Digital Marketing and Social Media Final Exam
Today's consumer
Always on digitally connected world - goal with them: shift from awareness to purchase - their journey is increasing self directed
Why to account for customer search cost?
Customer's dont search for about 70% of their shopping trips simply because the search costs are too high. If search costs were cut in half elesticity of demand would triple.
Cybersecurity
Issues - Spyware and malware - network is down - vulnerability to hacking Impact - Reputational risk - failures and hostile cyber actions have profound imapcts on enterprise performance
Why content marketing
It may influence/support consumers in different stage of their buying journey - awareness - consideration - loyalty - advocacy Can shorten or support journey
Social analytics
Measure: content and promotion Key metrics: reach, enagement, average engagement rate, impressions, visits, conversion rate
Push marketing
Promote products and persuade consumers to buy products (sale displays at stores/online)
Degree of centralization or openness
Social lock in: when a user is unable to transfer social contacts and content from one social network to another Identify portability: a single profile would provide access across social networking sites with a single login and shared information
Objects that mediate the relationships between members
Vertical networks: describes the narrow, deep focus of social networking sites that differntiate themselves because they emphasize some common hobby, interest or characteristic that draws memebers to the site
Conversion, how to measure
When a customer makes a purchase or fills out a contact form - increased conversion rates (measured by sales or leads)
Earned media
When someone says something positive about a company or it's product through social media, blogs, news articles etc.. they are not compenstated
Big data
When the volume, velocity, variability and variety of data exceed an organization's storage or compute capacity for accurate and timely decision making
Advergames
a blend of advertising and games game is designed by brand, branded entertainment benefits: - gamers are open to advertising content in games - brands benefit when they are associated with a successful game - players identify with the brands their characters use - increases brand involvement - an ounobtrusive way to share a brands core message - targeting with in game ads
Intention mining
aims to dicover users' intention from media text (such as buy, sell, recommend, quit, desire, wish) through this, can find new potential customers who intend to buy a product service existing customers who have trouble with a product
Sentiment analysis
analyzes and categorizes social media text as being positive, negative or neutral
Paid media
bought through other media - display advertising, paid searches. can help increase brand awarenss bc it is a quicker and larger type of promotion
Traditional marketing
broad category that incorporates long established stratiegies - print, broadcast, direct mail, telephone most popular forms: - newspaper adv - magazine adv - radio and television commericals - telephone calling - postcards, brochures, catalogs
Owned media
channels that a company controls (websites, social media networks) useful when a company has an outbound campaign that is connected to website or social media - can used owned media to track and monitor customer actions they provide value to leads as they move down the funnel, more controlled but not overly promotional
Web analytics
collects and reports all key data on website and mobile performance Data: location, device type, page views, bounce rate, new vs. returning visitors, browser, which page they came from, conversions
Social media matrix
created by Zhu and Chen Profile based/customization: relationships (interact with others) Profile based/broadcast: self media (update followers) Content based/customization: collaboration (users can collaborated with eachother, find answers and advice) (cusomer serivice from a marketer aspect) Content based/broadcast: creative outlet (share interests and creativity) (from a marketer perspective can use programmatic adv. that targets user data.
Content marketing
creating and distributing valuable, relevant and consistent content to attract and aquire a clearly defined audience through this: brands create interest, relevance and relationships with customers by producing, curating and sharing content that addresses customer needs and delivers visible value
Social media actions analytics
extracts, analyzes and interprets actions performed by social media users, including likes, dislikes, shares mentions and endorsements tracks engagement, social media marketing, brand popularity and refferals
Omni channel marketing
interacting with the customer across multiple channels (brick-and mortar-, website, social media, mobile, etc.), and ensuring the experience across all channels is seamless. integrated, and consistent
Hedonic products
lifestyle & entertaintainment. More experiemental consumption, pleasure and excitement consumers seek vareity/enjoyment. Products have greater promotion focus and may indulge in impluse buying and vareity seeking
Multichannel marketing
marketing both through stores and other traditional offline channels and through digital, online, social media, and mobile channels however they are not all consistent but rather fragemented
Digital marketing
marketing of products or services using digital technology like the internet, smartphones and other meerging devices - email - phones - company websites - display adv - social media
Social listening
monitor social media posts and discussions about your brand and figure out how people feel or react to your brand.
Consumer behavior is changing
non linear consumer buying process implies a shift from push to pull marketing (grabbing the attention of the consumer and luring them in) - Marketers need to be where consumers are searching and sharing - need to develop more fluid structs - the user/customer experience is important.
