Social Media and Digital Marketing Analytics Final – Flashcards

question
Peer Production of Content
answer
Social and economic impact of user generated content. Ex. Economic impact of bad review on future sales
question
Socially connected world
answer
Need to understand fundamental forces at play in social networks
question
How is social different?
answer
Company to customers AND customers to customers (traditional marketing perspective is only company to customers)
question
Paid vs. Earned. vs. Owned
answer
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)
question
Display Ads
answer
Brand awareness, increase visibility, display ad remarketing
question
Marketing Funnel
answer
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
question
New Marketing Funnel areas of change
answer
Market research, new product development, customer interactions, brand positioning, targeting, creative
question
Inbound Marketing
answer
-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
question
Outbound Marketing
answer
-Marketing that pushes products/services on consumers -TV, direct mail, and other traditional forms of advertising -Doesn't work! Inbound is solution
question
Converting visitors to leads
answer
-Offers and CTAs -Landing pages -Email marketing -Conversion rate opto -SEM
question
Paid Search concepts
answer
-Value a click (margins + customers not clicks --> margin per sale x conversion rate = CPC) -Search funnel -Ad copy
question
Above the fold
answer
Clicks higher depending on position
question
Break-even CPC
answer
MPS x CVR = break-even CPC (if you pay more than this per click you're losing money)
question
Increase conversion rate
answer
-This increases break-even CPC -A/B experiments
question
Big Data (4 criteria)
answer
4 Vs 1. Volume (at rest) 2. Velocity (in motion) 3. Variety (in many forms) 4. Veracity (in doubt, identifying signal from noise)
question
Big Data (4 forces)
answer
1. Enterprise systems 2. Social media 3. Mobile 4. The internet of things
question
Internet of things
answer
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
question
SEO
answer
-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
question
Google Panda (and penguin)
answer
Change to lower rank of low quality sites and amend algorithm
question
Why does paid search work so well?
answer
-Targeted - location, devices, searches, languages, time of day -Measurable -Active - advertise to those who have proven their intent to purchase
question
3 Types of Searches
answer
-Navigational -Informational -Transactional
question
Sponsored search advertising
answer
-Campaigns -Ad groups - keywords and ad copy -Keywords - relevant to query and product/service
question
Sponsored search terminology
answer
-CTR -PPC/CPC -Daily budget
question
PPC auction model
answer
-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
question
Quality score
answer
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
question
Impact of organic on paid
answer
-Complement or cannibalize? -Complementary effect! Increase in expected profits, likelihood of getting click and conversion is stronger
question
Search funnel
answer
-Search box -Search page -Landing page -Convert
question
CTR
answer
clicks/impressions
question
Conversion rate
answer
conversions/clicks
question
Campaign metrics (KPIs)
answer
-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
question
Problems to optimize
answer
-High CTR, low conversion rate = poor landing page? -Lots of impressions, no clicks = new ad copy?
question
Display and Search
answer
-Display increases searches for advertised brand -Increased searches for competitor's brand -Spillovers = good
question
Descriptive statistics
answer
Summary of data characteristics (number of observations, mean, min/max, standard deviation)
question
Stata summary and detail
answer
sum price, detail (can put in as many variables of interest)
question
Correlation
answer
Degree to which two variables have a tendency to vary together (ranges from -1 to 1) pwcorr variables, sig (use to display statistical significance)
question
Regression
answer
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
1 of

Unlock all answers in this set

Unlock answers
question
Peer Production of Content
answer
Social and economic impact of user generated content. Ex. Economic impact of bad review on future sales
question
Socially connected world
answer
Need to understand fundamental forces at play in social networks
question
How is social different?
answer
Company to customers AND customers to customers (traditional marketing perspective is only company to customers)
question
Paid vs. Earned. vs. Owned
answer
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)
question
Display Ads
answer
Brand awareness, increase visibility, display ad remarketing
question
Marketing Funnel
answer
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
question
New Marketing Funnel areas of change
answer
Market research, new product development, customer interactions, brand positioning, targeting, creative
question
Inbound Marketing
answer
-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
question
Outbound Marketing
answer
-Marketing that pushes products/services on consumers -TV, direct mail, and other traditional forms of advertising -Doesn't work! Inbound is solution
question
Converting visitors to leads
answer
-Offers and CTAs -Landing pages -Email marketing -Conversion rate opto -SEM
question
Paid Search concepts
answer
-Value a click (margins + customers not clicks --> margin per sale x conversion rate = CPC) -Search funnel -Ad copy
question
Above the fold
answer
Clicks higher depending on position
question
Break-even CPC
answer
MPS x CVR = break-even CPC (if you pay more than this per click you're losing money)
question
Increase conversion rate
answer
-This increases break-even CPC -A/B experiments
question
Big Data (4 criteria)
answer
4 Vs 1. Volume (at rest) 2. Velocity (in motion) 3. Variety (in many forms) 4. Veracity (in doubt, identifying signal from noise)
question
Big Data (4 forces)
answer
1. Enterprise systems 2. Social media 3. Mobile 4. The internet of things
question
Internet of things
answer
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
question
SEO
answer
-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
question
Google Panda (and penguin)
answer
Change to lower rank of low quality sites and amend algorithm
question
Why does paid search work so well?
answer
-Targeted - location, devices, searches, languages, time of day -Measurable -Active - advertise to those who have proven their intent to purchase
question
3 Types of Searches
answer
-Navigational -Informational -Transactional
question
Sponsored search advertising
answer
-Campaigns -Ad groups - keywords and ad copy -Keywords - relevant to query and product/service
question
Sponsored search terminology
answer
-CTR -PPC/CPC -Daily budget
question
PPC auction model
answer
-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
question
Quality score
answer
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
question
Impact of organic on paid
answer
-Complement or cannibalize? -Complementary effect! Increase in expected profits, likelihood of getting click and conversion is stronger
question
Search funnel
answer
-Search box -Search page -Landing page -Convert
question
CTR
answer
clicks/impressions
question
Conversion rate
answer
conversions/clicks
question
Campaign metrics (KPIs)
answer
-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
question
Problems to optimize
answer
-High CTR, low conversion rate = poor landing page? -Lots of impressions, no clicks = new ad copy?
question
Display and Search
answer
-Display increases searches for advertised brand -Increased searches for competitor's brand -Spillovers = good
question
Descriptive statistics
answer
Summary of data characteristics (number of observations, mean, min/max, standard deviation)
question
Stata summary and detail
answer
sum price, detail (can put in as many variables of interest)
question
Correlation
answer
Degree to which two variables have a tendency to vary together (ranges from -1 to 1) pwcorr variables, sig (use to display statistical significance)
question
Regression
answer
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