top of page

Group

Public·37 members
Theodore Long
Theodore Long

Data Driven Marketing: The 15 Metrics That Matter by Mark Jeffery



- Who is Mark Jeffery and what is his book about? - What are the main benefits of reading this book? H2: The Marketing Divide: Why 80 Percent of Companies Don't Make Data-Driven Marketing DecisionsAnd Those Who Do Are the Leaders - How data driven marketing can improve performance and ROI - What are the five obstacles to data driven marketing and how to overcome them - How to use the 10 classical marketing metrics H2: The Five Essential Nonfinancial Metrics: #1Brand Awareness, #2Test-Drive, #3Churn, #4Customer Satisfaction (CSAT), and #5Take Rate - How to measure and improve brand awareness - How to increase test-drive and conversion rates - How to reduce churn and retain customers - How to monitor and enhance customer satisfaction - How to optimize take rate and profitability H2: Show Me the ROI!: The Four Essential Financial Metrics: #6Profit, #7Net Present Value (NPV), #8Internal Rate of Return (IRR), and #9Payback - How to calculate and maximize profit - How to use NPV to evaluate long-term investments - How to use IRR to compare different projects - How to use payback to assess risk and cash flow H2: All Customers Are Not Equal: Metric 10Customer Lifetime Value (CLTV) - How to estimate and increase CLTV - How to segment customers based on CLTV - How to allocate resources and target marketing campaigns based on CLTV H2: Optimizing Internet Marketing with Metrics 1115: #11Cost per Click (CPC), #12Transaction Conversion Rate (TCR), #13Return on Ad Dollars Spent (ROA), #14Bounce Rate, and #15Attribution - How to optimize CPC and TCR for online advertising - How to measure and improve ROA for online marketing - How to reduce bounce rate and increase engagement - How to use attribution models to assign credit for conversions H2: Data Driven Marketing in Action: Case Studies and Examples - How Microsoft used data driven marketing to launch Windows 7 - How DuPont used data driven marketing to increase sales of Tyvek - How Nissan used data driven marketing to optimize its dealer network - How Philips used data driven marketing to improve its online presence - How Sony used data driven marketing to boost its PlayStation brand H2: What's It Going to Take? Infrastructure Requirements for Data Driven Marketing - What are the key components of a data driven marketing infrastructure - What are the best practices for data collection, analysis, and reporting - What are the skills and roles needed for a data driven marketing team H2: Conclusion - A summary of the main points and takeaways from the book - A call to action for readers to apply data driven marketing in their own organizations H2: FAQs - Five unique questions and answers related to the book or the topic Table 2: Article with HTML formatting Data Driven Marketing: The 15 Metrics Everyone in Marketing Should Know by Mark Jeffery




Introduction




In today's competitive and dynamic business environment, marketing is no longer a matter of intuition or guesswork. It is a science that requires data, analysis, and measurement. Data driven marketing is the practice of using data to make strategic decisions, optimize marketing activities, and deliver return on investment (ROMI). Data driven marketing can help organizations improve efficiency and effectiveness across the spectrum of marketing activities, from branding and awareness, to trial and loyalty, to new product launch and internet marketing.




Data Driven Marketing Mark Jeffery Pdf 21


Download File: https://www.google.com/url?q=https%3A%2F%2Ftweeat.com%2F2uce2I&sa=D&sntz=1&usg=AOvVaw0AVOYjx_-RtNvWOXEir8tM



But how can you become a data driven marketer? What are the metrics that you need to know and use? How can you apply them to your own marketing challenges and opportunities? This is where Mark Jeffery's book, Data Driven Marketing: The 15 Metrics Everyone in Marketing Should Know, comes in handy. Mark Jeffery is a professor of marketing at the Kellogg School of Management and a leading expert on data driven marketing. He has taught ROMI to executives at Microsoft, DuPont, Nissan, Philips, Sony, and many other firms. He has also conducted original research on strategic marketing performance management of 252 Fortune 1000 firms, capturing $53 billion of annual marketing spending.


