IMS/MKT 419 Midterm
In terms of financial spending, approximately how large is digital marketing in the USA (circa 2019)?
$129.27 Billion
In a typical social group, what % will be producers? What % will recombine / synthesize? What implications does this have on the size of a social group?
- 1% producers - 10% synthesizers - ~90% stalkers
(2018 The Year of Amazon - The Future of Retail Podcast) Out of $10, how much is spent online versus offline?
- 10% online - 90% offline
(GDPR) For this industry, what percent of users are expected to revoke their individual data?
- 2/3rds plan to withhold or remove their data from companies looking to mine and share personal data - 43.6% wanted to remover their data from Social Media
(Ad Exchanges) At a personal level, what are the concerns around privacy? How long have these concerns existed? How do data aggregators mitigate these concerns?
- 3rd party data providers tag users and will sell access to advertisers to identify those users - Existed since the start of commoditization of inventory. - Mitigated through the publisher ad server
(More Product Searches Start on Amazon) What % of searches start on Amazon? Google?
- 46.7% start on Amazon (2018) - 34.6% start on Google (2018)
(2018 The Year of Amazon - The Future of Retail Podcast) How much does Amazon account for online sales?
- 48% of all in 2018 - 52.4 so far in 2019 - 13.7% of online sales worldwide
((3MS) Making Measurement Make Sense) What is their focus?
- 5 areas of focus 1. Defining impressions 2. Establishing audience currency 3. Creating a standard classification of ad units 4. Defining brand ad performance 5. Establishing brand attitudinal measures
(WOI (Know who you are targeting) - Part 1) What % of the world's population is online? Does this surprise you?
- 50% - Surprised at first because it seems everyone around us so engulfed in technology, but there are many countries that are not as advanced or developed
(Amazon has ~50% of eCommerce market) Circa 2018, what % of Amazon's eCommerce comes from their marketplace business (3rd parties selling via Amazon) vs. their own direct efforts?
- 68% marketplace business - 32% for own direct sales
(WOI (Sell with Integrity) - Part 3) Explain the behavioral chain in the context of a website and how you can persuade users to move along the process.
- A 3 phase strategy used to achieve particular goals 1. Discovery, make potential customer aware 2. Superficial involvement, new users encourages to interact with platform 3. True commitment, new users encouraged to adopt new and long-term patterns of behavior
(WOI (Sell with Integrity) - Part 3) Define dynamic pricing. Explain the risks associated with this.
- A catch-all term used to describe the practice of pricing one product or service differently for different customers - The customers could figure it out causing them to be very angry
What is the CAN-SPAM act? When did it come into law? What are the 7 criteria marketers should consider in following the law? What are the penalties for violating?
- A law that sets the rules for commercial emailing, managed by the FTC - Went into law in 2003 - $16,000 per violation - 7 criteria: 1. Don't use false / mis-leading header 2. Don't use deceptive subject lines 3. Identify the message as an advertisement 4. Tell recipients where you are located 5. Tell recipients how to opt-out 6. Honor opt-out requests promptly 7. Monitor what others are doing on your behalf
(Examples of AR) What are the differences between AR and VR?
- AR superimposes a computer generated image on a user's view of the real world - Unlike virtual reality, where everything a user sees is generated by a computer, augmented reality keeps the real-world focus, but just adds elements that aren't really there to enhance the user's experience
(WOI (Communicate Persuasively) - Part 2) Why is video such a different form of media?
- Able to convey a vast amount of emotional and informational content to its viewers - Instantaneous form of communication
(Ad Exchanges) What are the major components (participants) to an Ad Exchange?
- Advertisers and their agencies, as well as publishers
(Ad Exchanges) What are the key benefits of an Ad Exchange?
- Allow advertisers to easily buy ads on multiple sites at the same time instead of negotiating with individual publishers - Much more transparent than ad networks as they allow buyers to see the prices that impressions are being sold for - Monetize without sales team, remove middleman
What are the 2 major ways in which you can obtain email lists? Which one is considered the best for a marketer?
- Aquire, buy or rent lists - Build, create value on your site so that customers give you there PII data, considered the best for a marketer
Explain some current trends in digital and beyond?
- Artificial intelligence: will continue its expansion - Chatbots: increasing adoption by customer service - Smart speakers and audio: voice next disruptor - Local influencer marketing: for long term impact - Live video: continues it reign as top content marketing channel
(2018 The Year of Amazon - The Future of Retail Podcast) What retail innovations will shape retail shopping in the near future?
