to mobile marketing in France”. Because this article is eight years old, I thought it would be interesting to compare its contents to how mobile marketing exists today. While there was significant mobile marketing already present at this time, the advancement of social media and mobile devices in general have only made it more and more advanced.

A few quick facts:

  • In 2010, the French government provided €10 million to finance 68 innovative mobile Web and app projects through the Proxima Mobile Portal.
  • In France, mobile marketing has seen little in the way of regulation.

In 2017, the country of France published a new law outlining updated regulations for advertisers – mobile marketers are included. The law, titled Loi Sapin, is “an anti-corruption law that was introduced in France in 1993 in order to make the business of media-buying more transparent.”

This article from Business Insider goes more in depth as to why this is important. Transparency with marketing and advertising is key to gaining audience interaction, and it seems like France is on the right track to keeping this view upheld with its people. It rings true that diversity is key in an organization – especially organizations that are responsible for advertising. When you are forced to diversify your efforts across various groups and social statuses, you learn so much more about issues at hand and therefore present a greater worldview to your product and your audience. This law ensures that this will continue to take place in the nation of France.

Image result for france

In conclusion, France has felt the impact of a changing mobile marketing world and adjusted rules and regulations accordingly. With constant flux of technology and its advancements, it becomes more important to understand how we are using our skills as marketers so we can prepare for the future.

Mobile Marketing in France – Engagement Strategies

Chapter 12 Glossary Terms

Another week, another collection of glossary terms that I’m taking a closer look at. Let’s jump right in, shall we?

Customer Lifetime Value

Customer lifetime value is the evaluation done by a company to determine how much a single customer is worth to them, based on their spending habits and loyalty. This is important for companies that want to grow and maintain a lasting relationship with their customers that nets them profit over time. The example used in the book was Netflix and their subscribers, and I believe this is a great example, as most Netflix users are constant, reoccurring subscribers. If someone was to pay the monthly Netflix rate, in just one year on their most basic pan, will net Netflix $108. That means every year that one customer brings in over $100 to Netflix, and that customer retention is very important to Netflix. Forbes does an excellent job of explaining the importance of customer lifetime value. They explain that lifetime value is the calculation of the amount of business a company can expect from each of their consumers. Obviously this isn’t foolproof, but it provides an excellent baseline for companies to grow from and learn more about their consumers.

Image result for customer lifetime value

Now how does one calculate customer lifetime value? Well, it seems as though that’s the difficult part for a lot of companies, as only 42% of companies claim to calculate customer lifetime value. This is because of the lack of integration within a lot of companies. I’ve personally worked for two large retailers, and right from the beginning both companies were insistent on getting customers to sign up for their loyalty programs, boasting that customers who did spent an average of X amount more than those who did not. Being able to pull that information, specifically with using loyalty programs that track purchases, makes calculating lifetime value easier, as it breaks down who bought what and how.

Brand Recall

Brand recall is something that every marketer is looking to create. It is the ability for a consumer to retrieve the brand from memory. If someone asks me to buy them ketchup from the store, where is my mine immediately going to go? Probably Heinz, as they have created great brand recall, positioning themselves with a clear message of what they provide, and gaining their exposure through means varying from asking Twitter users if they should make and sell “Mayochup” or paying for the naming rights to the stadium where the Pittsburgh Steelers play. It’s pretty easy to see why brand recall is so important, and that’s because if someone recognizes your brand, they are more likely to purchase it than one they have never seen/heard of before. Brand recall is especially important for brands who rely on habitual, low involvement purchases that don’t require much – if any – research prior to buying them.

Brand Recognition

On the flip side of brand recollection, brand recognition is the to confirm a prior exposure to the brand, and pick them out from the crowd. To build off the previous Heinz example, while brand recall is being able to think of Heinz when someone says ketchup, brand recognition is seeing their iconic glass ketchup bottle and immediately thinking “Heinz”. While brand recall is simply the consumer remembering the brand exists, brand recognition is distinguishing what is unique about the brand, and what creates the attachment. Brand recognition plays a roll in not only low involvement purchases, but high involvement purchases as well. Walking down the chip isle in the store and knowing you want Lay’s because you have a connection to the brand thanks to brand recognition is not too far off from going down to Best Buy and knowing you want to purchase the Apple laptop rather than the Lenovo one because the brand recognition that comes along with that famous logo.

