Week 3: Basic Analytics Techniques and the Data

Basic Analytics Techniques  - MOOC Summaries - University of Illinois (Urban Champaign) - Digital Analytics for Marketing Professionals: Marketing Analytics in Theory

Week 3: Basic Analytics Techniques and the Data

“Where It All Begins, Part 1…Where It All Begins, Part 2…The Consumer–Brand Relationship, Part 1…
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Summaries

  • Lesson 4: Where It All Begins, Part 1
  • Lesson 5: The Consumer–Brand Relationship, Part 1

Lesson 4: Where It All Begins, Part 1

  • One is that the consumer’s digital life is a very complicated series of events.
  • A meaningful story, any kind of story that you’re going to be able to tell based on that consumer digital life requires a framework.
  • We’ll see how McKinsey’s consumer decision journey, CDJ, is one such framework that does work very well.
  • The zero moment of truth, that time between when a consumer has some stimulus recognition of need for a product, that trigger, through to the first time that they stand at a shelf and have to choose a product.
  • The consumer is being bombarded by all sorts of information from all sorts of sources.
  • That consumer is creating their own information, and throwing it out there, stuff that brands would love to learn more about.
  • The McKenzie consumer decision journey is a great framework that I’ve found in my experience to work very well.
  • So the consumer decision journey basically has a number of different times that consumers are, points that consumers are walking along as they make a decision a product.
  • These are the number of brands that immediately pop into a consumer’s head. After the realize they want some product, they immediately will think, well who could provide that for me.
  • This is the time that a consumer now has experienced that stimulus, that trigger, and is now doing the evaluation on what product to buy, what brand to invest in and purchase.
  • There’s a lot of information, as we’ve seen, going on and flowing to a consumer and out from a consumer in that point.
  • This is the time that a consumer will actually make the decision.
  • Between the trigger and then ZMOT, to the point that a consumer must make a decision.
  • Where consumers will take that product home, the second moment of truth, and begin to experience it and see if it lives up to expectations.
  • It’s basically when a consumer experiences a trigger, rather than going through an initial consideration set.
  • Because that brand has become very trusted by me and a very important part of me, in my life as a consumer.

Lesson 5: The Consumer–Brand Relationship, Part 1

  • We’ll talk about how brands use search to be relevant to consumer needs.
  • We’ll talk about video and how that is used to engage with consumers, and then finally, how social is a very important tool in connecting with consumers at very key moments.
  • So let’s start with search, just a little bit about search.
  • Before we get- you go too deep into it; you need to talk about these two concepts: SEO and SEM, search engine optimization and search engine management; very different for brands and they mean a great deal of different things for them.
  • Search engine management if we start there is all about brands investing in paid search to reach consumers.
  • Search engine optimization, on the other hand, is all this stuff that’s organic results that come in here in the red.
  • These are results that are triggered by generally secret formulas held by the different search engines.
  • There is nothing in search engine optimization that brands can pay to get moved up that list; it’s basically as I said organic results, and it’s just based on the content that you’ve got that consumers are searching for.
  • You basically want to be where a consumer is when they are searching for something.
  • What you’re looking at is just a simply Google search page and then what they’ve done is they’ve outlined where consumer’s eyes fell on the page, so the darker the redder that area there in the center means that consumers were looking at that page and looking very intently.
  • There are studies that say that consumers expect the best brands to be at the top of that list, whether that’s an organic result or the result of some kind of paid search engine management advertising.
  • So if I was to say that the objective of a brand is to be relevant to consumers when they’re in that search, and then also to return high on that list so that they are the ones chosen.
  • So to results that doesn’t show up immediately into that first list, so getting to the top of that search result very important for brands, and a key objective of search.
  • Click-Through Rate is a very important metric in that is basically looking at the percent of consumers who saw my search link or my display ad; whatever it is that thing that I want them to click on and then clicked on it.
  • Because you’ve got such good data through search on who is making the action to click on a link and come to my site, and you’re getting very clear data on that number of consumers, and you also then know how much you are spending if you’re investing in a paid search ad It becomes a pretty easy calculation to figure out how much those conversions, these customers that I turned into customers of mine, how much they cost me, and then figuring out a rate of just taking that investment, dividing by the number of people that you converted and getting a cost per acquisition.

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