In his book, Jeffery explains how to use data driven marketing to deliver ROMI in any organization. He provides an in-depth discussion of the 15 key metrics that every marketer should know and use. He also provides practical examples and case studies of how to apply the principles in small and large organizations. He also offers free downloadable ROMI templates for all examples given in the book. By reading this book, you will learn how to:



  • Use data to improve performance and ROI across all marketing activities



  • Measure and improve brand awareness, test-drive, churn, customer satisfaction, and take rate



  • Calculate and maximize profit, net present value, internal rate of return, and payback



  • Estimate and increase customer lifetime value and segment customers accordingly



  • Optimize internet marketing with cost per click, transaction conversion rate, return on ad dollars spent, bounce rate, and attribution



  • Leverage data driven marketing best practices from Microsoft, DuPont, Nissan, Philips, Sony, and others



  • Build a data driven marketing infrastructure with data collection, analysis, reporting, skills, and roles



If you want to become a data driven marketer and gain a competitive edge in your market, this book is a must-read for you.


The Marketing Divide: Why 80 Percent of Companies Don't Make Data-Driven Marketing DecisionsAnd Those Who Do Are the Leaders




Data driven marketing is not a new concept. It has been around for decades. However, not all companies have embraced it or implemented it effectively. In fact, according to Jeffery's research, only 20 percent of companies make data-driven marketing decisions on a regular basis. The other 80 percent either don't use data at all or use it inconsistently or incorrectly. This creates a huge gap between the leaders and the laggards in the market.


Why is this gap so large? What are the barriers that prevent companies from adopting data driven marketing? Jeffery identifies five main obstacles that hinder data driven marketing:



  • Lack of understanding: Many marketers don't understand what data driven marketing is or why it is important. They don't know what metrics to use or how to use them. They don't have a clear vision or strategy for data driven marketing.



  • Lack of alignment: Many marketers don't align their data driven marketing goals with the overall business goals. They don't communicate or collaborate with other functions or stakeholders. They don't have a common language or framework for data driven marketing.



  • Lack of accountability: Many marketers don't measure or report their data driven marketing results. They don't have clear objectives or targets for data driven marketing. They don't have incentives or rewards for data driven marketing performance.



  • Lack of resources: Many marketers don't have enough time, money, or people to implement data driven marketing. They don't have access to quality data or tools for data driven marketing. They don't have the skills or training for data driven marketing.



  • Lack of culture: Many marketers don't have a culture that supports data driven marketing. They don't have a mindset or attitude that values data driven marketing. They don't have a leadership or governance that fosters data driven marketing.



How can you overcome these obstacles and join the 20 percent of companies that make data-driven marketing decisions? Jeffery suggests that you start by using the 10 classical marketing metrics that are widely accepted and understood by most marketers. These are:



  • Market share



  • Market size



  • Penetration



  • Growth rate



  • Awareness



  • Consideration



  • Purchase intent



  • Trial rate



  • Loyalty rate



  • Advocacy rate



The Five Essential Nonfinancial Metrics: #1Brand Awareness, #2Test-Drive, #3Churn, #4Customer Satisfaction (CSAT), and #5Take Rate




While the 10 classical marketing metrics are useful for measuring your market performance, they are not enough for data driven marketing. You also need to measure and improve your customer performance. This is where the five essential nonfinancial metrics come in. These are:



  • Brand awareness: The percentage of customers who recognize your brand or product name



  • Test-drive: The percentage of customers who try your product or service for the first time



  • Churn: The percentage of customers who stop using your product or service over a given period of time



  • Customer satisfaction (CSAT): The degree to which customers are satisfied with your product or service



  • Take rate: The percentage of customers who accept your offer or promotion



These metrics can help you measure and improve your customer acquisition, retention, and profitability. They can also help you optimize your marketing mix and allocate your resources more effectively. Here are some tips on how to use these metrics:



  • Brand awareness: To increase brand awareness, you need to create a distinctive and memorable brand identity and communicate it consistently across all touchpoints. You also need to monitor your brand awareness levels and compare them with your competitors. You can use surveys, focus groups, or online tools to measure brand awareness.



