Course Digest on Innovation and Digital Transformation in Luxury - MLT 8105 PDF

MLT 8105 Innovation and digital transformation in luxury Course digest Mr. Daniel Moreno  Luxury and experiences Experient...

MLT 8105 Innovation and digital transformation in luxury Course digest Mr. Daniel Moreno  Luxury and experiences Experient ial Luxury Marketin g Experiences Luxury brands depend on creating a sense of exclusivity and indulgence to justify their premium prices. A luxury customer experience helps to create a sense of loyalty and long- term relationships with customers, who are more likely to return to a brand that provides them with a unique and memorable experience https://www.linkedin.com/pulse/short-essay-defining-luxury-customer-experience-how-contrasts-snow/ INDUSTRY 5.0  The Digital Disruption Digital disruption is an effect that changes the fundamental expectations and behaviors in a culture, market, industry or process that is caused by, or expressed through, digital capabilities, channels or assets Contextualize tech revolution on tourism industry Key concepts to be competitive nowadays o Globalization makes people know more cultures and encourages traveling to have new experiences o Travel drives technology since internet was born o Digital traveller changes the customer journey o Consumers become prosumers and they are more powerful than ever o Sharing economy is changing the rules by eliminating intermediaries and reducing effort for users o Hyper personalization of service and experience is vital. One to one communication and campaigns o Break frontiers and establish bridges … looking for partnerships, everywhere and at every level o Continually redefining strategies to meet users’ needs by engaging with customers on their lifecycle Business Model Canvas  Responsive design Responsive design is an approach to design web content that appears regardless of the resolution governed by the device. It’s typically accomplished with viewport breakpoints that adjust to desktop, mobile, tablets, tvs and any other resolution https://www.interaction-design.org/literature/article/responsive-design-let-the-device-do-the-work  Consumer to prosumer A prosumer is a person who consumes and produces a product. It is derived from "prosumption", a dot-com era business term meaning "production by consumers". Technology drives prosumers Digital full equipped: 3.4 devices average per person Omnichannel use More social and cooperatives More information, more knowledge, and more possibilites make them faithless and disloyal Distrust brands and advertisment campaigns They rely on other opinions and reviews https://en.wikipedia.org/wiki/Prosumer 8Ps Marketing Mix  The Customer Journey The customer journey is the complete sum of experiences that customers go through when interacting with your company and brand. In other words, since the very first impact of our brand or company, until purchase or payment or any kind of conversion. Reasons for the Customer Journey o Better Understand Your Customers: Put yourself in your customer shoes. Or even better …. Ask real clients. o Identifying marketing wastefulness: Optimizing customer experience o Transversal to company: encourages the cross-departmental coordination needed to give the best customer experience o Building a Differentiated Experience: Stand out from competitors o And the most important one…. is the best tool to provide a seamless customer experience.  Buyer Persona A buyer persona (“customer avatar”) is a fictional person who represents a particular company’s ideal customer. o Gathering data: o Internally (GA or KW Research) o Externally (benchmarking), hiring an agency to make focus groups, etc o Online research: tracking your target down on his digital presence o Create a template of the buyer persona by drawing or using tools for it o Integrate buyer persona into customer journey  User eXperience UX "User experience" encompasses all aspects of the end-user's interaction with the company, its services, and its products. What is User Experience (UX) Design? User experience (UX) design is the process of creating products that provide meaningful and relevant experiences to users. This involves the design of the entire process of acquiring and integrating the product, including aspects of branding, design, usability, and function. Don Norman and Jakob Nielsen. Topics: Interaction Design. Management. Visual Design  User Interface UI In information technology, the User Interface (UI) is everything designed into an information device with which a person may interact. This can include display screens, keyboards, a mouse and the appearance of a desktop. It is also the way through which a user interacts with an application or a website. The growing dependence of many companies on web