5 Questions
What is the definition of A/B testing?
A method of testing where two versions of content with a single differing variable are compared to determine which yields better results
What is the definition of Artificial intelligence (AI)?
A field developing intelligent machines and software that simulate human thought or work
What is the definition of Average order value (AOV)?
The sum of individual order amounts divided by the number of orders
Match the following terms with their definitions:
Attribution = Assigns credit for conversions from ads, last clicks, or other touch points along a user's path to conversion completion Cookie = A small file saved on computers to store user preferences and other information Remarketing = A strategy in which a marketer uses paid ads to target customers who have visited a website, app, or social media profile
Artificial intelligence (AI) is primarily focused on developing machines and software that simulate human emotions.
False
Study Notes
A/B Testing and Analytics
- A/B testing: A method of testing where two versions of content with a single differing variable are compared to determine which yields better results
- Area chart: Represents data in the same way as a line chart, but with the space under the line filled in to form a visual area
- Artificial intelligence (AI): A field developing intelligent machines and software that simulate human thought or work
- Attribution: Assigns credit for conversions from ads, last clicks, or other touch points along a user's path to conversion completion
Business and Marketing
- Average order value (AOV): The sum of individual order amounts divided by the number of orders
- Business goal: A desired aim, achievement, or outcome for a business
- Customer acquisition cost (CAC): The average cost of acquiring a paying customer
- Customer lifetime value (LTV or CLV): The average revenue generated per customer over a certain period of time
Data and Analytics
- Big data: A field in analytics that systematically mines and extracts information from very large datasets for insights
- Bucket testing: (refer to A/B testing)
- Confidence interval: The range of possible values after accounting for the margin of error
- Data-driven attribution: A model in Google Analytics that uses an account's historical data to calculate the percentage of a conversion to attribute to each channel
- Dimensions: Attributes or characteristics of an event that determine the metrics collected in Google Analytics
Marketing and Advertising
- Cross-channel attribution: A model in Google Analytics that attributes a percentage of a conversion to all advertising channels with touchpoints
- Cost per acquisition (CPA): The average cost of acquiring a potential customer
- Cost per click (CPC): The amount a marketer pays when someone clicks on their ad
- Influence: The degree to which a stakeholder can convince people to take certain actions
- Marketing goal: An objective in a marketing plan or strategy that supports a business goal
Google Analytics
- Conversion paths: A feature in Google Analytics that enables a marketer to view the first and last touchpoints before conversion and touchpoints in between
- Event: An activity that causes data collection to occur in Google Analytics
- Property: A website, mobile application, or web page that is associated with a unique measurement ID in Google Analytics to enable metrics collection
- Segment: A subset of analytics data that features a common characteristic; examples are a user segment, an event segment, or a session segment
Test your knowledge of various marketing terms and definitions, including A/B testing, area charts, artificial intelligence, and attribution.
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