- Automatic reordering technologies (like Amazon Alexa) - Direct to consumer (DTC) (like Dollar Shave Club) - Pop-up stores
Name a software that aids with eMail marketing automation?
- B2C: Epsilon - B2B: Salesforce - Both: Oracle
What are key differences when it comes to marketing to B2C vs. B2B entities?
- B2C: building a brand, simpler sales process, emotion driven purchases, larger number of smaller sales, product improves their life - B2B: building relationships, complex sales process, analysis driven purchases, smaller number of larger sales, product improves their business
(The coming era of 'on-demand' marketing) What is the name of the physical in-store device which can also power 'on-demand' marketing?
- Beacon Technology - Uses Bluetooth low energy to seek out specific, integrated apps and send relevant messages to shoppers' smartphones as they enter the store
What are the 4 considerations marketers should pay attention to with eMail when marketing to consumers vs. businesses?
- Buying cycle - Tone - Content - Timing
(Getting the CMO and CIO to work as partners) Describe the "traditional (older)" ways in which these two departments worked together?
- CMO's have traditionally acted as stewards of the brand and have focused on large creative campaigns that generate excitement for the company's products or services - CIO's has primarily focused on a combination of business-process improvement and "keeping the lights on" by managing core transaction systems, ensuring cybersecurity, supporting end users, and reducing costs
(WOI (Communicate Persuasively) - Part 2) What is a CTA? Describe some. What does the brand you are tracking this semester use? Do you feel they are effective?
- Call To Action - Often use imperative verbs to issue customers a polite command - Ex. "Call now", "Sign up free" - Patagonia uses a lot of different types of call to actions, mostly just on looking at different parts of their website and products
((3MS) Making Measurement Make Sense) What is their mission?
- Calls for clear standards-based metrics for interactive and digital media that are comparable to that of traditional media - Goal is to revolutionize the way digital media is measured, planned, and transacted
(Ovum - The Road to 2026) What fulfillment method is on the rise? Which country is the most mature in this method? Will it overtake home delivery by 2026?
- Click and collect - The UK has the most mature click-and-collect retail market - Home delivery will still be the dominant method of receiving online orders
(8 Steps to Creating Online Display Ads That Work) What are some metrics to consider?
- Clickthrough - Cost per conversion/Cost per lead - Conversions
(WOI (Communicate Persuasively) - Part 2) Describe techniques to use with Fluency and Dis-Fluency, and why?
- Cognitive fluency, these persuasive messages are the easiest for us to process and tend to be the most effective - Perceptually fluent, visual content that is easy to understand and process - Linguistically fluent, increasing the contrast between the text and its background, and by using a sans-serif font that is easy to read - Conceptually fluent, semantically primed, it is likely to be perceived as more trustworthy than its less fluent counterparts - Disfluency, using new or unfamiliar words to convey a sense of risk
(Amazon has ~50% of eCommerce market) What is Amazon's top 2 eCommerce categories?
- Computer/consumer electronics - Apparel and accessories
(Ovum - The Road to 2026) With respect to privacy control, what will consumers want by 2026?
- Consumers will have come to expect a high level of convenience and personalization in their interactions with retailers and brands and will accept that this is enabled by sharing personal data - Will expect more control and agency over the breadth and depth of what is shared
(How Instacart Works) Describe how the business model of Instacart works. What are the key components?
- Crowdsourced marketplace model - Connects users to personal shoppers who shop and deliver items to customers - No warehouses or delivery trucks - Key components: users, shoppers, stores
Within social media, what are the risks of nonresponse to the brand?
- Damaged brand and company reputation - Lose the ability to influence the message in any way
(How Instacart Works) How does Instacart make money?
- Delivery fee - Membership fee - Surcharge on product prices
(8 Steps to Creating Online Display Ads That Work) Be able to identify at least 4 of the 8 steps.
- Determine your objective (branding, nurturing or driving sales) and target your audience no matter where they are in the marketing funnel - Create different ads and different calls to action based on where your prospects are in the marketing funnel - The best online display creative relies on a single image, a provocative headline and brief copy - Consider using rich media to attract your audience.
(Amazon's Quest) What choice is predicted for other online retailers in the future with respect to Amazon?
- Developing quicker delivery services themselves or become a third party seller through Fulfillment by Amazon
(2018 The Year of Amazon - The Future of Retail Podcast) What kind of ordering type will grow?
