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Session 3 - Digital Metrics - Coggle Diagram

- - - - Important metrics: Overall metrics, Impressions, Reach, Website clicks, Profile view - Post metrics: Impressions, Reach, Engagement - Stories (capture real-time activity over a 24-h period): Impressions, Reach, Tap forwards - tap back, Exists
    - - Important metrics:: Total likes, Reach (FB reach: nbr of unique people who saw your content), Impressions, Engaged users, Engagement rate, Video metrics, Views (view rate, video quartiles), Efficiency metrics: Cost per 1000 mentions (CPM): (total amount spend on ad campaign/ nbr. impressions)x1000, Cost per engagement (CPE): (total amount spend on ad campaign/ post engagement), Cost per view (CPV): (total amount spend on ad campaign/ 3-sec video views); Metrics on post level: Likes, comments, & shares per post
- - - - Responding to customer +/- comments on social media
      - Engaging in cust. chats or live Q&A sessions => real-time support
      - Hosting interactive events on social media/online platforms
      - Key metrics: Social media engagement (likes, comments...); Social media sentiment (tone of cust. comments); Customer satisfaction & loyalty (nbr of back purchases)
    - - Identifying/connecting w/ influencers who align with the firm's brand values & target audience
      - Create engaging content/reviews/campaigns w/ influencers
      - Measuring the impact of influencer marketing campaigns on brand awareness, engagement, and sales
      - Key metrics: Nbr of mentions by influencers; Reach nbr of people exposed to the brand through influencer partnerships; Engagement rate (likes/shares/comments on influencer content); Sales conversion rate (% of influencer-driven visits to firm's website leading to sales)
    - - Monitoring social media mentions/reviews/cust. comments for +/- feedback
      - Analyzing customer surveys/feedback forms to identify issues
      - Engaging with cust. sentiment analysis tools to deeper understand cust. emotions
      - Implementing changes based on customer feedback for better customer satisfaction & loyalty
      - Key metrics: Negative feedback rate; Customer sentiment improvement (+ shift in cust. sentiment over time); Customer satisfaction with feedback response
- - - - Brand valuation methods
        
        Net Promoter Score (NPS) = cust. satisf. metric that measures the likelihood that a customer would recommend a brand to others
        
        Assessing attributes = Subjective means of assessment assigns values to attributes such as satisfaction, loyalty, awareness, market share, etc.
        
        Royalty relief = calculates the net present value (NPV) by estimating the amount of money that a company could earn by licensing its brand to a 3rd party (demonstrate the value of a brand by estimating the revenue that a company could earn by licensing its brand to a third party)
        
        Brand Valuation = using the most robust financial data to model the valuation of the brand (financial performance, market share, and brand equity)
        
        Brand Equity = the value that a brand adds to a product or service beyond its functional benefits (effective market share, relative price, & durability)
        
        Algorithmic = uses algorithms to forecast brand value (financial data, market data, and social media data)
      - Metrics: Brand awareness, favorability, consideration, purchase intent
      - Brand share = relative strength of a brand compared to its competitors in a particular market (indicators of brand strength: Share of voice; Share of search; Share of audience)
        
        SOA = relative nbr of people who are aware of and engaged with a brand compared to its competitors
        
        = (T audience for your brand / T audience per competitor within category) * 100
        
        Ex: Calculate share of audience on Facebook for Quick, McDonalds & Burger King in France.
        
        = (Brand mentions on Facebook / Total mentions of all brands on Facebook) * 100%
        
        Quick SOA = 560K likes / 2.871M likes * 100% = 80%
        
        SOS = relative nbr of times that a brand's name is searched for online compared to its competitors
        
        = (Searches of your brand / T searches in your category) * 100
        
        SOV = amount of advertising/promotional activity that a brand is doing compared to its competitors
        
        = (Discussion about your brand (mentions) / T discussion in your category) * 100
      - Brand audience = target market -> group of people who are aware of and interested in a particular brand (measures of brand awareness & engagement: T audience reach; attention; engagement)
        
        Total audience reach = T nbr of unique indiv. who have been exposed to a brand's content or messaging in a given period of time (web traffic; social media impressions; emails open...)
        
        Total A attention = T amount of time that people spend engaging with a brand's content or messaging (website time on page; e-mail click-through rates)
        
        Total A engagement = Level of interaction that people have w/ a brand's content or messaging (social media likes/shares/comments; website clicks; email replies...)
    - - Metrics: Sales, leads, conversions, website visits, app installs
      - Steps
        
        Pre-Sale = Micro-conversions (visiting a website / store; viewing a page; adding something in the basket...)
        
        Sale = Macro-conversions (purchase)
    - - Metrics: Customer lifetime value, customer acquisition cost, customer retention rate, customer satisfaction
      - Pareto Principle
        
        For customer value : 80/20 rule => 80% of the results (revenue/profit) come from 20% of the causes (customers)
        
        For customer acquisition : 80/20 rule => 80% of customers come from 20% of revenue/profit
      - Look-a-like analyses (customer acquisition) = identify new customers who are similar to existing high-value customers
      - Differentiated marketing through segmentation: dividing cust. into diff groups based on their needs & pref (it allows businesses to develop targeted marketing campaigns for each group)
    - - Metrics: Last-click attribution, first-click attribution, multi-touch attribution
      - Isolated effect = change in customer behavior because of a campaign, without the influence of other factors
        
        Measured by the "lift" on a marketing campaign
        
        Lift = How much a marketing campaign has incr. or decr. a specific metric (sales, website traffic, or brand awareness)
        
        can be difficult to attribute the isolated effect of a marketing campaign in multi-channel settings
        
        = it is difficult to isolate the effect of each channel & determine which channel or combination of channels is responsible for the observed results
      - Incrementality testing = measures the incremental effect of a specific campaign or tactic
        
        Experimental = random testing (treatment group & control group) => the treatment group receives the marketing campaign/tactic, while the control group does not
        
        most expensive & time-consuming method
        
        Results of the campaign/tactic -> measured against the control group to determine its incremental effect
        
        Observational = analyzing existing data to estimate the effect of a marketing campaign or tactic (ex: marketing mix model, synthetic experiment methods)
      - Attribution of digital channels can be done through a marketing mix modeling (MMM)
        
        can be used to quantify the impact of diff marketing activities (nbr od website visit, nbr of social media posts views...) on ST CB (sales, sales , customer churn...)
        
        can also be used to optimize the set of marketing mix tactics across the 4Ps (product, price, promotion & place) on diff brand & product hierarchies
        
        2 metrics
        
        Effectiveness = ability to reach the marketing goal
        (𝑁𝑒𝑡𝑅𝑒𝑡𝑢𝑟𝑛=𝑅𝑒𝑡𝑢𝑟𝑛−𝐼𝑛𝑣𝑒𝑠𝑡𝑚𝑒𝑛𝑡)
        
        Better on LT -> as it shows how a marketing investment adds value to the brand’s equity
        
        Efficiency = ability to reach the marketing goal w/ lowest resource usage (𝑅𝑂𝐼= (𝑅𝑒𝑡𝑢𝑟𝑛 − 𝐼𝑛𝑣𝑒𝑠𝑡𝑚𝑒𝑛𝑡) / 𝐼𝑛𝑣𝑒𝑠𝑡𝑚𝑒𝑛𝑡)
        
        Better en ST