Image result for brand recognition

Rollclick does a wonderful job of breaking down the impact of brand recognition, and explaining its impact. The example they use is Nike: how many people purchase a pair of Nike running shoes because that is the brand they are most aware of? Nike has a great reputation quality wise, they are worn by professional athletes around the world, and they are easily accessible at most major retailers. Therefore, Nike is able to rely on brand recognition for a lot of new purchases, as most people won’t be doing extensive research on what pair of running shoes they want to buy. Rollick also explains that brand recognition leads to brand trust which leads to brand equity. If someone buys their first pair of Nike’s on a whim because they’re aware of the brand and it’s following, what would stop them from buying Nike next time they need a new pair if they had a positive experience?

That’s because about about 59% of shoppers prefer to buy new products from brands that are familiar to them, which also creates a conversion, but builds a certain degree of brand trust. -Jordan Stokes, Rollick

https://gorollick.com/articles/press-release/the-importance-of-brand-recognition-in-the-consumer-purchase-decision/

These are just a few of the terms that I really wanted to talk about this week, as I felt they were terms that are integral to all aspects of marketing.

Chapter 12 Glossary Terms

Chapter 6 & 7- Engagement Strategies

This week I am going to talk about the main points from both chapters and explain my opinions of the chapters.

Chapter 6

Mobile Advertising Players

  • People– Customers or the future customers that represent individuals like you or me who are consuming online content like news articles, search results and videos and games.
  • Buyers– There are two types of companies that do buy marketing services.
    • Marketers are advertisers and brands and retailers that want to expose people to their company. Marketers are people that write the checks that pay for advertising.
    • Agencies are companies that represent marketers and can help them with all parts of mobile advertising. Like strategy, planning, creative development, ad placement, execution measurement and analytics.
  • Sellers– Companies that represent media and the digital channels in advertising. They are divided into 3 sections publishers, networks and exchanges.
    • Publishers- Publishers are companies that do own media properties like websites, games, apps, and media sites. These are things that attract audiences. There are so many different publishers out there.
    • Networks- These connect advertisers to all the publishers out there in the world.
    • Exchanges- This is companies the aggregate networks. Networks come in different sizes and types.
  • Enablers– This is technology that helps power different mobile experiences like messaging, websites and apps
  • Associates– These are organizations that help stimulate different market growth by developing standards, consulting and policies.

This explains the process of mobile advertising players in general and what they all do for one another.

Mobile Experiences

  • Text- areas you can put letters or words
  • Display- what you see
  • Rich media- interactive advertising like text, image, audio and video
  • Audio- the sounds you hear
  • Video- video clips designed to promote something
  • Incentivized media- a form of rich media or video that offers incentives, free credit or coupons.

The areas that ads are placed is important so that people do see that and that they do affect people. If ads are placed randomly then it would just not make sense at times when you see a random ad that is placed.

Some different locations that ads are placed are headers or footers or sidebars, home screen.

Mobile advertising metrics:

  1. Number of impressions- how many people viewed an ad
  2. Location- general location
  3. Publisher- content publisher who is generating ad traffic
  4. Number of engagements- amount if people who interacted with the ad
  5. Dwell time- home much time is spent with the ad
  6. Completion rates- amount of users who completed the entire experience
  7. Spending- total cost-per-clicks

These are all different analytics that companies should keep track of just to make sure your business is growing and more and more people are interacting with your ad.

Chapter 7

There are 4 different influencers for mobile experience and they are government laws & regulations, corporate policies, industry guidelines and standards and lastly people and their expectations.

People and their expectations– consumers influence marketing directly through their expectations and reactions to what marketers do and the products they offer

Government- the people that have been elected who establish and execute laws and regulations that relate to mobile.

Corporations– commercial companies like Google that provide goods and services.