- Easily accessible voice commerce hardware that are purpose built to make people's lives easier - Ex. Amazon Alexa, Google Home, Apple Watches
Be familiar with and be able to calculate some of the more common email marketing metrics which are typically provided by email marketing automation software.
- Email Open Rate (%) = (# of emails open / # of emails delivered) * 100 - Click Through Rate (%) = (# of emails clicked on the offer / # of emails delivered) * 100 - Unsubscribe Rate (%) = (# of request to be unsubscribed / # of subscribers emailed) * 100 - Email Bounce Rate (%) = (# of emails not successfully delivered / Total number of emails sent) * 100 - Cost Per Engagement (CPE) (%) = (Cost of activity / Total number of desired engagements) * 100
Explain the various constituencies, both internal and external to an organization, which can benefit from a social business.
- Employees - Marketplace - Customers - Trading partners
(WOI (Sell with Integrity) - Part 3) What are some ways to "prime" visitors to your website?
- Encourage customers to rate your products by sending a personalized and incentivized email - Steer the group by interacting more actively with key, influential people in order to influence perception and behaviors of the wider community
(Ovum - The Road to 2026) What is pure play online retailers doing? Why? Describe some examples.
- Existing pure-play online retailers will continue to develop physical presences, mainly to enhance fulfillment and customer service for multi-brand sellers - Support the showcasing of private-label products - Amazon has opened its first physical Amazon Books in Seattle in late 2015
(WOI (Communicate Persuasively) - Part 2) In what pattern do most people scan a website? What implications does this have for a marketer?
- F-Shaped pattern - Show that most users don't read the text thoroughly, so if you want to get any important information across, you have to include it in the most prominent parts of the pages
Name 2, out of dozens, social listening platforms a marketer could purchase (not free ones).
- FACE - tracx social intelligence
(Facebook - Then to Now) What is FB doing now with 3rd parties (partner categories) that it launched in 2013? Why is it doing this? What do you feel this will do to its advertising revenue in the future?
- Facebook will cut off access to third party data for ad targeting - Facebook feels more comfortable about the integrity of first party data and second party data information from advertisers on their site - They may face a slight disadvantage at first, by not being able to target people specifically based on more thorough data on themselves that can be combined with their internal sources - This move might garner more trust among consumers and increase traffic on their site which will then increase ad revenue with more users for advertisers
(WOI (Know who you are targeting) - Part 1) Which gender is more likely to read the privacy statement of a site? Which brands should care more about this?
- Females - They are also more likely to be more active on social media if they choose to join - Brands that target certain genders should care about this
(Chasm between GRP and digital metrics) What does Nitzberg propose ditching?
- GRP, Nielsen's gross rating point system - Favor of using a standard measure of impressions or just start measuring actual audiences
Define GRP. Have an opinion on which component of GRP is most important.
- Gross Rating Points = Reach * Average Frequency - A measure of total impressions for an advertisement - Reach believed to be most important
What is required for a customer to invest in a relationship with a retailer?
- If there is a clear value proposition - 9/10 consumers willing for personalized offers and communication
(WOI (Sell with Integrity) - Part 3) What is Johan Berger's "rule of 100"?
- If your price is lower than $100, use a percentage discount (i.e. 20% off) - If your price is over $100, use an absolute value instead (i.e. $20 off)
(Examples of AR) Of the AR examples provided, which one resonates the most with you?
- Ikea mobile app - Designed to let users point their camera and see how a piece of Ikea furniture would look in various places in the user's house
(Ovum - The Road to 2026) What shape will be the shopping journey in 2026?
- Instant access, and fast turnaround all the time - Retailers will increasingly align not only their brands but also the shopping experience itself to this consumer desire for encounters worth sharing - Look like a pretzel that twists, turns and loops back on itself.
(How Instacart Works) What implications do you feel Instacart has for a brand?
- It doesn't seem like a brand with much longevity in any area other than extremely urban spaces such as NYC - Users will need to adapt to the idea of having to pay a premium
(Facebook - Then to Now) How is FB incorporating offline data into their targeting? List some examples.
- It is bringing offline data into Facebook ad targeting, previously incorporated this data into targeting capabilities under custom audiences and now it is available for all Facebook Ads and to users of their power editor - Partner categories will be available to advertisers in the US
(GDPR) What does GDPR do and when did it go into effect?