applications and mobile applications has led many companies to place increased priority on UI in an effort to improve the user's overall experience. Don Norman and Jakob Nielsen. Topics: Interaction Design. Management. Visual Design  User Interface UI https://www.tcules.com/blog/design-thinking-vs-cx-vs-ux-explained  Why UX Design Nomat. Pragmatic Research & Design  Why UX Design Nomat. Pragmatic Research & Design  Why UX Design Nomat. Pragmatic Research & Design  Why UX Design Nomat. Pragmatic Research & Design  What is UI? What is UX? User Research Science & Psychology a) The study of Users, how they are using & experiencing the interface b) Experiments & Testing c) Questionnaires & surveys  Who is who? User Experience Designer (UX Designer) Design Researcher User Interface Designer (UI Designer) Information Designer UX/UI Designer UI/UX Product Designer UX/UI Lead Mobile Creative Designer Interactive Architect Mobile Designer Interaction Designer Mobile Architect User Experience Researcher Information Architect Creative Director Visual Designer User Centered Director UX Product Manager UX Architect UX Specialist Medium Budget Huge Budget Reality Medium Large proyects On your own Proyects UX basic process  UX basic process Who, What, Where, When, Why Documentation requirements a) Define Goals b) Requirements c) Business Objectives d) Research & User Stories/Scenarios e) Research others Wireframes / Mockups Wireframes / Mockups Index Website on Search Engines Why do we need to index our site? If we do not index our website does not exist for google How many times Google index our website Google take into consideration “everything” Metatags, Keywords and overall experience and what else ?  Google Search Console site:yourdomain.com to find out we our website is indexed and how many pages also we have indexed https://yoast.com/beginners-guide-to-google- search-console/ Google Analytics 1. Is a freemium web analytics service that tracks and reports website traffic. Link GA with our website with WordPress 2. Target your online visitors 3. Evaluate traffic flow through your website 4. Know what users are searching on your website 5. Targeted Campaigns 6. Customized Data/Reports 7. Integration with other google services and platforms 8. A/B Testing  Google Sitemap A Sitemap is an XML file that lists URLs for a site along with additional metadata about each URL (when it was last updated, how often it usually changes, and how important it is, relative to other URLs in the site) so that search engines can more intelligently crawl the site  Concepts Why SEO? What is a SEO Algorithm? How Do Search Engines Work? Keywords Research Ranking Factors SEO strategy Basic tips for optimization SEO and Analytics Why is SEO important? 1. If You’re Not on Page 1, You’re Not Winning the Click 2. Organic Search Is Most Often the Primary Source of Website Traffic 3. SEO Builds Trust & Credibility 4. Good SEO Also Means a Better User Experience 5. SEO Impacts the Buying Cycle 6. Understanding SEO Helps You Understand the Environment of the Web 7. SEO Is Relatively Cheap and It’s A Long-Term Strategy What is the SEO Algorithm? SEO stands for “search engine optimization.” It’s the practice of increasing both the quality and quantity of website traffic, as well as exposure to your brand, through non-paid (also known as "organic") search engine results. Despite the acronym, SEO is as much about people as it is about search engines themselves. It’s about understanding what people are searching for online, the answers they are seeking, the words they’re using, and the type of content they wish to consume. How do search engines work? 3 main functions 1. Crawl: Scour the Internet for content, looking over the code/content for each URL they find. 2. Index: Store and organize the content found during the crawling process. Once a page is in the index, it’s in the running to be displayed as a result to relevant queries. 3. Rank: Provide the pieces of content that will best answer a searcher's query, which means that results are ordered by most relevant to least relevant. Search engine results anatomy  Keyword research Keyword research provides you with specific search data that can help you answer questions like: 1. What are people searching for? 2. How many people are searching for it? 3. In what format do they want that information? 