Marketing Analytics Terms (14 & 15)

    If you are marketer for a business you most likely have came across the question of how much money should be budget for different marketing channels. So you might wonder if it’s better to have a larger budget for social media instead of television and so on. This may be tough to figure out so you’ll want to take a look at creating a marketing mix model to come to a certain answer to your question and avoid wasting the marketing budget on ineffective channels for your business. In this post your will learn about the marketing mix and the components as well.

Marketing Mix Model

A Marketing Mix Model implicates techniques that help anticipate marketing outcomes. This is do to predict what marketing investments will be best to maximize your profit. For example it may be tough figuring out how much money your business should spend on advertising on social media, television, or radio. The marketing mix will help you figure out your budget for every single ones of these marketing channels. To create a marketing mix model you can include, economic, industry, product, sales, profits data and more. You will want to determine what you want to predict and use the data to your favor.

Regression

    This is part of the marketing mix model and and regression basically means the number of inputs and the way that they are related to the outcome. These are important because once you figure out the outcome you can go back and change the inputs to rule what are the profits/sales. 

Correlation/ Causation

    Correlation is the association of two completely different variables. It’s important to look back at the variables and see these correlation and see if there is an explanation to this. Although there is different types of correlations as well. There is negative and positive correlations as well. So what a negative correlation means is that when a variable decreases another increases and vice versa. In contrary a positive correlation is when a variable increases so does another one and when a variable decreases so does the other one.

    So causation is related to correlation and this means that there is a certain association between one variable and another one. More like a cause and effect so one variable has effect on the next this would be considered causation. Although is important know the difference between just a coincidence and an actual causality.

In conclusion there is a lot that goes into creating a marketing mix model and at times it may be a tedious process. Although if you follow the right steps, creating a marketing mix can be very beneficial to your business. This is key for every business, as it will use the marketing budget positively and this will increase the effectiveness of the overall marketing strategies.

“You can never go wrong by investing in communities and the human beings within them.”

Pam Moore

References 

https://clevertap.com/blog/correlation-vs-causation/https://www.decisionanalyst.com/whitepapers/marketingmixmodeling/https://www.decisionanalyst.com/analytics/marketingmixmodeling/

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Marketing Analytics Terms (14 & 15)

Marketing Metrics and Statistics (Chapters 12-13)

    In this post I will be going over different types of metrics and statistics. The metrics I will be going in detail are Innovation Metrics and Quality Metrics. The statistic methods that I will be going over will be Analysis of Variance and Standard of Deviation. All of these can be helpful for any marketer and can practicing these methods can benefit any business.

Innovation Metrics

    Innovation Metrics is the process of measuring the businesses new innovations. Now you might be wondering how do you measure innovation, it seems like an idea hard to be able to measure. The truth is that this is a complex metric to measure but it is also vastly important and key for a business to be able to measure this. Since innovation is intangible it is more difficult to measure is important for a business to identify what practices are considered to be innovative. For example a business can measure innovation through new ideas, projects, risks that are being taken, and more. Although a way to do so would be to measure the revenue that the company receives from a innovative project/product. Although it’s important to note that measuring innovation may be different for every company depending on what their marketing goal is.

Quality Metrics

“If you don’t collect any metrics, you’re flying blind. If you collect and focus on too many, they may be obstructing your field of view.”

― Scott M. Graffius

    Quality metrics are metrics that help a business keep track of what the customer wants and prioritizing those needs. The business must address all of these metrics to improve the overall project and meet the goal of the business and the customer. To measure quality you’ll want to take a look at a few key metrics. These include the ratings of the product, it’s important to listen to customer feedback to improve the product. Another metric to measure quality that you’ll want to measure would be customer satisfaction, this would include how many people are returning the product or their overall experience on the product/ service. Overall quality metrics are important for every business and they must be measure accordingly. Below there is a quality metrics template.

Template

Analysis of Variance

    Analysis of Variance is also known as ANOVA, this is a method that is used to put into two groups to take a look of the variance, it can also include three or more groups. What this essentially test is if there is any significant difference between these variance. ANOVA is beneficial to use because it can help a business determine what practice  is effective overtime an extended period of time. An example of ANOVA if an online retailer wanted to find what are the cities that they receive the most orders from and what type of clothes are usually bought. The business wants to find this out to build a marketing campaign for that location and increase sales. One way that they would find this out would be an Analysis of Variance. There is many problems and questions that a business may face and want answers for. ANOVA is a good way to collect data and test the variance to find answers. You can click the link below to find more information about Analysis of Variance.

https://www.projectmanagementdocs.com/template/project-documents/quality-metrics/#axzz5mJtP4FxH

Standard Deviation

    Standard Deviation is the concept of measuring the difference between people and data sets and find the average of that data. The standard of deviation is calculated by taking the square root of the variance that is found. The standard deviation is used frequently in business settings to find statistical numbers. For any business the standard of deviation is essential to find statistics.

