Analytics, Dictionary

Dictionary of Marketing Questions

Creating Content for Your Marketing Funnel

funnel and attributed marketing behavior

For each stage of the funnel, you’ll need to answer the following questions:

  • How will customers at this stage find me?
  • What kind of information do I need to provide to help them move from one stage to the next?
  • How will I know if they have moved from one stage to another?

Click to Learn More

In Awareness stage, keeping track of lead* analysis metrics (include program investment, percent of new names, total successes, total targets, investment per target, and average demographic score), answer the following three questions:

  1. Which programs bring in targets or leads most cost-effectively?
  2. Where are we exhausting our lists?
  3. Which programs are bringing in the highly qualified leads?

*”lead” in this context means “leading” as in “leading or lagging indicators” and not “lead”as in “lead nurturing”


Customer Response Models

  • Are you assessing customer response models for statistical as well as business validity?
  • Are you applying ““haircut method”?
    • A naïve application of an incrementality percentage derived from market-level models indiscriminately to all customer histories will bias attribution substantially. In these methodologies, highly effective digital marketing treatments will be penalized while ineffective ones will be favored. As a result, differentiation will be dampened and reallocation opportunities might be squandered.

Marketing Allocation

  • What econometric methods have you applied (as such log-log multi-regression models, Bayesian approaches, diffusion models) to identify causal relationshipsbetween outcome (e.g., consumer purchase funnel and sales) and marketing and other business drivers based on observed behaviors?
    • Traditional mix models, test/control experiments and judgmental attribution methods are not comprehensive enough to provide timely and credible answers to questions regarding marketing allocations, impact and trade-offs.
  • What were your hypotheses on the expectation of the direction of impact; the magnitude of the impact; and the lag between the cause and effect?
  • How did you identify and test the impact of intermediate outcomes (as organic search queries, own-site web traffic, online video viewing, social media exposure, brand awareness, etc) have on marketing tactics?
  • What control variables did you take into account?
    • To account for external factors that are impacting customers such as economy, competitive landscape, and seasonality

Statistical Analysis

General Statistics Questions

Today people have to deal with up to terabytes of data and have to make sense of it and glean the important patterns from it.  Statistics can help greatly in this process by helping to answer several important questions about your data:

  • What patterns are there in my database?
  • What is the chance that an event will occur?
  • Which patterns are significant?
  • What is a high level summary of the data that gives me some idea of what is contained in my database?

Click to Learn M0re

p-value

Besides p-value, what statistical test have you conducted to ensure your hypothesis is correct?

  • One of the most important messages is that the p-value cannot tell you if your hypothesis is correct. Instead, it’s the probability of your data given your hypothesis.
  • A common misconception among nonstatisticians is that p-values can tell you the probability that a result occurred by chance. This interpretation is dead wrong
  • Nor can a p-value tell you the size of an effect, the strength of the evidence or the importance of a result.

Click to Learn More

 

Standard