4. Before keyword research, ask questions about your business and your users  Ranking factors On site E-A-T Content (Expertise, Authority and Trust) Titles tags Meta description Content headlines Header Tags SEO writing Image Optimization User Engagement Internal linking Ranking factors Ranking factors 4 Pillars of SEO strategy Google Spider: How well your content can be crawled and indexed Content: Provide the best content to provide the most relevant and best answers to your potential customers on-site SEO: The optimization of your content and HTML code off-site SEO: Building authority to make sure that Google put you on the first page  SEO and analytics Just a few and important engagement metrics Conversion rate: Number of conversions (for a single desired action/goal) divided by the number of visits (IP address or user name). Time on page: How long my potential customers spend on my website Pages per visit: How many pages do your customers visit/see in your web in (time)? Bounce rate: "Bounced" sessions indicate that a searcher visited the page and left without browsing your site any further. Number of backlinks:Total number of links pointing to your website SEO needs Concepts 1. Linkbuilding concept 2. Why Link building 3. Types of backlinks 4. Content MKT and Link building 5. Linkbuilding strategies 6. Which platforms are the most used? Link building concept Link building is the process of acquiring hyperlinks from other websites to your own. A hyperlink (usually just called a link) is a way for users to navigate between pages on the internet. Search engines use links to crawl the web; they will crawl the links between the individual pages on your website, and they will crawl the links between entire websites. There are many techniques for building links, and while they vary in difficulty, SEOs tend to agree that link building is one of the hardest parts of their jobs. For that reason, if you can master the art of building high-quality links, it can truly put you Why link building 1. Building relationships 2. Sending referral traffic 3. Brand building 4. Important factor to rank 5. Build branding Link building concept Types of Links (good or bad) 1."Natural" editorial links 2.Manual "outreach" link building 3.Self-created, non- editorial links Link building campaigns A link building campaign is the process of actively trying to increase links to your website, usually accompanied by some kind of overarching objective. It will use assets belonging to the website in order to acquire those links, and an asset can be anything from content and news to products Link building campaigns 1.Setting goals 2.Finding your assets 3.Type of links you need 4.Finding link targets (people) 5.Identifying your target audience for links 6.Advanced search queries Link building Tactics 1.Content Marketing 2.User generated content (prosumer) 3.Broken links 4.404 Link building Tactics http://www.concerthotels.com/100-years- of-rock The page currently has 198 linking root domains and a Page Authority of 53. Let's look at why it attracted links: The interactivity really adds to the content; it engages the user straight away and keeps them on the page You can interactive with the piece and listen to samples of music It applies to a large number of people (rock music Link building metrics 1.Domain Authority 2.Page Authority 3.Number of links – Competitors 4.Relevance of the link 5.Position of links on the page  Concepts Agile methodology is a project management approach that divides projects into multiple dynamic phases, often called sprints. The Agile Manifesto, published in February 2001 by 17 software developers seeking an alternative to the traditional linear product development process, outlines four core values and 12 principles for Agile software development. Agile methodologies focus on achieving project milestones incrementally, rather than all at once. MVP Minimum Viable Product  SCRUM Scrum is an agile framework for managing complex projects, emphasizing transparency and adaptation. Its main pillars include transparency, achieved through open communication, and inspection and adaptation, facilitated by iterative development cycles called sprints. Through these pillars, Scrum enables teams to collaborate effectively and deliver high-quality products efficiently. SCRUM SCRUM SCRUM ROLES  KANBAN Kanban is a workflow management method that helps teams visualize their work, limit work in progress, and maximize efficiency. It originated from the manufacturing sector in Japan and has been widely adopted in various industries. Kanban is like a visual to-do list for tasks. You have a board with columns representing different stages of work, like "To Do," "Doing," and "Done." Each task is represented by a card that moves across the board as it progresses.  Digital advertising Digital advertising is when businesses use Internet and digital technologies to provide promotional advertisements to consumers. That also includes promotional advertisements and messages delivered through several channels: email, social media websites, online advertising on search engines, banner ads on mobile, web sites, etc, etc.  