What is Paid Media and how does it overlap with Owned and Earned Media?
Owned media is a website or blog that one owns and controls and does not need to pay for using them. AN example is Facebook, blogs, and Instagram. Earned media is evangelistic media where other people tell their friends or other people about your brand thus sharing with others voluntarily. Paid media is when a third party is paid to make advertisements on their sites. Paid media include boosted posts,they overlap when promotions are paid for to increase sharing and engagement in the media (Matwyshyn, 2012).
Customer lifetime value (CLV) It’s the net profit of a customer in a given company, and the business value they bring during the period of their relationship with the company. Such value is determined based on the company’s estimation of the customer’s net worth, and the profits they will bring to the company. CLV can be implemented by communicating with the customers and building a relationship. CLV can be implemented by increasing sales per order, and personalizing content using customer date available. (Pine. et.al, 2015).
First party data is data obtained directly from clients, hence accurate and the most relevant form of data. Such data include social data, data used to make a subscription, actions of users show behavioral data and information shared by the users. It is mostly found when collecting information about people using your e-commerce website or trying to purchase something from you. It is cookie based data and can include information obtained from business analysis tools and CRM systems. Second party data on the other hand involves a collection of first-party data by someone else who is willing to share their own customer data with you. Third party data is usually bought from companies like Peer39 which focus on obtaining and selling data to those who need the data (Dempster & Lee, 2015).
Question 2.-The rest of the companies are not likely to win for various reason s stated below. Carefour did not qualify because their bid price 6.25 and the given bid price is 5 . Eram,fr did not qualify also, because their bid price exceeds the given one by a margin of 2.20. Senos and BMW.fr also do not qualify because the bid targets females and its only limited to male. The Danone.fr is priced at 12, which is double the bid price, hence automatically disqualifies. Therefore, all the companies are disqualified except for Renault.
Customer Lifetime Value and its uses in the marketing framework
Lookalike modeling is the use of first-party data to make a blueprint of the brand’s users. It is the identification of potential new customers on the basis of the behavior of curren t customers. It is used to drive incremental conversations by showing the target audience, by using a smaller group. This lookalike modeling can double or even triple the results of the standard targets. Predictive on the other hand is using predictive audiences to segment those product users one might get. Predictive modeling uses data mining to make forecasts on probable future results.(Ratner, 2017).
The conversion rate of Ad words can be improved by a brand by aligning the Ad words with Landing pages. This is done by ensuring that visitors don’t find something completely different once the landing page is reached. One also need to ensure that the leads are of good quality and optimization of the ad copy. Secondly, a brand can improve the click-through rate, whereby they increase the number of clicks that go to a particular brand. Increasing clicks is done by ensuring that the target audience is right, one focuses on the title of the ad and using the right match, keywords. Thirdly, a brand should improve the matching type of a keyword. If anyone searches for the selected keywords, they will show in their ads regardless of the order of the words. Ad campaigns having exact keywords have a higher conversion rate because they attract a small group, however a highly targeted audience (Saleh &Shukairy, 2010).
Bots are an example of ad fraud; they are software pieces performing specific actions by tricking users to believe that individual users already completed specific tasks. Therefore, brands aim at marketing their products pay for clicks or impressions that have not been seen leading to losses. Another example of ad fraud is ad injection; this is ads appearing on the website of a publisher without their knowledge. They usually show up on websites which generally do not show ads or replace paid ads. The ad injections are done through adware plugins. Ad injections cause damage both to the publishers and the advertisers. Lastly, another ad fraud is click farms, where a group of people is paid to click ads. This kind of ad fraud is easy to spot because one notices a lot of clicks coming from a country like Bangladesh (Cheshire, n.d).
Starting an e-commerce website can be daunting as it requires making many right decisions at the right time. Finding the right product is the first step, and in this case, it’s a list of products which already exist, which are groceries. After that, coming up with the best business structure is the next step. The e-commerce website needs to identify how they will ship their products and decide on a strategy to ship. Once all these are in place, there needs to be a web design which allows all the products to be visible, a customer support system which is top notch and images of the products to be sold which will be placed on the webpage. All these items go hand in hand with making an e-commerce platform a successful one in making sales.
Understanding 1st Party Data and its sources
The list of employees will start from a Chief Operating Officer who handles the complexity of catalogs. The COO will have a team and equipment to manage processes. The other employees will include a marketing team, web developers and maintenance and customer care. The number of employees will depend on the growth of the company and the sales being made. The technologies needed to make an e-commerce website are a web server, server software, database system, web tools, ports, networking tools, browser compatibility, and domain names to be used for linking a particular brand to a company.
Once the design is in place, marketing comes first. All the resources should be channeled in making sales. To promote products, money should be spent on ads When it comes to marketing the store, and driving traffic are essential to understanding search engine optimization. This is done by making sure that the keywords for selling specific products can be found on the website. Investing in branding is critical to building the brand knows as well as driving customers to the website. To increase sales, one can use conversion rate optimization. Here, one optimizes the ad campaigns making sure they have the correct page landing. Email marketing is also crucial, where communication is done regarding new products and following up on current purchases.