In conclusion metrics and statistics are fundamental in marketing as they help businesses collect data and analyze it to improve their business. In marketing these can break or make a business when determining and deciding what is best for the business. Analysis of Variance and Standard of Deviation should should be practiced in every business.

Marketing Metrics and Statistics (Chapters 12-13)

Marketing Analytics Terms(Chapters 9-11)

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

    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

Field Experiment

    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.

https://study.com/academy/lesson/challenges-of-field-experiments-in-marketing.html

Natural Experiment

    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.

Data Integration

    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.”

-Carly Fiorina

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.

Marketing Analytics Terms(Chapters 9-11)

Diving into Marketing Data, Social Listening and Content Analysis

If you have been wondering what marketing data,  social listening, and content analysis in marketing you have come to right place to learn more about these terms! In the marketing world these terms are important to know to help your brand grow and increase ROI. I will also be touching on some online tools that can help you to do this for your brand.

Marketing Data

Marketing data is analytics that are used in marketing to study and improve the brand. This is done by studying the return of investments in marketing efforts. It is essential for a brand to know their marketing data as this helps a brand know if their marketing efforts are paying off and returning investments. This helps a brand to understand what is it that they have to do to improve their marketing efforts and increase profits. A few things that a brand will most likely look at in their data to know if a marketing campaign is effective would be the following

Social Listening

“Your content has no value unless it moves, unless people see it, engage with it and actively share it.”

– Mark Schaefer

Social listening is essentially keeping track of your business social media platforms and the feedback that they receive. So you would want to take a look into the engagement of your platforms and look at the feedback that is being provided.You will most likely want to make any changes that are needed to increase customer engagement, and the brands engagement as well. Social listening is truly important for brands to thrive on social media.

Although brands want to be able to keep track of all engagement and feedback it might be hard if your social media platforms have quite the following. So you’d want to take a look at some social listening tools to help you.

Hootsuite

This is a well known social media marketing tool, as it easily lets you keep track of all the metrics of your social media platforms . As well as post content and answer comments all in one site. I personally have previously used this and I think this is a great tool, I love the feature that lets you schedule post.  If you’d like to find more social listening tools you can find more on HubSpot.

Content Analysis

Content analysis means to summarize the content of photos, audio, digital texts and visual formats of communications through numbers. The reason that people do content analysis is to find out the link there is between the content provided and the effect that it has on the audience. To make a content analysis on you’ll want to use a tool that will easily help you make an analysis.

BuzzSumo

This is a content analysis tool that will help you brand do a content analysis. This is a very popular tool for marketers as it lets you know what content is performing the best as well as it lets you know brand mentions and backlinks. This is a free tool to use and it is perfect if you are in search of a content analysis but don’t want to invest in one yet. Impact can let you know of more free content analysis tools.

 

Overall these terms are essential for every business to know and will want to use these techniques to improve their marketing techniques. To perform these strategies you will want to use the tools that I mention above or follow the links to find out more free tools to use!

Diving into Marketing Data, Social Listening and Content Analysis

Marketing Data Terms

In Marketing there is a lot of data terms that might seem foreign when you are just beginning to learn about them. But don’t worry! I am going to go in detail about essential data terms every marketer should know. Although the truth is if you are a Marketer the have probably heard of these terms before and just want to know a little bit more about the details. Also if you’re just wondering in general what these terms mean I will explain them in a nutshell!

Cloud

If you own an Iphone you have most likely seen that your phone uses iCloud to store information like pictures and videos. You might wonder how this is different than regular memory storage. This feature is a Cloud and essentially what it is, is a data storage that is connected to the internet, this provides the user with on demand resources for data storage. The cloud is used to store information on the internet instead of on your computer or your phone. Some examples of this would be Google Drive, and Netflix as well. The cloud is very useful if you want to get a hold of your data storage on a different electronic device. For example if you wanted to view your Iphone pictures that are saved on Icloud on your Mac book you are able to do so.

“I don’t need a hard disk in my computer if I can get to the server faster…carrying around these non-connected computers is byzantine by comparison.”

-Steve Jobs

SQL

SQL stands for Structured Query Language. This is the language you will want to use, so the database understands what you’re trying to look for. The language can be used to retrieve a large amount of data. This can be beneficial to marketers as they don’t have to enter a long code to view the information.

Query

This is a very common term used in marketing overall. Essentially what a Query does is take the information from a database and makes it comprehensive for the user. Although you must write the Query in SQL form. This is used for making data easier to read and understand. As many know in marketing if the data is not structured to be read and analyze it’s useless. If you would like more information on this term I will leave a link below.

