Data Focused Marketing
Marketing is going through a radical shift from traditional to digital, broadcast to hyper targeted, internally focused to collaborative across the extended organization. In addition, we are seeing a dramatic shift from a concentration on products and services pushed through sales to focusing on customer experience and engagement. A central underpinning of this transition is the generation, collection and analysis of data. Historically, marketing decisions were based on intuition, anecdotal information, company capacity and what has worked in the past. John Wanamaker, a successful United States merchant who opened one of the first and most successful department stores in the United States, which grew to 16 stores and eventually became part of Macy’s, coined the term - “Half the money I spend on advertising is wasted; the trouble is I don't know which half”.
Early attempts at analysis was limited to sales data, sales volumes, pricing and other factors that were readily available to the organization. With an increasingly digitized society, data has allowed marketers to assess channels for interaction, monitor the customer journey and measure interaction and sentiment. A variety of data from business operations to voice enabled devices is providing an increasing variety of formats. In addition, as organizations become digitized, data can be shared across the organization to enable product development, targeted and efficient sales, as well as reductions in service and support costs. The same holds for the non-profit world where marketers can use data to help assess their return on mission, quality of messaging and campaign effectiveness on digital/social channels and ways in which they can effectively use digital collaboration tools to organize groups of volunteers. As marketing transitions to become more data focused, new skillsets are required to collect, organize, aggregate data used to analyze effectiveness. Automation of routine processes, such as real time programmatic bidding (RTPB) for ad buys is reshaping the marketing profession and allowing marketers to focus on strategy, organization agility and engaging consumers in an increasingly competitive and complex environment.
This class is designed for students who have no prior experience with marketing or data, students with experience in marketing and students with experience in data and analytics but not marketing principles and/or theory. The instructor will provide a basic marketing refresher content but the majority of the class will focus on data used in modern day marketing, analysis techniques like conjoint analysis, attribution analysis and collinearity, and issues like privacy that arise in an increasingly data rich world. Student in the class will be assigned to teams and will need to apply these methods in class-based exercises weekly. The main thrust of the class is an online marketing simulation. In the simulation, teams will run a strategic marketing department of a fictional carbon fiber bike division. Student teams will compete with each other and need to assess features, functionality, customer segments and pricing over the course of 8 quarters making sure they pay attention to profitability.