Beyond the Brand 10.5.2010

Beyond the Brand 10.5.2010 - BeyondtheWeb...

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Beyond the Web Networking the Brand  Internet Marketing/MARK 380 October 5, 2010
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Agenda Adapt case to current landscape  Dialogue against future mindscape Review group projects Cultivate new direction 
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The Bottom Line Reducing the amount of communication sent to  customers can sharply improve marketing ROI. The richness of databases across industries make  it increasingly possible for marketers to leverage  their resources by reducing communications and  harnessing G3 mobility to deliver timely  promotions “ right in flight ”.
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Open Source Marketing  Defined as exploring tracking technologies of  online advertising to demonstrate not only near- term optimization, but long-term marketing  intelligence. It’s about finding out what your customers want  from you, in ways that can impact everything  from ad messages to site and message content to  product development.
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Predicting customer behavior is difficult. Companies spent millions inundating and  alienating customers. How do marketers determine what customers  what, when they want it? Behavioral Marketing. Source:  Harvard Business School Case:  Knowing What to Sell, When & to Whom Reprint R0603
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Realm of Behavioral Targeting Advertising's concept of targeting has almost  always been focused on content type, backed by  reader and viewer demographics…essentially  getting the right message in front of the right  person. It’s referred to as the “mediascape”. Enter behavioral targeting, one more example of  how technology is bringing fundamental shifts to  this industry. 
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The Role of Behavior  Now let's bring in behavioral targeting. We  selected two behavioral categories, Health and  Women's Interest, and also had a control group  with no behavioral targeting.
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Tactics  Consider direct marketing… An expensive proposition, netting a 3% response. CRM seems the new panacea…tracking what each  customer purchases and when.  CRM should, theoretically, tailor offerings to improve  ROI. Despite an abundance of data, most do a poor job  predicting customer behavior…correct only 60% of the  time…hardly justifying the CRM investment costs.
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The Problem Isn’t That Obvious It’s not that CRM is a flawed methodology. Nobel Prize winning economist Daniel McFadden  has developed a new model which successfully  predicts customer behavior with 80% accuracy.
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Current CRM Modeling  Most companies: 1. Estimate probability that a customer will choose to  purchase a particular product 2. Estimate probability that a customer will purchase at a  particular time. 
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This note was uploaded on 01/31/2011 for the course MARK 380 taught by Professor Gerolius during the Spring '10 term at Loyola Chicago.

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Beyond the Brand 10.5.2010 - BeyondtheWeb...

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