- It protects consumer's personal data, or any information relating to an identified or identifiable person - May 18, 2018
(Amazon's Quest) What are some steps that major retailers are taking to mitigate Amazon's encroachment?
- Macy's and Walmart are shipping items directly from their stores and using space in the stores as warehouses - eBay Now is hiring couriers to fetch and deliver items from stores like Best Buy - Google Shopping Express is partnering with courier companies to deliver items
((3MS) Making Measurement Make Sense) What is 3MS?
- Making Measurement Makes Sense - A marketing and advertising industry initiative - Standards set by Media Rating Council
(Edelman - Periphery to the Core) What do marketers fear most in moving to digital? Why do you think this is?
- Marketers fear spending on new media because of their lack of experience, they don't know how to determine spending or scale up and make adjustments. - This is because they struggle to manage the breadth of data available - They have no ability to leverage the assets of the new media
(Gilbreath - Next Evolution of Marketing) Provide an example of marketing with meaning (from the article) and briefly explain it.
- Meaning → personal value - Adds value to people's lives independent of purpose, helping your consumers - Ex. Samsungs 50 8-foot electrical charging stations at LAX and JFK
(WOI (Communicate Persuasively) - Part 2) What are new visitors to your website most influenced by? How about returning visitors?
- New visitors are most influenced by the accuracy, usefulness, clarity, focus of a website's information, the writing tone, privacy and customer service - Returning visitors are most influenced by elements such as the design, readability, functionality and perceived security
Name at least 1 organization that tracks "market share" in the digital world. Explain how they do this.
- Nieslen - Use the Nieslen TV box to track viewing, starting to use Facebook and Twitter
(Facebook - Then to Now) Do others agree with P&G's advice?
- No, Mr. Peltz's Trian Fund Management LP criticized P&G's cutback on digital spending - TFM LP made a statement that P&G's improved earnings came as a result of reducing advertising, specifically digital, which is a tactic we believe will damage the value of the company's brands if continued long term
(Bonus) Is 'on-demand' digital marketing a new concept (messages in the aisle when shopping)? If not, when and which company is credited with its first use? What are reasons for failure?
- No, credited to Videocart in 1988 - Failed, due to expense, frequent charging, and thin margins of the grocery industry
(Ovum - The Road to 2026) What is the blurring of online and offline channels known as? Where is it headed?
- Omnichannel - Omnichannel to omnibrand
(WOI (Sell with Integrity) - Part 3) When persuading on price, which is more persuasive - B) "Switch to us and save $100" or C) "You are losing $100 by staying with your current service"? Why is this?
- Option C because of the loss aversion theory - We are more likely to avoid a loss then seek a gain
(WOI (Know who you are targeting) - Part 1) How does Daniel Kahneman suggest humans make decisions? Describe this proposed system.
- Our brains make decisions based on a dual-core system - The automatic part is emotional, while the controlled part is cognitive
(More Product Searches Start on Amazon) Within 5 days after initial product search, what % of users have bought on Amazon? Others? Why the difference?
- Over 35% make a purchase within the first 5 days when starting with Google and only 19% with Amazon - Explained by users who product search on Amazon can read extensive product reviews and may not be ready to buy immediately, most likely from browsing other products as well - When users search on Google, they usually already know the product they want
(WOI (Sell with Integrity) - Part 3) What are some differing examples of how to communicate price to aid in marketing? Do you see your brand using any of these?
- Parting with money is painful so reframe messaging to reduce the pain - Omit currency symbols and decimal points to deliberately directing customers' attention to the food, not the price - Charm pricing, any price ending in 9, 95, 98, and most famously 99
How will brick and mortar retailers - of all sizes - attempt to stay competitive with Amazon?
- Partner with previous competitors - Enhance convenience and their online experience
(GDPR) What impact do you believe GDPR will have on the USA (discussion only)? Marketers in general?
- People who own companies that operate in the EU will have to comply - The US will eventually have similar regulation
(Ovum - The Road to 2026) What will consumers expect goods advertised online to live up to?
- Proactive customer service and support - Free or very low-cost delivery anytime, anywhere - No disconnect between the "fit and feel" of what they see and what they get
Explain some of the benefits for a company from social media marketing.
- Product development - Customer service - Employee engagement - Brand support/WOM - Customer engagement
(WOI (Sell with Integrity) - Part 3) What are ways to increase trust on a website? Does your brand use any of these approaches?
