Deliverable 5 Marketing Strategy
Competency
Determine the success of marketing campaigns using data analytics.
Student Success Criteria
View the grading rubric for this deliverable by selecting the This item is graded with a rubric? link, which is located in the Details & Information pane.
Scenario
You have just been hired as the new Chief Marketing Officer or CMO for Bean Inc, a ceramics company. The company has been around for over 30 years, and they have been using traditional marketing for their marketing campaigns. The company has just undergone a reconstruction and has hired you as the new CMO because your background in marketing data analytics impressed the CEO. The CEO now wants to have an executive meeting to discuss your new marketing strategy and highlight the use of data analytics as part of your new strategy to solicit additional support from the executive leaders.
Instructions
Prior to the executive meeting, the CEO wants you to write a 2-page email describing the highlights of your presentation. Be sure to include the following in your email:
An overview of your new marketing strategy for Bean Inc.
The significance/benefits of using data analytics in the new marketing strategy.
Discussion of the measurements used to determine the success of the new marketing strategy.
Justification of the use of a software (Chartio, Hubspot, MailChimp, Marketo, or others) to support your new marketing strategy.
A conclusion.
Deliverable 5 Notes Marketing Strategy
Data Analytic Techniques and Campaign Effectiveness
Data Analytic Techniques
Marketing analytics encompasses technologies and processes that allow marketers to evaluate the success of marketing initiatives.
Essential business metrics, such as marketing attribution, return on investment (ROI), and overall marketing effectiveness, use marketing analytic metrics. Marketers use different analytics to look at the marketing activities and the results comprehensively. The data captured and analyzed comes from a broad spectrum of activities, such as social media engagement and shares, calls generated by campaigns, and website visits.
Marketers approach campaign analysis differently depending on the media mix and business goals. In online marketing, cost per lead (CPL) is a governing cost basis for analyzing marketing ROI. Online marketers may use data from a sales force automation system, along with a marketing automation platform, which will analyze campaign effectiveness. Campaign effectiveness is based on metrics such as emails that are opened and click-through rates (CTR). A click-through rate (CTR) is a metric that measures the number of clicks. The CTR measures how successful the ad has been in capturing the consumers interest.
Different software provides analytic techniques to help measure the success of marketing campaigns.
Interactive –
Marketers use many data analytic techniques and software to measure the success of marketing campaigns. The software that is created has different metrics that can be defined as well as measured. The data analyzed can be used to understand consumers and target customers accurately during future campaigns.
Data and Decisions
Analyzing a Marketing Campaign
There are a variety of methods in which the campaigns data is analyzed to make strategic marketing decisions for businesses. Marketing campaigns are strategized efforts to promote a particular business goal. A campaigns goal is to reach consumers through various mediums, including email, print advertising, and social media. When creating a marketing campaign, there are marketing efforts designed to achieve a goal. To determine the effectiveness of the campaign, marketers use the analytical tools to analyze campaign data and determine the success of the campaign.
There are also a variety of analytic dashboards that show different information regarding the performance of the campaign. Marketers must know what data to collect, as there is so much data that can be obtained.
The post-campaign analysis (PCA) is the last step in a marketing campaign. The information provided in the post-campaign review gives an accurate picture of how the campaign performed. When setting up the analysis, the starting point is giving a brief description of the campaigns objectives and strategy.
There are advantages to running a post-campaign analysis:
Provides valuable learnings for campaigns in the future
Reviews the effectiveness of the campaign
Understands how the target audience responded to the campaign
Recognizes what elements of the campaign worked and what did not work
The data, once collected by marketers, will be reviewed to determine how well the campaign performed. This information is used to determine what the next campaign will consist of and changes that must be made to reach an even larger audience than the previous campaign. The bounce rate tells the business what percentage of consumers left the website after only visiting the home page, as well as what percentage did not interact with the website. The marketing data will provide demographic information for the audience that the message is effectively reaching.
Gathering and analyzing data will help create better content. Data is used to determine what content resonated best with the consumers and what did not work. The marketing campaign that resonated with consumers is often repeated. For example, Coca-Cola?s Share a Coke? marketing campaign was so successful that the company repeated it.
The data can recognize what new trends align with the business objectives. There are new trends that marketers can invest time and money in that will help build brand awareness. Therefore, tracking data is done throughout the campaign and not just at the end.
It is not just enough to collect data unless there is a framework in place to analyze it and put the insights to work. The end goal of marketing data-driven strategies is to ultimately better understand and target consumers with the right content as well as converting potential consumers to loyal consumers.
References
Fu, F. Q., Phillips, J. J., & Phillips, P. P. (2018). Roi Marketing: Measuring, Demonstrating, and Improving Value. Performance Improvement, 57(2), 613.
Isard, D. M. (2020). Step 2: Marketing With ROI: If you look at marketing and advertising as expenses, you wont expect a return on your investment and therefore wont get one. Director (NFDA Services, Inc.), 92(2), 2426.
WEDGWOOD, L. (2017). Assessing your marketing ROI. NZ Business + Management, 31(8), 51.
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