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28 Cards in this Set
- Front
- Back
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What is data? |
- a collection of facts, such as values or measurements - info in raw or unorganized form (numbers, symbols, alphabets.) |
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What is Internal data? |
- collected from direct customer interactions across multiple sales channels - gathered over a period of time - contains personal, demographic, purchasing info. |
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What is External data? |
- data comes from multiple sources - tons of data - data stored in separate silos |
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What is a flat file? |
- takes all the info from all the records and stores everything in one table Ex. Excel is a flat file - OK for small databases - too slow for large databases |
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What is cross-selling? |
Inducing the customer to buy other products or services |
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What is RFM? |
- tool used to predict who is more likely to respond - looks at past behavior |
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Why use RFM? |
- past behavior is the best predictor of future behavior - proven results - simple to use - increase response rates and return on investments |
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What is RFM based off of? |
-only based on transactions - e.x how customers purchase products/service from an organization |
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Transactions are based on? |
- Recency - Frequency - Monetary |
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What is 5 equal groups called? |
Quintile |
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What is mass marketing? |
- focused on the description of the "average" customer - here's our product "take it or leave it" - mass advertising/promotions are very expensive - one way communication -share of market |
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What is one to one marketing? |
- profitable customers - customer retention -meets needs to individuals |
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Types of online advertising |
- search engine marketing (SEM) - social media marketing - mobile advertising |
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What are some disadvantages of online marketing? |
- too measurable (so much data - overwhelming) - low click rates -advertising overload - privacy concern |
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What is paid media? |
Brand pays to leverage a channel i.e. paid search, display ads |
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What Is owned media? |
Brand owns and controls i.e. website |
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What is earned media? |
when customers become the channel |
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What is segmentation? |
- segment is a group of customers who display similar attributes to each other - no one right way to segment (nor should there be) - many different approaches and techniques |
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What is the Pareto Principle? |
- efforts: 20% - results: 80% - 20% invested input is responsible for 80% of the results obtained |
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RFM "watch outs" |
- don't spam customers (regardless of their ranking) - keep the data current - don't neglect new customers - don't neglect customers with low rankings |
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What is CPM? |
- cost per mille - is the price charged for displaying an ad 1,000 times |
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What is pay-for-performance? |
- based on cost-per-click |
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What is flat free? |
- a set amount for length of time the ad appears on the site |
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What is SEM? |
- search engine marketing - use of technigues and strategies to gain traffic from our visibility on search engine |
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What is an organic search? |
- results listed on search engine pages that appear because of their relevance to the search terms |
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Engagement Ads |
- connect with audiences by promoting content to drive likes, shares, comments and connections |
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Like Ads |
- build audience by growing your Facebook fan page with relevant and highly target new fans |
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Offsite ads |
- drive targets people on Facebook offsite to a specific landing page or website |
