Week 1: Course Overview and Digital Influence on Marketing

Digital Influence on Marketing - MOOC Summaries - University of Illinois (Urban Champaign) - Digital Analytics for Marketing Professionals: Marketing Analytics in TheoryWeek 1: Course Overview and Digital Influence on Marketing

“Welcome to Marketing Analytics in Theory…The Day The Geeks Took Over, Part 1…The Day The Geeks Took Over, Part 2…
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Summaries

  • Welcome to Marketing Analytics in Theory
  • Lesson 1: The Day The Geeks Took Over, Part 1
  • Lesson 1: The Day The Geeks Took Over, Part 2

Welcome to Marketing Analytics in Theory

  • Let’s talk about the objectives for this course, marketing analytic in theory.
  • First objective is to gain an understanding of the data collection and analysis methods marketing professionals are using today.
  • There are a lot of things going on, lot of information that they’re both conveying as well as pulling in from brands.
  • So how will this course be organized? In each lesson, we’ll have five key points, five things that we’ll be discussing during that lesson.
  • This course is not going to be a dashboard building workshop, nor a series of product demos, nor accreditation in any marketing tools.
  • What it is, what we are doing is taking a marketer’s approach to web analytics with a heavy emphasis on digital data.
  • Digital data is so important in our contemporary marketing.
  • This is born out of a lot of experience that I’ve had as a marketer, myself.
  • This course is also discussion of how marketers approach the identification, selection, collection analysis, and presentation of data.
  • That sounds like a lot, but that really is everything that you need to know as a marketer as you start off, try to tackle a brand challenge or a marketing question, how to do each of those things.
  • This course is also an in depth look at approaches, frameworks, techniques, all the things that you’re going to need to be an effective marketing an list today.
  • We’ll spend a good deal of time discussing those things.
  • Getting a good understanding of the impact that analytics and data have had in marketing, in marketing and the decision making process for marketers.
  • One is “The Basics of Web Analytics” where we really lay that foundation of understanding, how data is collecting and what data is available for us to be analyzing.
  • Then lesson three, “An Introduction to Web Analytics Tools,” starting to get insight into what tools can be used to collect data, analyze data, visualize data.
  • Finally, in module four, we’ll be talking about in lesson six “Data, Data, Everywhere”.
  • Some of the more important data sources that are out there that I’ve personally found to be very useful for me and providing you with a whole host of that you can go out as an analyst and determine what works for you.
  • Understanding all the promise and the pitfalls of digital data.
  • So that we as analysts as we are collecting information can come to it with our eyes wide open and hopefully in that way minimize the threats of data error.
  • Now as far as our mindset going in, it’s vitally important for you as an analyst to have a very balanced art plus science approach to data analytics.
  • If you take that mindset into this theoretical approach to marketing analytics, you will be fantastic, and you’ll come out a great, great an list.

Lesson 1: The Day The Geeks Took Over, Part 1

  • Let’s take a look at the impact that digital has had on marketing.
  • Then we’ll see how the growth of web analytics services has been so dramatic.
  • Then finally that the true impact of digital on advertising can really be seen by looking at the impact on traditional and other channels.
  • Now, what Michael is talking about there is the impact of data.
  • The impact of analysts on the creative process and on the marketing process and he was very right.
  • In those years from 2006 to where we are today, the impact of analytics and analysis has grown exponentially.
  • We are at a very, very interesting time today in marketing analytics and in marketing in general.
  • That forever changed the way the web was used by consumers as it became a very viable, economic, and financial model for many companies.
  • In this time then, we’ve seen four different Digital Epochs.
  • As I said from the time that that first banner ad was placed, the web became a very valuable, economic engine for many companies.
  • Then you had some other companies come around and founded in this time.
  • At the point in time if anyone walked into an investor’s office with a.com plan, you could find someone to invest in your venture.
  • That time between 2000 and 2002 with the NASDAQ stock index crash, where $2.7 trillion, trillion with a T, dollars in value were destroyed.
  • Where now you have a number of ventures taking root that would have that business under pinning would have that sound financial approach to business.
  • All these companies are founded in this period of time as the web, as a financial engine, begins to cover from the NASDAQ crash and investors begin to take notice in the projects that really do have the right stuff.
  • There’s a long and very distinguished list of startups that have the $1 billion, that magical $1 billion valuation.

Lesson 1: The Day The Geeks Took Over, Part 2

  • Taking a look at marketing at this time is very interesting.
  • The three-step model of marketing basically said that a consumer needs some sort of stimulus.
  • So either an ad is placed to that consumer or there’s some trigger inside them that says I need a product.
  • Then the next major point for that consumer is what P&G determined the first moment of truth.
  • This is the time where the consumer finds themselves at the shelf with a number of different options and they must choose.
  • So that first moment of truth for P&G in this model becomes the real first battleground for brands where they have to fight for that consumer and make themselves noticed over the others.
  • The second moment of truth, then is once that consumer makes a purchase decision and then gets home with the product, does that product live up to expectations and what is that experience? Those are vitally important today in the lives of brands and in the lives of consumers.
  • The first moment of truth when the consumer make as purchase decision and then the second moment of truth.
  • From the picture is worth is thousand words file, this is right around the time that P&G has released its theory of first moment of truth, 2005.
  • Then you will notice a short eight years later, same place with the installation of Pope Francis, a dramatic change in what consumers are doing there.
  • Every single year, it got smaller and smaller and smaller that they became such a vital and important part of a consumer’s life.
  • There from then, having the device that issued an existence for consumers where they could connect to anything, any kind of product information, any kind of data out there as they wanted.
  • It dramatically changed the way that consumers shopped.
  • It’s the time between a stimulus, which is still obviously very relevant, to the first moment of truth.
  • Still, again, a brand doesn’t win unless a consumer chooses it.
  • In that time, that is where a consumer is collecting information about the brand, doing evaluations, checking with friends to see how they feel about certain products, and collecting all sorts of input and also conveying out a great deal of information.
  • Now that is not a neat picture, it’s messy, there’s a lot of things going on from the time that consumer has the initial trigger or receives that initial stimulus through to the point of purchase.
  • That is, for a marketing analyst, the most important time to understand a consumer.
  • That is where a consumer can still be moved in their decision.
  • That is where a consumer is producing a vast amount of information and exposing a vast amount of information about themselves.
  • That is a time as a marketing analyst that you want to get out and collect information about that consumer and draw some kind of conclusions because it is such an important and vital time in their decision process.
  • What Scott has done is gone out and produced a graphic visualization of the marketing analytics landscape at a number of different points in time.
  • So there is a dramatic growth here in the number of companies providing information, providing data, providing analytics around that consumer in that short period of time.
  • It was the best way to reach a very well defined consumer.
  • You can distinguish very clearly from choosing paper A to paper B where that consumer that you are going to reach lived and what they were interested in.
  • That impact doesn’t mean that brands are no longer interested in reaching consumers.
  • That’s led to iniquitousness of those devices and the close tie in the lives of consumers.
  • A web analytics for marketers manifesto, Avinash Kaushik of Google there installing the right mindset for marketing a list.

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