Quiz 1 (MI 301 730)
Dr. C's Top 10 tips
#1 Don't get hung up w/ generalized average that is communicated as being representative of what a particular digital media might provide, you're brand cannot be calculated on the basis of the whole / national level of all the platforms a company might use. (p.11) #2 Passive affiliation is worth less than active engagement (p.12) #3 Its all about context (the situational circumstances) (p.13) #4 Engagement is more important, because it often precedes sales (p.14) #5 Choices regarding a brand's media mix influence engagement and behavioral outcomes (hopefully in line with objectives) (p.18) - #5a 1% engagement was a good benchmark in late 2012 - #5b 1% engagement is above average performance #6 Value of 'social media' leads is contextual (your category), and can rarely be associated with revenue and profitability (p.36) - Engagement increases equity and loyalty (p.19) #7 In terms of context, give them what they want (p.21) #8 Content categories are associated with different engagement types & levels (p.45) #9 Value of digital media leads is contextual (your category) (p.45) #10 Content analyze comments for sentiment & more insight (p.45)
Theories of consumer buying decision and decision making process (stages)
1. Needs awareness: consumer becomes aware of something they need fulfilled 2. Information search: look and seek for options 3. Evaluating alternatives: once they identified options that fulfill need they evaluate their options 4. Purchase decision: based on the benefits and important factors they form a purchase decision (order, payment, and completing goal) 5. Post purchase: everything consumer experiences after purchase
Dr. C's contextual messaging framework (four dimensions)
Action Brand (or user slides where diff.) Medium Industry
The concepts of brand: awareness, equity, loyalty, etc.
Brand equity: the audience's 'total perception' of how close a brand comes to fulfilling a need / desire / expectation to the ideal - Brand equity drives loyalty
The concept of "long tail" (in. Anderson and Napoli)
Chris Anderson's (2006) Long Tail scenario, in which he documents how the new media environment is facilitating unprecedented levels of disaggregation of audience attention, as a result of the massive storage capacity and enhanced search functionalities of the new media environment. "Down here in the weeds, where we'd always assumed there was essentially no meaningful demand, the songs are still being downloaded an average of 250 times a month. And because there are so many of these non-hits, their sales, while individually small, quickly add up" (p.20) - You can find everything out here in the Long Tail. Theres the back catalog, older albums, live tracks, B-sides, remixes, covers. There are niches by thousands, genres within genres within genres (p.22)
The concept of fragmentation: media and audience
Fragmentation: the extent to which the media environment contains an increasing an increasing array of content delivery platforms, the extent to which the transmission capacity if these different delivery platforms is expanding the extent to which media content itself disaggregating, and the extent to which audience is increasingly spread out across a growing array of available content (p.54) Audience autonomy: the extent to which the contemporary media environment provides audiences with unprecedented levels of control over not only what media they consume, but also when, where, and how they consume it it; and also, increasingly, the extent to which audiences have the power to be more than mere media consumers, becoming contributors to the media environment as well Media fragmentation: the technological processes that increase the range of content options available to media consumers - Inter-media fragmentation: involves the growth of new delivery platforms that not only facilitate the delivery of additional content options, but also multiply the platforms in which one piece of content can be accessed - Intra-media fragmentation: the processes that subdivide choices within particular media technologies (e.g. increases in bandwidth)
A business plan consideration of fixed costs, variable costs, selling price, response rate, expected revenues and Return on Investment (RoI)
Once a quality product is ready for marketing and primary and secondary target audiences have been identified, a business plan must be established to create and implement a marketing strategy. A business plan for marketing any product needs to address the following areas: - Fixed Costs: costs expended up front before any sales can take place. (e.g. the purchase of mailing lists for target audiences) - Variable Costs: capital expended to support each sale. - Selling Price: can be done three different ways. You can pick a random price out of the air -- this can work, but is not the optimal method -- you can check market listings for comparable products, or you can undertake a Target Volume Analysis. Target consists of a fairly simple formula that allows you to determine the number of sales that must be made to meet a pre-determined profit goal. That formula is: Fixed Costs + Target Profit + by Selling Price - Variable Costs = Target Volume Sales.Volume Analysis - Response rate: response rates (actual sales) from direct mail marketing approaches tend to be quite small, often one- to five-percent. - Expected Revenues - Return on Investment (ROI): To determine the Return on Investment, you simply analyze the overall costs of the marketing plan in relationship to your target profit. (e.g. to achieve the break-even point for recovering all Fixed and Variable Costs associated marketing the videotape program, you would have to sell 149 copies of the program. If you meet your goal of 282 copies sold, the Return on Investment would be 90 percent)
Understanding the concept of audience in the new media environment (in. Napoli)
The key implication of this process is the extent to which it is undermining traditional approaches to conceptualizing media audiences. Specifically, the fragmentation of media and audiences is straining and undermining the traditional, exposure-based audience information systems that have long served as the core of the audience marketplace (see, e.g., Webster, in press). Increased media and audience fragmentation is making it increasingly difficult to quantify audience attention via traditional measurement systems. In particular, the extent to which audiences today can be spread across a much wider range of content options, and across a much wider range of delivery platforms, undermines traditional sample-driven approaches to the creation, and systematic measurement of, a sufficiently large and representative sample of the audience
Upstream vs. downstream (of business strategy)
Upstream (marketing): activities or phases that a typical consumer would be exposed to well before a purchase or transaction - Customer awareness - Brand awareness - Brand consideration - Brand preference Downstream (sales): activities or phases that occur closer to the purchase transaction - Purchase intention: facilitate the purchase - Purchase: enable purchase - Customer loyalty: engaging with customers to maintain and increase loyalty - Customer advocacy: the customer promotes that brand themselves (e.g. brand ambassadors)
Successful tools for marketing online: web 2.0, personalization, broadband & rich media, multi-channel experience and real-time data integration
Web 2.0: a major shift toward user-focused and user generated content - RSS feeds, bots, mashups, wikis, blogs, SNS Personalization: b/c users are so used to filtering information, they respond best to content that is customized for them. When marketers gather data for their mailing lists, they should be conscious of tagging customers with appropriate labels. This ability to slice and dice will create greater success in opt-in campaigns (p.188) Broadband: by the end of 2005-2006, over 100 million users in N. America have broadband Internet access at home. This continues to push even further growth behind the online channel, within new technologies that power what we call "rich media" Rich media: an overarching term to describe the evolution of what users are able to view on the Web and refers to anything that has dynamic motion - E.g. GIFs, JPEGs, video, etc. Multi-channel experience: companies can no longer afford to look at their sites as a separate silo, or channel, independent of the off-line brand. It means creating a consistent customer experience across stores, e-mail, Web, mobile, call center, etc. Real-time data integration: Service Oriented Architecture (SOA is being adopted, different applications, services, solutions, and platforms are all working together in an interconnected way. SOA provides the environment and protocol for applications to be built so that they can be reused, communicated with, and have a higher level of performance