To increase the loyalty of customers, the e-commerce platform can come up with loyalty programs, whereby the platforms know the customer’s needs and try somehow to reward them. For a store like a grocery store, one can earn points for shopping every time, and such positions can be renewed and used to purchase items. Other tasks require better rewards, and such duties include filling out a survey form, which can be rewarded by personalized offers or birthday rewards. According to research shoppers’ close subscriptions or accounts due to poor marketing or communication. The other way to maintain loyalty is keeping a record of the customers and taking action on what is known. Such information includes shopping preferences, birthdays, sizes, their order history and lifetime value.
The KPI’s of an ecommerce website will mostly be available and measurable, available when needed and has to be relevant to the corresponding goals. The key performance indicators of an e-commerce website will include the goals of the company, business goals, factors which increase customer acquisition and business core objectives and goals.
To create a revenue stream, the e-commerce website has to ensure that the groceries are being sold at a profit. The website should be a business platform from the onset. Also, the items should be able to generate money through multiple and repeated sales continuously. The success of the e-commerce website can be measured by adding the revenue and the total number of customers who have purchased groceries from the website. When the number of customers keeps increasing, and the return customers visit the website, consequently increased revenue in consideration of all the expenses, then the e-commerce platform is successful (Thomas, 2016).
Differences between Lookalike Modelling and Predictive Modelling
A way to promote brand awareness with little expense on a toy line for kids aged 5-12, is partnering with a known brand, in this case, a known candy company or a show (Payne, 2017). This will push a brand to be known and taken to be on the same level as the one being associated with it. Another way of creating brand awareness is by using a press release to launch the brand. Also maximizing on social media tools is key to putting the brand out there.
Driving brand awareness in a toy line involves entertaining the users. People feel good when they have an escape from their daily responsibilities. One way of keeping the entertainment is by providing making videos, with the toy and their cultural stories. Such videos can be showcased on YouTube and other advertising channels like cartoon network, or where a lot of children content is aired. When the target audience it entertained, one gets valuable attention, and hence when the purchase time comes, they will have you in mind. Using the cultural stories behind every toy can also promote brand awareness (Miller, 2010).
To foster sales, the toy company can put in place a monthly subscription of surprise toys. This keeps the consumers yearning to see what comes next and keeping them waiting for the next good thing. At the end of every month, there is a new toy, which many would like to own depending on their likes. The other way is to use ads on all social media websites. The toy stories can be made as short videos which are released monthly. The strategy can be to release a different toy, with the story behind it every month with campaigns to make customers take their time to decide which toys they like bets, or which toy-story they relate with the moist. Another strategy is using photography to showcase the toys. Such can be showcased on places children like to visit and even social media pages for the parents to see. Photographs are a quick way of selling because one gets to see what is expected and it’s easy to make a decision. Sampling is also another excellent way of selling toys. If they are sold in stores, certain samples should be placed so that one may touch and feel how the toys are (Thomas, 2016).
To create advocacy, with the cultural stories behind every toy, the company can offer wow experiences for customers, whereby they are pleased by your products that they become evangelists for your products (Fuggetta, 2012). In such case, a lot of marketing will be done by the customers where they tell their counterparts. Social media tools can also be used to promote brand awareness. However, with such wow factors, the customers will do most of the marketing for the brand. Another way is by creating customer loyalty programs. Some toys can come with mini toys for customers who have purchased specific products at a certain price. Also, loyal customers who buy a certain number of toys like three can get discounts. Other programs can involve discounts for the first a hundred toys purchased. Advocacy can mostly be created by loyal customers who are happy about the products they bought. Therefore, a good quality product is critical.
References
Grönroos, C., 1990. Service management and marketing: Managing the moments of truth in service competition. Jossey-Bass.
Dempster, C. and Lee, J., 2015. The Rise of the Platform Marketer: Performance Marketing with Google, Facebook, and Twitter, Plus the Latest High-growth Digital Advertising Platforms. John Wiley & Sons.
Fuggetta, R., 2012. Brand advocates: turning enthusiastic customers into a powerful marketing force. John Wiley & Sons.
Matwyshyn, A.M., 2012. Hacking Speech: Informational Speech and the First Amendment. Nw. UL Rev., 107, p.795.
Miller, M., 2010. The ultimate web marketing guide. Pearson Education.
Pine, B.J., Peppers, D. and Rogers, M., 2015. Do you want to keep your customers forever?. Harvard Business Press.
Ratner, B., 2017. Statistical and machine-learning data mining: Techniques for better predictive modeling and analysis of big data. Chapman and Hall/CRC.
Saleh, K. and Shukairy, A., 2010. Conversion optimization: The art and science of converting prospects to customers. ” O’Reilly Media, Inc.”.
Thomas, B., 2016. Advocate Marketing: Strategies for Building Buzz, Leveraging Customer Satisfaction, and Creating Relationships. FT Press.
Wilson, A., Zeithaml, V.A., Bitner, M.J. and Gremler, D.D., 2012. Services marketing: Integrating customer focus across the firm (No. 2nd Eu). McGraw Hill.
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