Industry- non-governmental organizations that help organize industry dialog with best practices market development and regulatory standards.

Each one of these groups influence how the mobile industry runs and acts in their own way.

“Mobile is not the future, it is the NOW. Meet your customers in the environment of their choice, not where it’s convenient for you.”

Cyndie Shaffstall

Overall, both chapters had so much great information in them and while reading I learned a lot and I think you probably did as well!

Chapter 6 & 7- Engagement Strategies

So Many Screens, So Little Time

How many digital screen are you looking at through out the day? Do you wake up and immediately grab your phone, or tablet to check Facebook, Instagram or Twitter? Then spend the rest of your day looking down at your phone. We have all become ultra dependent of our digital devices, is it too much?

So How Was Your Day?

In Chapter 6 it was mentioned that it is not unusual for the consumer to be one upwards of four or more screens at a time. It also gave the scenario of a typical family watching TV and everyone is on a different device. The same is for the dinner table. People are not engaging with each other anymore. Some families are banning digital devices from the dinner table as a way to connect with one another. To ask about everyone’s day, what they did at school, and to listen to one another. On the other hand, how many parents to you see in restaurants immediately give their child(ren) a tablet or phone to occupy them? It seems as if we are raising children with out the necessary social and communication skills that they will need in life. I suppose that in the future when all of these children are older adults it won’t matter since they will all communicate remotely anyway. Is that too cynical? Perhaps, I was raised in the 70’s & 80’s, we only had 3 channels until 1984. PsycologyToday.com called “How Technology Is Changing the Way Children Think and Focus”
https://www.psychologytoday.com/us/blog/the-power-prime/201212/how-technology-is-changing-the-way-children-think-and-focus It states ”
The bottom line is that too much screen time and not enough other activities, such as reading, playing games, and good old unstructured and imaginative play, will result in your children having their brains wired in ways that may make them less, not more, prepared to thrive in this crazy new world of technology. “

But You Are A Marketer…

I don’t hate technology, I love it. I love that I am able to reach so many of our customers at work instantly. That I can create a promotion on Facebook that our customers go crazy for. I am guilty of being the person that immediately grabs my phone upon waking, that has to be a lurker on Facebook and get in 10 minutes of what ever my favorite game of the moment is. I will also admit to checking my phone more than hourly. I did not mean to come off harsh. I do not have children at home. I didn’t have to worry about smart phones when my kids were young. They didn’t really exist until they were in their late teens. But, I was guilty of letting them play video games that people said I shouldn’t, I played with them. GTA, Diablo II. Resident Evil. We spent a lot of time playing ‘bad’ video games and they are quite lovely, responsible adults. I just hope that families don’t lose the communication between parent and child. In the end parents are the greatest teachers, friends and confidant a child can have.

So Many Screens, So Little Time

Chapter 12 & 13 Vocab- Marketing Analytics

Welcome Back! Today I am going to talk about some of the main keywords from chapters 12 & 13 that I did not know or words that i would like to dig deeper and explain a little more! So here we go!

Brand Recognition

Brand Recognition is also known as brand awareness. This is when customers are able to recall or recognize a brand. Brand awareness is key consideration in consumer behavior, advertising management, brand management and strategy development. If brand recognition is done correctly, your product should be recognized even without using the name. The goal is to get potential customers to recognize the product instantly without much effort. This makes me think about that game that you could download that you had to figure out different logos. An example of one most people know is the golden arches which is McDonalds.

https://www.kashflow.com/blog/the-importance-of-brand-awareness/

Campaign Life Cycle

Life cycle marketing campaign has 6 steps

  1. Grow your opt-in list: This should be a constant effort managed by marketing, sales and client success teams.
  2. Determine your campaign goal: Looking to up sell or cross sell current clients? This goal should/ will impact content and audience. Set a clear goal and timeline.
  3. Define the audience and create the segment: The campaign content should be dependent on who you are trying to reach. Customers should receive a completely different type of communication than prospects.
  4. Create a strong campaign: Campaigns are created with the intention of building engagement and moving contacts into the next stage level. In order to do this you will need to nurture and build engagement with contacts throughout the campaign.
  5. Automate campaign tactics: Marketing automation is extremely helpful in helping marketers to reach the right people at the right time with the right message. Through automation, campaigns can run on their own and even provide daily or weekly reports to marketing and sales teams to show them their value.
  6. Track campaign effectiveness: Constant monitoring is very critical.
https://www.slideshare.net/Datarati/success-campaign-strategies-for-all-stages-of-the-customer-lifecycle

