Podcast
Questions and Answers
What should guide all strategic decisions when creating a marketing strategy?
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?
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?
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?
What do metrics such as likes, comments, and followers represent, according to the text?
Which metrics are included in TV and paid search, respectively?
Which metrics are included in TV and paid search, respectively?
Which of the following is NOT a suggested KPI?
Which of the following is NOT a suggested KPI?
What do primary KPIs represent?
What do primary KPIs represent?
What should be evaluated when assessing limitations of KPIs?
What should be evaluated when assessing limitations of KPIs?
What should be considered when inventorying existing data sources?
What should be considered when inventorying existing data sources?
What is important when differentiating between first-party and third-party data?
What is important when differentiating between first-party and third-party data?
What should be evaluated when assessing differences in measurement methodology?
What should be evaluated when assessing differences in measurement methodology?
What is important when stating assumptions based on the situation assessment?
What is important when stating assumptions based on the situation assessment?
What can data sources capture and report accurately and timely?
What can data sources capture and report accurately and timely?
What are the four types of data mentioned?
What are the four types of data mentioned?
What should be understood about the limitations of measurement methodologies?
What should be understood about the limitations of measurement methodologies?
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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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