  • Test-drive: To increase test-drive, you need to create a compelling value proposition and offer incentives or guarantees to entice customers to try your product or service. You also need to track your test-drive rates and analyze the factors that influence them. You can use coupons, codes, or tracking links to measure test-drive.



  • Churn: To reduce churn, you need to deliver high-quality products or services that meet or exceed customer expectations and provide ongoing support and value-added services. You also need to measure your churn rates and identify the reasons why customers leave. You can use customer feedback, exit surveys, or analytics to measure churn.



  • Customer satisfaction (CSAT): To enhance customer satisfaction, you need to understand your customer needs and preferences and tailor your products or services accordingly. You also need to measure your customer satisfaction levels and act on the feedback you receive. You can use ratings, reviews, or surveys to measure CSAT.



  • Take rate: To optimize take rate, you need to design attractive and relevant offers or promotions that appeal to your target segments and deliver them at the right time and place. You also need to measure your take rate and test different variations of your offers or promotions. You can use conversions, sales, or revenue to measure take rate.



Show Me the ROI!: The Four Essential Financial Metrics: #6Profit, #7Net Present Value (NPV), #8Internal Rate of Return (IRR), and #9Payback




The ultimate goal of data driven marketing is to generate positive return on marketing investment (ROMI). This means that you need to measure and maximize the financial impact of your marketing activities. This is where the four essential financial metrics come in. These are:



  • Profit: The difference between revenue and cost



  • Net present value (NPV): The present value of future cash flows minus the initial investment



  • Internal rate of return (IRR): The annualized rate of return that makes the NPV equal to zero



  • Payback: The time it takes to recover the initial investment



These metrics can help you evaluate and compare the profitability and risk of different marketing projects or initiatives. They can also help you prioritize and allocate your marketing budget more efficiently. Here are some tips on how to use these metrics:



  • Profit: To calculate profit, you need to estimate the revenue and cost of each marketing activity. Revenue is the amount of money you earn from selling your products or services as a result of your marketing activity. Cost is the amount of money you spend on executing your marketing activity. Profit is revenue minus cost.



  • Net present value (NPV): To calculate NPV, you need to estimate the future cash flows of each marketing activity over a given period of time. Cash flows are the net amounts of money you receive or pay as a result of your marketing activity in each period. NPV is the sum of the present values of all cash flows, discounted by a certain interest rate, minus the initial investment.



  • Internal rate of return (IRR): To calculate IRR, you need to find the interest rate that makes the NPV of each marketing activity equal to zero. IRR is the annualized rate of return that you earn from your marketing activity. IRR is also the interest rate that you need to earn from an alternative investment to match the performance of your marketing activity.



  • Payback: To calculate payback, you need to find the time it takes for each marketing activity to break even. Payback is the number of periods that you need to recover your initial investment from your marketing activity. Payback is also the time it takes for your marketing activity to start generating positive cash flows.



All Customers Are Not Equal: Metric 10Customer Lifetime Value (CLTV)




While the four essential financial metrics are useful for measuring the profitability and risk of your marketing activities, they are not enough for data driven marketing. You also need to measure and improve the value of your customers. This is where metric 10, customer lifetime value (CLTV), comes in. CLTV is:


The present value of all future profits generated by a customer over their lifetime relationship with your company


CLTV can help you measure and increase the long-term value of your customers. It can also help you segment your customers based on their value and allocate your resources and target your marketing campaigns accordingly. Here are some tips on how to use CLTV:



  • To estimate CLTV, you need to estimate the future profits of each customer over their lifetime relationship with your company. Profits are the net amounts of money you earn from selling your products or services to a customer minus the costs of acquiring and retaining them. CLTV is the sum of the present values of all profits, discounted by a certain interest rate.



  • To increase CLTV, you need to increase the revenue and decrease the cost of each customer over their lifetime relationship with your company. You can do this by increasing their purchase frequency, purchase amount, cross-selling, up-selling, referrals, loyalty, retention, and satisfaction. You can also do this by decreasing their acquisition cost, service cost, churn rate, and discount rate.