- Recognized authenticity seals - 3rd party awards - Money-back guarantees - Product reviews and testimonials
(WOI (Communicate Persuasively) - Part 2) What 4 principles do organizations need to adopt with this new phone when conversing with customers?
- Reply in real time - Personalized responses - Mirroring the tone and style of customers - Honesty & integrity
(36 Rules of Social Media Infographic) 3 favorite rules?
- Rule 4: "The consumer is out for himself, not for you" - Rule 7: "Social is 24/7, not a one time stunt" - Rule 33: "Your fans own your brand"
(How Instacart Works) What are some of the challenges Instacart has to manage?
- Shopper retention - Delivery time - Shopper shortage - Customer trust - Wrong item delivery possibilities - Out of stock items
(WOI (Communicate Persuasively) - Part 2) What is the "new phone" in customer service today?
- Social media
What are the top 3 things marketers test with eMail marketing?
- Subject line - Call-to-action - Message (greeting, body, closing)
(WOI (Communicate Persuasively) - Part 2) Describe and define the two persuasion processes - (1) systematic and (2) heuristic. For the brand you are following this semester, which one does your favor? Which psychologist from Part 1 does this mirror based on his book "Thinking Fast, Thinking Slow"?
- Systematic Persuasion - When you appeal to someone's logic and reason - Heuristic Persuasion - When you leverage cognitive rules of thumb - Patagonia uses a heuristic approach on their website at face value - "Thinking Fast, Thinking Slow" comes from Kahneman
Despite technology changes, what 4 things remain - and most likely always will - in the marketing paradigm?
- Target - Message - Deliver - Measure
(WOI (Communicate Persuasively) - Part 2) Which is typically better - tell your story through the narrative of one person or through that of many people?
- Telling a story through the narrative of one person is typically better
(Digital Marketing Bus) Briefly explain what is happening within organizations between IT and Marketing departments.
- The CMO is now in control of IT marketing spending - The CMO is best assumed to be able to determine what technology will identify what customers want - The key change over the years has been the cloud-based software landscape. More software sales are being driven by marketing and IT spending is no longer restricted to IT departments of the company
(Examples of AR) Consumers expect digital technology to make their lives easier. Cite examples of where you feel it is working. Cite examples of where it has / might become an irritation.
- The Ikea app makes life easier - Pokemon Go app caused lots of distracted pedestrians and drivers, according to a study it caused over 100,000 traffic accidents and hundreds of deaths
(WOI (Sell with Integrity) - Part 3) Why does the rating alone on product reviews not increase sales? Does your brand use product reviews?
- The content of a review matters more than the rating
(The coming era of 'on-demand' marketing) What is fueling on-demand marketing?
- The continued, symbiotic evolution of technology and consumer expectations - Social media encourages consumer to share, compare and rate experiences
What is a pi-shaped marketer?
- The future marketer that will always be in demand - A combination of: marketing, collaboration/empathy, and technology
(GDPR) What "teeth" is behind GDPR?
- The governing bodies have the ability of setting financial penalties for companies who violate - The largest fines being 4% of the companies annual turnover, or 20 million, whichever is greater.
(WOI (Communicate Persuasively) - Part 2) What is the principle of homophily? How do you relate to the brand you are following?
- The principle of homophily is that we tend to respond most positively to those we perceive as likable, credible and similar to ourselves - Patagonia has very high quality all across their social platforms and on their website, showing their gear in action, not just on models.
(Getting the CMO and CIO to work as partners) In addition to mastering the art of strategy and creativity, what must the CMO of today master?
- The science of analytics to identify and capture revenue opportunities.
(Ovum - The Road to 2026) What type of economy will have a mixed impact on retail?
- The sharing economy - Technology is used to facilitate the borrowing, sharing, lending, renting and swapping of goods and services
(GDPR) Which types of companies are most likely to be adversely affected by GDPR by having users revoke their individual data?
- Those who deliberately seem to think privacy protection rights is inferior to business interest - Social Media
(The coming era of 'on-demand' marketing) In an on-demand world, how will consumers judge brands?
- Through peer evaluations and ranking systems - See a regression to classic word of mouth marketing at a more sophisticated level
(Gilbreath - Next Evolution of Marketing) What are the three tiers of the marketing with meaning model? Explain each tier.
- Top: Achievement, help me improve myself, family, the world - Middle: Connection, create entertaining experiences that I can share with others - Bottom: Solution, provide valuable info, incentives, and services
(WOI (Know who you are targeting) - Part 1) Natalie provides 10 questions to answer about the business. She then provides another 10 questions to answer for understanding the business's target audience. Answer a few questions about the business and target market for the brand you are following. Discuss in class.