Query Information

 

Cookies

No this is not the sweet round baked goods that you love. In your browser the term cookies refers to pieces of information that are stored in your browser. Essentially how cookies work is when you visit a site. For example I went on Amazon and I wanted to buy a ring. I will look up in the search bar and look up rings. Eventually I would add an item into my cart but for some reason I did not purchase the item. Amazon has implanted cookies in my computer to track me through the web. By using Amazon you are already agreeing that they are able to use cookies. Later that day I may come upon a ring ad for amazon, and remember that I wanted a ring and end up purchasing from Amazon. This is a very beneficial tool for marketers as they can increase sales. If you would like to learn more about cookies I will leave a link below.

Cookies Information

Key Terms

In conclusion all of these terms are key terms that are important to know if you are a marketer or even if you just wanted to be aware of data terms for your own knowledge. They can help you make more sense of the internet and the data that it collects from people. I hope you found all these terms description and helpful.

 

Marketing Data Terms

Get to Know me!

If you want to get to know me a little bit more you have landed on the perfect page!  My name is Yri Diane Sanchez and this year I have decided to enroll in the Digital Marketing Program at NWTC, this would be a Technical Diploma. I am currently loving it so far I have always been interested in the business/marketing aspect of things. Currently I am debating if I want to continue to pursue my marketing bachelors degree. I’m currently attending NWTC and I am a full time student and I also work full time at Target as well. It definitely has been challenging for me to balance school and work and life but I do feel like it will all be worth it.

I have been busy with school but I also do some hobbies that I enjoy. One of those hobbies would be YouTube. On YouTube I create videos with beauty related content. Overall I love YouTube and love watching videos, meaning that I spend a lot of time on it. Another platform that I spend a lot of time on would be Instagram. I like to get fashion and makeup inspiration on Instagram and I also like to keep connected with my family and friends as well. One day I would like social media to be part of my life, because it is a fun creative outlet that helps marketers grow their business, with a small budget.

Untitled design.png

Link to my YouTube Channel

    I am currently taking the Marketing Analytics class because analytics is huge for marketers to measure their marketing campaigns performance. Since I have taken other marketing classes that have touched on marketing analytics I know that this is essential for determining ROI ( return on investments) for an ad or marketing campaign. Although I do have some knowledge of Marketing Analytics I am excited to learn more. If you would like to learn more about Marketing Analytics you can visit Word Stream  for more information.

If things go as plan, in five years I am planning to be running my own online business. I would like it to be related to beauty or fashion, and I would be running the marketing side of it. I have always wanted to own my own business since I am a creative minded person and I would love to sell items that are different and people love to use. Anyway now you know a little more about me! I hope that you enjoyed getting to know me just a little bit better.

Get to Know me!

Social Sharing

What is Social Sharing?

Basically is when a company/brand share what their website is all about, through their owned social media networks. This is an effective way to promote their products as this can drive traffic to their social media, and have conversions. Also this gives a company a platform to share how the product can be use or give the consumers ideas. The link below goes a bit more in depth on what is social sharing and how it’s beneficial.

https://www.bigcommerce.com/ecommerce-answers/what-is-social-share/

Now I will be discussing a few clothing companies that participate in social sharing and have caught my attention because they do an excellent job on it and I think everyone can learn something from their social sharing skills.

Forever 21

Forever 21 is a widely known retailer for young women and men. It seems like this company is targeting their consumers widely through different platforms for example they are active on Youtube, Instagram, Facebook, Twitter, and Snapchat. Although they have the largest amount of following through their Facebook and Instagram which is around 15 million followers for both. This is most likely due to their consumers being highly active on these social network. Although, it seems that the sharing of pictures and videos is the most effective way of sharing their content because consumers can visually appreciate what their brand is all about, without having to read through it. Though these social media platforms it shares different type of content like style inspiration, relatable memes for followers, current store or online site events, and more!

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https://www.forever21.com/us/shop

Missguided

Missguided is a clothing brand that originated in the UK and they are known for eye catching pieces. On their social media they share images of influencers wearing their clothing pieces. Also they share when they have sales, and have a lot of giveaways. Although what’s interesting is that they also post beauty content that doesn’t relate to their website products. They post constantly on Instagram, Facebook, and Twitter. I believe that they chose the right social media platforms to share their content, as they are trying to reach young adult females. And they share high quality content that their consumers find interesting.

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https://www.missguidedus.com/

Nasty Gal

Nasty Gal was founded by Sophia Amoruso in 2006, and it has been growing pretty rapidly since then. They currently have over 7,000 post on their instagram feed because they post frequently. As well as their other social medias like on their facebook, twitter, pinterest and youtube.  As I compared both feeds of Nasty Gal and Forever 21 I came across the fact that they are similar in some aspects. For example they both have memes or relatable quotes about life. These post do not have much to do about their website. I think these post are made to make their followers feel that their social media is relatable to their life. I actually believe this is a good strategy to gain followers and gain attention. As I that the memes/ quotes usually get noticeable more likes and comments than post about clothing pieces.

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https://www.nastygal.com/

In conclusion these brands understand well what social sharing is and they are great examples to take in consideration when looking for social sharing examples.

 

Social Sharing