Utilitarian products
products that involve conisderable cogntivie effort and have search attributes (functional aspects: computers, cars)
Marketing's past
"spray and pray" - comapnies put out marketing efforts and hope customers react
Predictive Analytics
"what will happen"
Dimesions of social media marketing
- Audience and degree of specialization - The objects that mediate the relationships between memebers - Degree of centralization or openess
5 stages of information processing AIDA (R)
- Awareness (Attention) - Interest - Desire - Action - Retention
Downsides of online shopping
- Choice overload - product uncertainty
4 C's of integration
- Coherence: different communications logically connected - Consistency: multiple messages support eachother. not contradictory - Continuity: consistent through time - Complementary: sum of the parts is greater than the whole
IN-game advertising types
- Display ads: integrated as billboards, movie posters, storefronts, or ad space on game screen - Static ads - hard-coded into game - Dynamic ads: not hardcoded into game, interchangable
Benefits of digital marketing
- Own your own channel - able to track the customers movements through clicks and purchases and through this get insight into how they think - get real time analytics (social media analytics) - Increasing conversion rates
Strategies for brand integration
- Plot placement: interactive product placement, branded in game exepriences- game integration between game and brand
Social media as a digital channel
- Product reviews - Online ratings - Networks/social hubs influencers benefits: information, value
Product Placement (in game)
- Screen placement: included in scenery (fifa players wear adidas shoes) - Script placement: verbal mentions of brand and attributes within plot (branded soft drinks) Benefits: - transactional advertising (one way: sales oriented) - integrated into game - rewards if respond to a request - virtual goods, currency or codes
The 5 S's
- Sell (customer acquisition) - Serve (customer satisfaction) - Sizzle (visit duration) - Speak (communication, engaged customers) - Save (quantified efficiency gains)
Web/Online channel
- Social media (mkt intellegence) - Search engine (online adv) - Email - information search - purchase
Audience & degree of specializations
- Social searchers use the site to find people they connect with offline to learn more about them - Social browser would use the site to find people or groups online with whom they would want to connect offline (stores)
5 V's of data
- Volume: Scale of data (growth of world data is expontential) - Variety: Different forms of data (structured or unstructured) - Velocity: Speed of increase in the volume of data - Veracity: Uncertainty of data - Viability: Selecting attributes that matter most to companies - Value: Veracity + viability creates value (risk of creating big costs without strong value, however you can gain unique learning and valuble insights)
Analytics tools
- Web analytics - Social analytics - SEO analytics - User experience - Tag management
Server based analytics
- Web server log files - Potential issues: search en spiders or bots, caches
Internet as search & decision tool
- higher quality alternatives - low search costs - Better choice - Price competition - Non-price based outcome-customised emails
Tactics to reduce search costs
- include ranking and filter tools (include demand on the bestselling products)
Consideration, how to measure
- increased total page views - longer visit durations - lower bounce rates - social metrics
Drawbacks of digital marketing
- less personal - easy for consumers to target all different kinds of products and services through social media - vulnerable to spammers and scammers
Consumer buying process
- problem recognition - search - alternative evaluation - purchase behavior - post purchase evaluation
Awareness, how to measure
- ranking in SEO - number of first time visitors - social metrics (likes, follows, etc..)
Strategy models RACE
1. Plan: what is strategy 2. Reach: increase awareness 3. Act: encourage interaction of prospects with brand content: drive engagement 4. Convert: encourage conversion 5. Engage: long term engagement to drive repurchase or advocacy
5 factors of importance for reviews
1. Volume: the more reviews the more the consumer will beleive it 2. Average ratings 3. Reveiw subjectivity: reviews with facts: more impactful 4. Review readability: Reviews are less complex 5. Disclosure of identity
Two types of channels
1. Web/online channel 2. Bricks and mortar channel
Mobile commerce advantages
1. convienience 2. a whole new market 3. immediate gratification
Marketing on social media made up of:
1. engagement element 2. non-engagement element
Three levels of online search
1. search for the website: needs to be able to be found - SEO 2. search within the website: need to be able to search site easily - has easy interface 3. search within web pages to find the exact info they seek: quality of page design is important
Pull marketing
Establish a loyal following and draw consumers to the products. ex: frequest flyer programs, loyalty card programs, social media promotions
The role of digital in CSR
taking material from the CSR report and tailoring it to other digital channels (integrating) - can reach wider publics Can break down the barriers between the corporation and its audience making the organization more relatable and authentic Digital corporate strategy should include multiple channels, messages and forms of content to engage and interact with stakeholders
Corporate Social Reponsibility
the integration of social and environmental concerns in their business operations and in their interaction with their stakeholders on a voluntary basis voluntary firm actions which benefit society
Social media is
the online means of communication conveyance, collaboration and cultivation among interconnected and interdependent networks of people, communities and organizations
Social commerce
used social medai apps to enable online shoppers to interact and collaborate during the shopping experience Assists retailers and customers during the experience (online ratings and reviews, deal sites)