Social Media and Digital Marketing Analytics Final – Flashcards
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Peer Production of Content
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Social and economic impact of user generated content. Ex. Economic impact of bad review on future sales
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Socially connected world
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Need to understand fundamental forces at play in social networks
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How is social different?
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Company to customers AND customers to customers (traditional marketing perspective is only company to customers)
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Paid vs. Earned. vs. Owned
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Paid - Media activity related to a company or brand that is generated by the company or its agents (ex. TV, sponsorships, banner ads) Owned - Media activity related to a company or brand that is generated by the company or its agents in channels it controls (ex. visual merchandising in store, company website) Earned - Media activity related to a company or brand that is not directly generated by the company or its agents, but rather by other entities such as customers or journalists (ex. offline and online word of mouth, reviews)
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Display Ads
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Brand awareness, increase visibility, display ad remarketing
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Marketing Funnel
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Eyeballs --> Awareness, Consideration, Preference, Action, Loyalty --> Buyers Traditional: paid advertising or PR, earned traditional WoM New marketing funnel: Buyers --> Customer Service FB, Twitter, reviews, communities, social commerce, Twitter, FB, Youtube and Blogs in middle
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New Marketing Funnel areas of change
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Market research, new product development, customer interactions, brand positioning, targeting, creative
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Inbound Marketing
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-Attract, convert, close, delight -Pulls buyers into your business -Focus on earning attention of customers -Use engaging content to communicate your message -Use content to drive customers to your website, apps, stores, etc. -Content, SEO, Social Media http://cdn2.hubspot.net/hub/53/file-295979897-png/methodology/methodology-highlighted-1-2-3-4.png?t=1378504205000
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Outbound Marketing
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-Marketing that pushes products/services on consumers -TV, direct mail, and other traditional forms of advertising -Doesn't work! Inbound is solution
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Converting visitors to leads
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-Offers and CTAs -Landing pages -Email marketing -Conversion rate opto -SEM
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Paid Search concepts
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-Value a click (margins + customers not clicks --> margin per sale x conversion rate = CPC) -Search funnel -Ad copy
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Above the fold
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Clicks higher depending on position
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Break-even CPC
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MPS x CVR = break-even CPC (if you pay more than this per click you're losing money)
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Increase conversion rate
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-This increases break-even CPC -A/B experiments
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Big Data (4 criteria)
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4 Vs 1. Volume (at rest) 2. Velocity (in motion) 3. Variety (in many forms) 4. Veracity (in doubt, identifying signal from noise)
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Big Data (4 forces)
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1. Enterprise systems 2. Social media 3. Mobile 4. The internet of things
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Internet of things
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Nike running example - use data for -Product design -Buy new shoes reminder -Open new store -Accessory sales -Integrating apps (ex. music) Other examples - fridge, smart pill bottle
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SEO
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-Different from paid search -PageRank algorithm - importance of linking, each link from one page to another is counted as a vote for destination page -TrustRank algorithm - initial votes come only from trusted pages, get links from trusted quality sites
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Google Panda (and penguin)
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Change to lower rank of low quality sites and amend algorithm
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Why does paid search work so well?
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-Targeted - location, devices, searches, languages, time of day -Measurable -Active - advertise to those who have proven their intent to purchase
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3 Types of Searches
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-Navigational -Informational -Transactional
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Sponsored search advertising
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-Campaigns -Ad groups - keywords and ad copy -Keywords - relevant to query and product/service
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Sponsored search terminology
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-CTR -PPC/CPC -Daily budget
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PPC auction model
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-Basic model - highest bidder gets highest spot, winner pays winning bid (not ideal) -Vickrey-Clarke-Groves (VCG) Auction - second price auction, optimal for single slot, reveals true willingness to pay no need to be strategic, winner for slot i pays maximum bid of bidder that gets i+1 spot (still not best) -Google - bid amount x quality score = ad rank --> position
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Quality score
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CTR, ad relevancy, keyword relevancy, landing page quality, historical performance, various relevancy factors AKA secrets Higher quality scores - easier and cheaper to enter ad auction, lower CPCs, better ad position
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Impact of organic on paid
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-Complement or cannibalize? -Complementary effect! Increase in expected profits, likelihood of getting click and conversion is stronger
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Search funnel
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-Search box -Search page -Landing page -Convert
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CTR
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clicks/impressions
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Conversion rate
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conversions/clicks
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Campaign metrics (KPIs)
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-Existing DoubleClick metrics - CPC, CTR, TCR -Additional metrics - net revenue, ROAS, average revenue per booking, probability of booking (CTR * TCR) *Use pivot tables to summarize metrics for each pub
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Problems to optimize
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-High CTR, low conversion rate = poor landing page? -Lots of impressions, no clicks = new ad copy?
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Display and Search
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-Display increases searches for advertised brand -Increased searches for competitor's brand -Spillovers = good
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Descriptive statistics
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Summary of data characteristics (number of observations, mean, min/max, standard deviation)
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Stata summary and detail
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sum price, detail (can put in as many variables of interest)
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Correlation
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Degree to which two variables have a tendency to vary together (ranges from -1 to 1) pwcorr variables, sig (use to display statistical significance)
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Regression
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Used to examine how to value of a variable (dependent) changes when the value of another variable (independent) is altered, given all else equal. Unit increase in X changes expected value of Y by amount B Y = a + BX + e reg dependent variable independent variables Step-wise linear regression - step by step add variables to regression model