- What are your company's core values? - What gender would be most interested in your product?
(Gilbreath - Next Evolution of Marketing) To create meaningful marketing what do you have to understand about customers?
- What is genuinely important to them and what makes them tick - Improve themselves and make a positive impact on the world
(WOI (Know who you are targeting) - Part 1) Describe what Nahai means by "glocalisation" as it relates to online tools across countries and different cultures. Can you give an example of a company doing this? If the brand you are following is global, are they doing it?
- Word was created in the Japanese business world - It is short for global localisation, which refers to the process of adapting products to meet the needs of a local market
(WOI (Communicate Persuasively) - Part 2) Do consumers exhibit different behaviors depending on the digital device they are using? If so, what are the implications to a marketer?
- Yes, 30% of our smartphone searches are related to our locations - Optimizing your website for local search can create an increasingly large consumer base - Phone users less likely to scroll down for results in inquiries
In the face of social media, is email still an important digital, marketing channel?
- Yes, email drives more online sales than Facebook - Email is ~11x more important than social - High reach and steady performance
List and explain the 10 social business tenets.
1. Anyone can participate 2. Create shared value by default 3. While participation is self-organizing, the focus is on business outcomes 4. Enlist a large enough community to drive the desired result 5. Engage the right community for the business purpose 6. Participation can take any direction, be prepared for it and take advantage of it 7. Eliminate all potential barriers to participation, ease of use is essential 8. Listen to and engage continuously with all relevant social business conversations 9. The tone and language of social business are most effective when they're casual and human 10. The most effective social business activities are deeply integrated into the flow of work
(Getting the CMO and CIO to work as partners) To make the CIO and CMO partnership work, name the 5 prerequisites for success?
1. Be clear on decision governance 2. Build the right teams 3. Provide transparency 4. Hire IT and marketing "translators" 5. Learn to drive before you fly
(The coming era of 'on-demand' marketing) What 3 things are recommended a company do to mobilize for on-demand marketing?
1. Bring managers together from across the business to understand consumers' decision journeys 2. Align the executive team around an explicit end-to-end data strategy across trends, performance, and people 3. Challenge the delivery processes behind every touch point
(Ovum - The Road to 2026) What 5 recommendations are suggested to stay ahead of the game?
1. Cultivate agility and constant learning 2. Rethink segmentation 3. Be mindful of the limits to personalization 4. Understanding the customer journey will become critical to channel investment 5. Create a brand experience
What are the 4 criteria to consider in a social listening platform?
1. Data (platforms, websites, history, recency) 2. Sorting (ability to filter) 3. Analysis (ability to interrogate) 4. Reporting (delivering useful insight)
What 4 attributes do millennials demand when engaging with retailers?
1. Digital (always on, connected) 2. Immediacy (right now, real-time) 3. Recognition (I'm unique) 4. Inclusion (include me)
Put into order, based on time, the following key periods: o Direct marketing WWW creation o Permission-based marketing o 1st use of banner ads and by whom o Wi-Fi o Marketing with meaning / relevance-based marketing o Rise of social networks o Social networks eclipse email as primary communication channel
1. Direct marketing (1950s) 2. WWW creation (1991 by Tim Berners- Lee) 3. Permission-based marketing (1990s) 4. 1st use of banner ads (1994 by AT&T) 5. Wi-Fi (Notes say 1999, Google says 1997) 6. Marketing with meaning (21st century, Seth Godin) 7. Rise of social networks (2007) 8. Social networks eclipse email as primary communication channel (2009)
(WOI (Know who you are targeting) - Part 1) What 3 things do you need to understand before you can ascertain your target audience?
1. Know who you're targeting 2. Communicate persuasively 3. Sell with integrity
(The coming era of 'on-demand' marketing) As digital capabilities multiply, consumer demands will rise in 4 areas. Explain and cite an end-to-end example for the 4 areas.
1. Now, consumer will want to interacted anywhere and at anytime 2. Can I, consumer will want to do truly new things as disparate kinds of information are developed more effectively in ways that create value for the consumer 3. For me, consumers will expect the data stored bout them to be used precisely to their needs in order to personalize what they experience 4. Simply, consumers will expect all interactions to be as simple and easy as possible - Ex. Bank Balance running low, bank sends the consumer an alert on their cell phone
(WOI (Know who you are targeting) - Part 1) What are the "Big Five" traits to define one's personality? Briefly describe each. Which ones make up Plasticity? Which ones make up Stability? How would you describe your brand and your brand customer's personality - is it more in the Plasticity or Stability camp?
