Week 4 data, how you measure it, how you interpret it, and how it can make your strategy better.

Why is the last touchpoint not the most important?

Attribution is what helps drive the customer to make a purchase during the customer journey. It might take another touchpoint to remind them of the purchase they already planned to make.

Context

Creating context is an important part of storytelling with data. Without context, you have no starting point for your story.

Data reporting, also called performance reporting

Data reporting, also called performance reporting

How does a first click attribution work?

If a customer's first interaction with the brand is a social media ad for oil paints, all the credit for their purchase will go to that ad, even if it takes a few more touchpoints for them to buy something.

How does a last click attribution work?

If our art store customer makes a purchase after the fourth or fifth touchpoint—maybe a promotional email—last click attribution would give full credit to that email.

Why are data points important?

Lead characters, while others could play supporting roles, and some may not need to be in the scene at all.

Change Management

Methods, practices, approaches, and processes that organizations take to ensure changes are implemented smoothly

customer lifetime value

Metric. the average revenue generated by customers over a certain period of time.

How to incorporate the narrative in data story telling?

Once you've picked the data points and insights that answer your questions, you can start building a narrative that conveys them effectively.

main data analytics responsibilities

Pulling, reporting, and analyzing data.

What metric is used to measure success?

ROAS

Data is considered what?

The characters of the play. If they're all on stage at once, it can be hard to know where to focus your attention. So you need to be selective about which numbers you highlight

Attribution

The process of determining which content and channels are responsible for generating leads, conversions, or sign-ups

data analytics.

The process of monitoring and evaluating data to gain actionable insights

How does data reporting help the company?

This process makes it easier to identify trends and spot unexpected results more quickly. Reporting makes it easier to tell if one has a higher ROAS than another

Why do businesses apply ethical practices?

To follow regulations, demonstrate trustworthiness in protecting customer data, ensure the use of customer data is fair and unbiased.

How to build a strong narrative?

appeal to the audience, and draw attention to your insights and encourage others to take action.

First click attribution

assigns all the credit to the first touchpoint that eventually leads to conversion.

Last click attribution

assigns all the credit to the last known touchpoint before conversion.

Linear attribution

assigns equal credit to each touchpoint along the customer journey.

How can marketing data help you answer questions?

by drawing on real customer behaviors and interactions.

What are the forms of visualizations?

charts, graphs, infographics, or other illustrations.

Data

collection of facts or information

loyalty phase (metrics)

consider customer retention rate and customer lifetime value.

consideration stage (metrics)

consider metrics like cost of acquisitions and click through rates.

What are the three elements to every data story telling

context, complication, and resolution.

What does data driven attribution measure?

customer engagement with marketing content across channels to understand what's motivating them to take action. It assigns credit to each touchpoint based on statistics like which ads or keywords most often lead to conversions.

attribution models

data-driven, first click, last click, and linear.

awareness stage (metrics)

gather audience data and develop user personas. This helps you get to know who your customers are.

Data visualizations

graphic representations of data that convey information are like the costumes, lightings, and stage set of a play. Focus the attention and help the audience understand what's happening in the narrative.

Why track metrics?

helps digital marketers gauge how close they are to meeting goals. Each metric measures something specific, and therefore each metric tells a marketer something different about their campaign.

How does data analysis help the company?

helps you develop insights that explain the reported results and make suggestions for next steps, like shifting your budget or prioritizing different KPIs

ROAS, or return on ad spend

how much revenue is gained versus how much was spent.

What would be considered data bias?

if you exclude the data from customers who returned products because you don't consider them loyal to your brand. However, even when including all available data, you're not always free of bias.

An example of ROAS

if you spend $100 on an ad, but made $150 as a result of that ad, the ROAS would be 150%.

Personally identifiable data (PII)

information that can be used to directly identify, contact, or locate an individual.

How to optimize a strategy?

know which touchpoints are influencing customer decisions the most.

the narrative

like the plot of a play, it's what happens in the story. A well-structured narrative is engaging, memorable and persuasive.

KPI, or Key Performance Indicator

measurement used to gauge how successful a business is in its effort to reach a business or marketing goal.

Types of data that are anonymized

names, telephone numbers, email addresses, photographs, account numbers, and purchase transactions.

performance metrics

number of impressions or cost per click on paid ads.

How does data anonymization work?

often performed on data coming from multiple sources. After the data has been anonymized, it can be more widely and freely shared in an organization.

Data storytelling

practice of conveying data insights to a specific audience using a clear and compelling narrative.

Quality reporting

provides a clear picture of the raw numbers. It should help you shape questions that can be answered through analysis.

metric

quantifiable measurement that is used to track and assess a business objective.

Data anonymization

refers to one or more techniques to mask or remove personal information from data to protect the identities of people.

Metrics can reveal important information about marketing campaigns, such as

return on investment (ROI), return on ad spend (ROAS), cost per sale, and online and sales revenue.

What does performance marketers do?

set specific goals and use metrics to find out if they've reached them. focuses on measurable results like clicks and conversions

the average touchpoint in a clients journey?

six

Easiest way to do data pulling?

taking the data from each source, and organizing it on a spreadsheet.

What are the three components to data story telling?

the data itself, a compelling narrative, and clear visualizations.

Resolution

the necessary action taken to solve a problem or leverage an opportunity.

Data pulling

the process of collecting data from analytics tools and putting it into a spreadsheet or database, making it easy to access and work with.

. Data analysis

the process of examining data in order to draw conclusions, make predictions, and drive informed decision-making.

performance marketing

the process of using concrete information about customer behaviors to plan and refine marketing and sales strategies. It focuses on measurable results like clicks and conversions

Data privacy

the proper handling of data. How you collect, process, analyze, share, archive, and delete data should be in accordance with the data privacy laws of the countries where your customers reside.

Complication

the reason the situation requires action. An explanation of how the situation has changed based on your data. Any kind of change in metrics would be an example of a complication.

How does a linear attribution work?

the social ad, promotional email, and all the touchpoints in between share credit for the eventual conversion.

Data ethics

the study and evaluation of moral challenges related to data collection and analysis.

What do metrics help determine?

the success of marketing initiatives and campaigns.

conversion stage(metrics)

track and analyze sales conversion rates, average order values, and cart abandonment rates.

A well-placed visualization clarifies what?

trends and expresses relationships between data points.

Data bias

type of human error that skews results in a certain direction. data bias isn't the same as selecting data from a target audience. (fake political stats)

How do you decide which data points are important?

understand the questions you're trying to answer. you need to understand the question you want to answer to know what data to use.

what features include in analytic tools?

use your data to find out which touchpoints and keywords customers interact with before taking action.

How can marketing data help your business

useful for planning campaigns, predicting future behaviors, and finding out whether your activities are helping you reach your KPIs.

What is one important way to protect customer date?

using data anonymization.

Narrative context

what your insights mean, but why they matter to your audience and what they can do about them.

How do you know if your'e meeting your KPI?

you'll need to collect and interpret the relevant data.