Margin

Margin is the money borrowed from a brokerage firm to purchase an investment. It is the difference between the total value of securities held in the investors account and the loan amount from the broker. Buying on margin is borrowing money to buy securities. This involves buying an asset where the buyer pays only a percentage of the asset’s value and borrow the rest from the bank or the broker. The broker acts as a lender and the securities in the investors account act as collateral.

Key takeaways:

  1. A margin refers to the money borrowed from a brokerage to buy securities.
  2. A margin account is a standard brokerage account in which an investor is allowed to use the current cash or securities in their account as collateral for a loan.
  3. The collateralized loan comes with an interest rate that the investor must repay the broker.
  4. Because they are using borrowed money the investors profits or losses are likely to be magnified.

Bayesian Statistics

Bayesian Statistics is a theory in the field of statistics based on the Bayesian interpretation of probability where probability expresses a degree of belief in an event, which can change as new information is gathered, rather than a fixed value. Bayesian statistics provides us with mathematical tools to rationally update our subjective beliefs in data.

T-Test

A T-test is any statistical hypothesis test. A T-test is most commonly applied when the test statistic would follow a normal distribution if the value of a scaling term were known. A t-test is a type of inferential statistic used to determine if there is a significant difference between the two means of two groups which may be related in certain features. The t-test is one of many tests used for the purpose of hypothesis testing in statistics. There are several different types of t-tests that can be performed depending on the data and type of analysis required.

“Take a risk and keep testing, because what works today won’t work tomorrow, but what worked yesterday may work again.”

Amrita Sahasrabudhe

Type I & Type II Errors

Type I error: When the hypothesis is true you reject it makes it a type I error.

Type II error: When the hypothesis is false and you fails to reject it, you make it a type II error.

Overall, with both chapters there were keywords that I did not understand so I looked them up and dug deeper so I could understand them better. It is so much easier to read the chapters and understand them when you understand the vocab that goes with the chapter.

Chapter 12 & 13 Vocab- Marketing Analytics

Mobile Marketing in China

Today I decided to take a look at how China does their mobile marketing. I never thought it would be that different from ours. In the USA you can order things from China easily. They have their own apps for us to use. One very popular app for oversea marketing right now is Wish. I thought it would be similar to our but I was wrong. It is not that similar.

First when researching mobile marketing in China, I found out that majority of all mobile marketing strategies involved the WeChat app. This app counts 1 billion users. 92% of online marketing uses WeChat. https://www.marketingtochina.com/important-know-mobile-marketing-china/

According to study approximately half of the Chinese population is using the internet. More than any other country. When I looked further I found out that China’s internet usage is the highest at 731 million people. And of the 731 million 95% access internet through their mobile devices. China also uses QR codes for mobile marketing. QR codes are a huge part of China’s mobile marketing.

https://blog.sinorbis.com/blog/adapting-to-mobile-marketing-in-china

Doing more research I learned that China has the highest mobile transaction rate. China’s population uses online shopping for everything. It is the preferred method of shopping. Between January and October of 2017 China had 12.8 trillion US currency in mobile transactions. That is a lot. But then I started to think about how I would get my mobile marketing across in China if I couldn’t use Google. Google is not allowed in China and it is the number one internet site in the USA. So I tried finding out where would be the best sites to use in China. The two sites that are used the most for mobile marketing are Baidu and Shenma. Shenma is actually a site that is only used for mobile marketing. You can’t access Shenma on any desktop.

There is a lot more information that I need to look into but just from the research I did to today. I learned a lot.

Mobile Marketing in China