  • To segment CLTV, you need to group your customers based on their value and potential. You can use different methods such as RFM (recency, frequency, monetary), ABC (activity, behavior, category), or LTV (lifetime value) models. You can also use different criteria such as profitability, growth, loyalty, or risk.



  • To allocate CLTV, you need to assign your resources and target your marketing campaigns based on the value and potential of each customer segment. You can use different strategies such as invest, grow, maintain, or divest for different segments. You can also use different tactics such as personalization, customization, or differentiation for different segments.



Optimizing Internet Marketing with Metrics 1115: #11Cost per Click (CPC), #12Transaction Conversion Rate (TCR), #13Return on Ad Dollars Spent (ROA), #14Bounce Rate, and #15Attribution




Internet marketing is one of the most popular and effective forms of marketing in today's digital world. However, it is also one of the most complex and challenging forms of marketing. To succeed in internet marketing, you need to measure and optimize your online performance. This is where metrics 1115 come in. These are:



  • Cost per click (CPC): The amount of money you pay for each click on your online ad



  • Transaction conversion rate (TCR): The percentage of visitors who complete a desired action on your website



  • Return on ad dollars spent (ROA): The ratio of revenue generated by your online ad to the cost of your online ad



  • Bounce rate: The percentage of visitors who leave your website after viewing only one page



  • Attribution: The process of assigning credit for conversions to different online channels or touchpoints



These metrics can help you measure and improve your online traffic, conversion, and revenue. They can also help you optimize your online advertising and website design. Here are some tips on how to use these metrics:



  • Cost per click (CPC): To optimize CPC, you need to bid strategically for keywords that are relevant and profitable for your business. You also need to create compelling and targeted ads that attract qualified clicks. You also need to track your CPC and compare it with your competitors.



Transaction conversion rate (TCR): To optimize TCR, you need to design user-friendly and persuasive websites that guide visitors to complete a desired action. You also need to offer incentives or guarantees to motivate visitors to convert. You also need to measure your TCR and test different variations of your website.




  • Return on ad dollars spent (ROA): To optimize ROA, you need to calculate the revenue and cost of each online ad campaign. Revenue is the amount of money you earn from selling your products or services as a result of your online ad campaign. Cost is the amount of money you spend on running your online ad campaign. ROA is revenue divided by cost.



  • Bounce rate: To reduce bounce rate, you need to create relevant and engaging content that matches the expectations and needs of your visitors. You also need to provide clear and easy navigation that encourages visitors to explore your website. You also need to monitor your bounce rate and identify the sources and reasons of bounces.



  • Attribution: To use attribution, you need to track and analyze the online channels or touchpoints that influence your conversions. Channels or touchpoints are the different ways that visitors interact with your online presence, such as search engines, social media, email, or display ads. Attribution is the process of assigning credit for conversions to different channels or touchpoints based on their contribution.



Data Driven Marketing in Action: Case Studies and Examples




To illustrate how data driven marketing can deliver significant performance gains in real-world scenarios, Jeffery provides several case studies and examples from various industries and markets. These include:



  • How Microsoft used data driven marketing to launch Windows 7 and achieve record-breaking sales and customer satisfaction



  • How DuPont used data driven marketing to increase sales of Tyvek, a protective material for buildings, by 50 percent in a declining market



  • How Nissan used data driven marketing to optimize its dealer network and increase its market share by 10 percent



  • How Philips used data driven marketing to improve its online presence and increase its e-commerce revenue by 300 percent



  • How Sony used data driven marketing to boost its PlayStation brand and generate over $1 billion in incremental revenue



These case studies


About

Welcome to the group! You can connect with other members, ge...

Members

  • Denise Rowe
  • Wolfgang Ernesta
    Wolfgang Ernesta
  • Lokawra Shiopa
    Lokawra Shiopa
  • Samson Conal
    Samson Conal
  • Agatha Acacia
    Agatha Acacia
bottom of page