1. Assess

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Questions and Answers

What should guide all strategic decisions when creating a marketing strategy?

Business goals and KPIs (correct)

Data sources and methodologies

Likes, comments, and followers

Current metrics proxies

What are the characteristics of the best-defined business goals, according to the text?

Varied by channel

Correlate with business outcomes

Vague and non-measurable

Specific, measurable, achievable, relevant, and time-bound (SMART) (correct)

What do KPIs do, according to the text?

Measure the success of a campaign (correct)

Tell a story about business outcomes

Correlate with business outcomes

Measure incremental impact

What do metrics such as likes, comments, and followers represent, according to the text?

Proxies and do not necessarily measure incremental impact Signup and view all the answers

Which metrics are included in TV and paid search, respectively?

TV: GRP, CPM, TRP; Paid search: Impressions, CTR Signup and view all the answers

Which of the following is NOT a suggested KPI?

Ad spend Signup and view all the answers

What do primary KPIs represent?

Overall business objectives Signup and view all the answers

What should be evaluated when assessing limitations of KPIs?

Measurable business objectives, primary and secondary KPIs, and accurate measurement Signup and view all the answers

What should be considered when inventorying existing data sources?

Brand lift, conversion lift, A/B test results, and marketing performance data Signup and view all the answers

What is important when differentiating between first-party and third-party data?

Assessing data quality and sources Signup and view all the answers

What should be evaluated when assessing differences in measurement methodology?

A/B tests, RCTs, and observational methods Signup and view all the answers

What is important when stating assumptions based on the situation assessment?

Ensuring compatibility with measurement tools Signup and view all the answers

What can data sources capture and report accurately and timely?

KPI data Signup and view all the answers

What are the four types of data mentioned?

Actions people take, campaign performance, tests or experiments, and overall marketing performance Signup and view all the answers

What should be understood about the limitations of measurement methodologies?

A/B tests, RCTs, and observational methods Signup and view all the answers

Study Notes

Measuring Ad Performance and Evaluating KPIs

TV metrics include GRP, CPM, and TRP, while paid search metrics include impressions and CTR.
Suggested KPIs include incremental reach, website visits, conversions, lift, and ad recall.
Examples of goals turned into KPIs: increasing sales by 10%, app installs by 10%, and ad recall by 5 points.
Primary KPIs are the overall business objectives; secondary KPIs support primary ones.
Evaluating limitations of KPIs involves measurable business objectives, primary and secondary KPIs, and accurate measurement.
Inventory existing data sources such as brand lift, conversion lift, A/B test results, and marketing performance data.
Differentiate between first-party and third-party data and assess data quality and sources.
Evaluate differences in measurement methodology, including A/B tests, RCTs, and observational methods.
State assumptions based on the situation assessment to ensure compatibility with measurement tools such as Meta's.
Data sources can capture and report KPI data accurately and timely.
Four types of data: actions people take, campaign performance, tests or experiments, and overall marketing performance.
Understanding limitations of measurement methodologies such as A/B tests, RCTs, and observational methods.

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Description

Test from Official Study Guide from Meta

Clearly defined goals and KPIs are the foundation of any measurement approach. When you create a marketing strategy, your business goals should guide all of your strategic decisions. In addition, at the beginning of the measurement journey, it’s important to assess your data sources, the quality of the data that they enable and the methodologies available to you.