VISITS - VISITORS Visit: A visit is a user’s journey through the site or application. A visit contains one or more page views. As soon as a user is inactive for 30 minutes because he has left the site or remained on the same page, a visit is considered complete. Visitor: A visitor is a user of a website. If a visitor visits a page several times a day , with interruptions of more than 30 minutes, AT Internet considers him/her as a unique visitor who has generated several visits. If a visitor visits the website on two different days, he or she will be counted as two visitors. If the AT Internet cookie is deleted after each visit, this visitor is considered a new visitor for each new visit. Unique visitor: On a single day, unique visitors correspond to the definition of “normal” visitors. However, if you look at a period of more than one day, these values differ due to the recognition of cookies. If a visitor has a cookie on his browser and visits the site twice on different dates, this visitor will be recognised as a unique visitor and counted only once in the analysis period. https://blog.atinternet.com/en/visits-visitors-unique-visitors-what-are-the-differences-for-the-web-analyst/  VISITS - VISITORS https://blog.atinternet.com/en/visits-visitors-unique-visitors-what-are-the-differences-for-the-web-analyst/ Payment models - CPC  Cost per click: CPC bidding means that you pay for each click on your ads.  For CPC bidding campaigns, you set a maximum cost-per-click bid - or simply "max. CPC" - that's the highest amount that you're willing to pay for a click on your ad (unless you're setting bid adjustments, or using Enhanced CPC. Payment models - CPM  Cost per thousand impression (CPM): Cost per thousand, is a marketing term used to denote the price of 1,000 advertisement impressions on one webpage  If a website publisher charges €2.00 CPM, that means an advertiser must pay €2.00 for every 1,000 impressions of its ad Merriam-Webster dictionary and investopedia  Payment models - CPL  Cost per lead: CPL is used in online to advertising to define how much revenue a publisher receives when he creates a lead for an advertiser.  If you consider an email as a lead, then you have to pay for the total amount of emails you had acquired during the campaign.  Payment models - CPA  Cost per Action: CPA is a pricing model in which marketers pay ad networks or media sources when a user takes a particular action (such as completing a purchase or registration) inside of an app, after engagement with an ad. It's calculated by dividing the advertising cost by the number of actions taken  Conversion Rate  Conversion Rate: indicated in percentage terms, is an Online Marketing KPI measuring the relation of a website’s visitors to conversions, which doesn’t necessarily have to be a sale. https://theonlineadvertisingguide.com/ad-calculators/conversion-rate-calculator/  ROI  ROI: Return On Investment is a performance measure used to evaluate the efficiency of an investment, and it is calculated dividing the benefit (return) of an investment by the cost of the investment https://theonlineadvertisingguide.com/ad-calculators/roi-calculator/  ROAS  ROAS: Return on ad spend (ROAS) is an important key performance indicator (KPI) in online and mobile marketing. It refers to the amount of revenue that is earned for every dollar spent on a campaign. https://theonlineadvertisingguide.com/ad-calculators/roas-calculator/ Conversion Rate  GOOGLE ADS Google Ads is a pay-per-click advertising platform owned and operated by Google. It is also the largest and most widely used online advertising network in the world, and millions of businesses use Google Ads to reach new customers and reach their sales, marketing, and revenue goals. https://www.wordstream.com/how-to-use-google-adwords  META ADS META Ads is a pay-per-click advertising platform owned and operated by META, and allows running ads on Facebook, Instagram, Messenger or Audience Network. It's an all-in- one tool for creating ads, managing when and where they'll run, and tracking how well your campaigns are performing towards your marketing goals. Business-facebook.com  Business Intelligence Business intelligence (BI) refers to the technologies, processes, and practices used to collect, integrate, analyze, and present business data. The goal of BI is to support better business decision-making. Key components of BI include: 1.Data Collection: Gathering data from various sources, such as databases, spreadsheets, and external data sources. 2.Data Integration: Combining data from different sources into a coherent data set. 3.Data Analysis/Data Science: Applying statistical, analytical, and machine learning techniques to understand trends, patterns, and insights. 