1. Openness (monitor feelings, broad-minded) 2. Consciousness (consistent, decisive, dependable) 3. Extraversion v. Introversion (whether you are more sociable or more reserved) 4. Agreeableness (compassionate & cooperative OR challenging & suspicious) 5. Emotional stability (how well or poorly we respond to environmental stressors) - Plasticity comprises of extraversion and openness - Stability is comprises of emotional stability, agreeableness, and consciousness
(WOI (Know who you are targeting) - Part 1) Nahai suggests 6 cultural dimensions from Hofstede to consider in generating online influence. Name the 6 dimensions and select 1 to 2 of these dimensions to critique against the brand you are following (e.g., their website, FB, etc.).
1. PDI (Power Distance Index), extent of inequality 2. IDV (Individualism v. Collectivism), how independent individuals are; if they refer themselves as "I" or "we" 3. MAS (Masculinity v. Femininity), groups act like characteristics of stereotypical gender 4. UAI (Uncertainty Avoidance), how comfortable you are with ambiguity 5. LTO (Long Term Orientation), how forward thinking are your goals 6. IVR (Indulge v. Restraint), measures extent to which society allows us to enjoy life through free gratification from our natural lives
(WOI (Sell with Integrity) - Part 3) What are the 6 principles from Cialdini that can be adapted to persuade users to visit your website? For your brand, are they using any of these techniques?
1. Reciprocity (give and take) 2. Consistency (commitment) 3. Social proof (herd instinct) 4. Liking (similarities) 5. Authority (expert appeal) 6. Scarcity (in short supply)
Name the 5 trends impacting retail today.
1. The rise of boomers, Hispanics and millennials 2. The world's largest store in every pocket 3. Highly personalized marketing 4. Distribution revolution 5. New retail business models
What % of retail sales is expected to be e-commerce based by 2025?
15%
(Chasm between GRP and digital metrics) When does Nielsen predict TV will be completely merged with digital?
2020
(Amazon's Quest) What % of Amazon's sales come from 3rd parties?
40%
If GRPs are calculated for all media platforms, which platform do you believe has the most accurate GRP calculations?
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Is measurement beginning to be fused across channels (e.g., internet, TV)?
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Of the 10 major applications of social listening, list 3 and briefly explain.
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What is the automated process for managing customer contact policies?
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(Edelman - Periphery to the Core) What is the best structural asset a marketer can have?
A devoted customer base that has opted-in to the brand, especially if they spread the brand platform by word of mouth
(Chasm between GRP and digital metrics) What does he recommend for brands?
Advertisers and publishers need to work together to define common audience data standards
(2018 The Year of Amazon - The Future of Retail Podcast) What kind of retail footprint will most likely continue to struggle?
Any retail traditionally anchored to malls
(Edelman - Periphery to the Core) As media becomes more digitized, how does this affect media buying?
As media is more digitized, trackable media buying is moving away from up-front volume purchases to dynamic optimization
(WOI (Communicate Persuasively) - Part 2) What is the color hierarchy? Is this hierarchy globally universal? Which color is dominant for your brand and what implications does this have?
Blue, red, green, violet, orange, yellow
(Getting the CMO and CIO to work as partners) Given the rise of "big data", how are these ways changing?
CMO's are waking up and realizing that IT can't be treated like a back-office function anymore; rather, the CIO is becoming a strategic partner who is crucial to developing and executing marketing strategy.
(Ovum - The Road to 2026) What will mobile payment begin to replace?
Cash and cards
What is another name for A/B testing?
Champion / Challenger
(WOI (Know who you are targeting) - Part 1) Which statement appeals to you more - "75 percent lean" or "25 percent fat"? Why?
Consumers are much more likely to buy meat labeled "75% lean" than "25% fat" because they associate leanness as more positive
What is the name given when a social community (or process) creates content for value, usually at little to no cost?
Crowd-sourcing
What did Intuit discover about what was more valuable than its brand?
Customers
Why is DDM different than mass marketing?
DDM is more personalized for consumers, while traditional direct marketing is larger but losing share to DDM
What does DDM stand for?
Data Driven Marketing. Direct marketing combines with digital to make new marketing term.