4.Data Presentation: Visualizing data through dashboards, reports, and charts to make insights accessible and actionable. BI helps organizations to make informed decisions by providing a comprehensive view of their operations, customer behaviors, market trends, and other relevant factors. This can lead to improved efficiency, increased profitability, and a competitive advantage in the marketplace.  Data Science Data science is the study of data to extract meaningful insights for business. It is a multidisciplinary approach that combines principles and practices from the fields of mathematics, statistics, artificial intelligence, and computer engineering to analyze large amounts of data. https://aws.amazon.com/what-is/data-science/ https://www.sudeep.co/data-science/2018/02/09/Understanding-the-Data-Science-Lifecycle.html  Data Analytics vs data Science Data science is a broad field that uses scientific methods, algorithms, and systems to extract insights and make predictions from data. In contrast, data analytics focuses on examining existing data to find patterns, correlations, and trends to inform specific business decisions. https://www.sisense.com/blog/data-science-vs-data-analytics/  Google Analytics Google Analytics 4 (GA4) is the latest version of Google's web analytics platform, designed to provide deeper insights into user behavior across websites and apps. It features event-based tracking, enhanced data privacy controls, and advanced machine learning capabilities to predict user actions and generate insights. GA4 integrates seamlessly with Google Ads, offering comprehensive cross-platform analysis and allowing businesses to better understand and optimize the customer journey across different devices and touchpoints. Google Analytics Google Analytics Google Analytics  Social Media Marketing Social media marketing is the action of creating content to promote your business and products on various social media platforms such as Facebook, Instagram, and X. Your unique content should be tailored to the specific platform it’s being shared on to help you boost conversions and increase brand awareness. Social media marketing is all about meeting your target audience and customers where they are and as they socially interact with each other and your brand.  Social Media Platforms https://www.wordstream.com/blog/ws/2022/01/11/most-popular-social-media-platforms Social Media Strategy 1. Find buyer personas and audience 2. Define which the ideal social platforms 3. Build and ecosystem 4. Develop and create content to engage 5. Schedule publications 6. Measure and analyze results to optimize Content strategy in social media Use the social media content rule of thirds: ⅓ of content promotes business, converts audience and generates profit ⅓ of content shares ideas and stories from thought leaders in your industry or like-minded businesses ⅓ is personal interactions with your audience Editorial calendar Defining your goals  What to track https://blog.gainapp.com/most-important-social-media-kpis-to-track/  Social Media KPIs Reach Mentions Engagement Tags or hashtag Followers Shares Impressions X(Twitter) Analytics Clicks Facebook Analytics Video views Instagram Insights Profile visits Linkedin Analytics https://blog.hootsuite.com/social-media-kpis-key-performance-indicators/ https://sproutsocial.com/insights/reach-vs-impressions/  Social Media Engagement Social media engagement is also instrumental in improving brand awareness. Active participation in conversations, sharing relevant content, and leveraging UGC contribute to increased reach and visibility. Engaged audiences are more likely to share brand content with their networks, amplifying the brand's presence and attracting new followers. Social media engagement is crucial for brands to establish authenticity and credibility, foster customer loyalty, and enhance brand awareness. https://emplifi.io/social-media-engagement https://buffer.com/library/social-media-engagement/  Influencer Marketing Influencer marketing is a collaboration between popular social-media users and brands to promote brands’ products or services. Macro influencers: 100,000 to 1 mio followers Micro influencers: 1,000 to 100,000 followers Nano influencers: up to 1,000 followers https://www.storyclash.com/influencer-marketing https://www.mckinsey.com/featured-insights/mckinsey-explainers/what-is-influencer-marketing Benefits of influencer marketing https://www.storyclash.com/influencer-marketing  How to find influencers Influencers are opinion leaders with a social following base. They appear as experts or trustworthy sources of information. But how can we collaborate with them? Set the goal of the campaign Select platform(s) Select influencer(s) Check for real followers and engagement rate. Avoid bots Rely on Influencer agencies Negotiate cooperation agreement(s) Maintain relationships https://www.storyclash.com/influencer-marketing