(Ad Exchanges) What firm did Google acquire in 2007?
DoubleClick Ad Exchange
(GDPR) Who do you believe protects their citizen's privacy more - USA or EU (discussion only)?
EU
(Facebook - Then to Now) Name at least 2 data brokers they use.
Epsilon and Acxiom
Would you consider marketing technology to be stable or still evolving?
Evolving
(GDPR) What does GDPR stand for?
General Data Protection Regulation
(The coming era of 'on-demand' marketing) There are several companies we discussed which power mobile advertising in an 'on-demand' setting. Name at least 1 of these companies.
Google, Apple, Kontakt, IBM, etc.
(Ovum - The Road to 2026) What type of payment processing will boom by 2026?
Mobile payments
(Ovum - The Road to 2026) Where will mobile advertising be by 2026? How will brands fund this?
Mobile will be the dominant (but not exclusive) channel for most brands
Is email social media?
No, because the community cannot see, is a restricted conversation
(Facebook - Then to Now) What are the benefits of this data from a targeting perspective?
Opens up further categories to be combined with Facebook's existing targeting capabilities
(Facebook - Then to Now) What is P&G doing with targeted FB ads? Why?
P&G is moving away from ads on Facebook that target specific customers, after finding that ultra-niche targeting compromises reach and it has limited effectiveness
What 2 factors are drivers of a customer's loyalty to a brand / retailer?
Personalization and relevance
What does PII stand for?
Personally Identifiable Information
(Amazon's Quest) In a digital world, which of the 4 "Ps" has become the most transparent?
Price
(WOI (Know who you are targeting) - Part 1) When it comes to marketers embracing personalization, what is the term Nahai uses to suggest when consumers perceive threats to their freedom and autonomy (online)?
Psychological reactance
What industry spends the most on digital marketing?
Retail, 22% of total
(GDPR) What did Apple's Safari do prior to GDPR going into effect?
Safari makes tracking users more difficult, it deletes third-party cookies after one day
(Gilbreath - Next Evolution of Marketing) Who is the brainchild of "permission-based marketing"?
Seth Godin
(8 Steps to Creating Online Display Ads That Work) Are single or multiple images best in an online display ad?
Single
(2018 The Year of Amazon - The Future of Retail Podcast) What kind of commerce will grow the most in 2019?
Social commerce
(Chasm between GRP and digital metrics) What are advertisers hampered by?
The inability to plan and buy effectively across channels to make sure their extra advertising dollars are spent effectively
What are some key differences between digital marketing and other, traditional forms of marketing (e.g., TV, radio, print, etc.)? Be able to explain these in detail.
The most significant difference is the ability to collect data. Through digital marketing you can pull better data on how well an ad is doing and gather consumer data online. Rather, traditional marketing you can not be sure of the impact of an ad. Digital marketing also allows for more personalized content for different consumers while traditional forms cannot be as customizable.
(GDPR) As GDPR went into effect, what percent of European news sites removed 3rd party cookies?
The number of cookies found on European news sites declined by 22%
(Amazon has ~50% of eCommerce market) What "threat" is emerging to retailers who leverage Amazon's marketplace?
The threat of Amazon deciding to compete with brands in their own marketplace by introducing their own private label brands
(Ovum - The Road to 2026) Will drone fulfillment be commonplace by 2026? If not, why not?
The use of drones and driverless cars for delivery will not be widespread by 2026, largely due to security and safety issues
(Digital Marketing Bus) What would you say about a marketer's ability and confidence to navigate and engage individual customers through digital?
They are not feeling confident in their ability to navigate and engage customers through digital
(Digital Marketing Bus) What is a marketer under intense pressure to do, with respect to their "IT" investment?
They are under intense pressure to show tangible returns on the money they spend
What does becoming a social organization, challenge the organization to do?
To become more honest, transparent
(The coming era of 'on-demand' marketing) What are a few improvements that Google claims they have achieved with Eddystone?
Works with both Android as well as IOS and comes with a fully integrated system including abstract identifier frames, and a platform called Google Proximity Beacon API which has numerous benefits
(WOI (Communicate Persuasively) - Part 2) Does sex appeal, good-looking individuals and color have a role in website and other digital designs? Explain. How about for your brand?
Yes, a major role
When it comes to personalization and relevance, does a gap exist between a brand / company's perception of themselves and what customers say?
Yes, there is a great divide between companies' perceptions of themselves and what customers say