Marketing Analytics

About this course: Organizations large and small are inundated with data about consumer choices. But that wealth of information does not always translate into better decisions. Knowing how to interpret data is the challenge -- and marketers in particular are increasingly expected to use analytics to inform and justify their decisions. Marketing analytics enables marketers to measure, manage and analyze marketing performance to maximize its effectiveness and optimize return on investment (ROI). Beyond the obvious sales and lead generation applications, marketing analytics can offer profound insights into customer preferences and trends, which can be further utilized for future marketing and business decisions. This course gives you the tools to measure brand and customer assets, understand regression analysis, and design experiments as a way to evaluate and optimize marketing campaigns. You'll leave the course with a solid understanding of how to use marketing analytics to predict outcomes and systematically allocate resources. For more information on marketing analytics, you may visit; http://dmanalytics.org. You can also follow my posts in Twitter, @rajkumarvenk, and on linkedin; www.linkedin.com/in/rajkumar-venkatesan-14970a3.

Who is this class for: This course is ideal for learners who want to grow their knowledge, develop their career portfolio, and improve the effectiveness of their marketing campaigns.

Created by:  University of Virginia

• Taught by:  Rajkumar Venkatesan, Bank of America Research Professor of Business Administration

  Darden School of Business

Level Beginner Commitment 5 weeks of study, 2-6 hours/week Language English How To Pass Pass all graded assignments to complete the course. User Ratings 4.5 stars Average User Rating 4.5See what learners said Coursework

Each course is like an interactive textbook, featuring pre-recorded videos, quizzes and projects.

Help from your peers

Connect with thousands of other learners and debate ideas, discuss course material, and get help mastering concepts.

Certificates

Earn official recognition for your work, and share your success with friends, colleagues, and employers.

University of Virginia A premier institution of higher education, The University of Virginia offers outstanding academics, world-class faculty, and an inspiring, supportive environment. Founded by Thomas Jefferson in 1819, the University is guided by his vision of discovery, innovation, and development of the full potential of students from all walks of life. Through these courses, global learners have an opportunity to study with renowned scholars and thought leaders.

Syllabus


WEEK 1


Marketing Resource Allocation



Welcome! John Wanamaker, father of modern advertising, once said, "Half the money I spend on advertising is wasted; the trouble is, I don't know which half." In this first module, we'll begin figuring out how to reduce that waste and track effectiveness. We'll discuss what marketing analytics is and why it's important, and I'll share the resource allocation framework, which shows how to apply analytics to make the most of your marketing budget. By the end of this module, you will be able to use basic tools to determine effective resource allocation--to know where to spend your advertising dollars. Let's get started!ddd


12 videos, 7 readings expand

1. Video: Course Overview
2. Reading: Course Outline
3. Reading: Course Requirements
4. Reading: Get to Know Your Classmates
5. Reading: Using Discussion Forums
6. Video: Why Marketing Analytics
7. Video: Using Resource Allocation to Build Success
8. Video: The Resource Allocation Process
9. Video: Understanding the Resource Allocation Process
10. Video: The Power of Analytics: IBM
11. Video: Marketing Return on Investment (MROI)
12. Video: Calculating Return on Investment
13. Discussion Prompt: How would you explain MROI and FROI?
14. Video: Digital Media Attribution, Part 1
15. Video: Digital Media Attribution, Part 2
16. Video: The Zen of Media Attribution
17. Video: Marketing Resource Allocation Takeaways
18. Reading: A Resource-Allocation Perspective for Marketing Analytics
19. Reading: Week 1 Slides
20. Reading: Formulas for Calculations Demonstrated in this Module

Graded: Marketing Resource Allocation

WEEK 2


Metrics for Measuring Brand Assets



Firms spend millions on branding for one reason: It allows them to charge more for their products and services. In this module, we'll explore this valuable, if intangible, asset. We'll discuss how to build and define a brand architecture and how to measure the impact of marketing efforts on brand value over time. By the end of this module, you'll be able to measure and track brand value. So let's get started!


9 videos, 3 readings expand

1. Video: Snapple and Brand Value
2. Video: Developing Brand Personality
3. Video: Brand Personality: Red Bull
4. Video: Developing Brand Architecture
5. Video: Brand Architecture: Red Bull
6. Video: Brand Architecture: Etch A Sketch
7. Video: Measuring Brand Value
8. Video: Revenue Premium as a Measure of Brand Equity
9. Video: Calculating Brand Value: Snapple
10. Discussion Prompt: What are your key take-aways from this module?
11. Reading: Week 2 Slides
12. Reading: Formulas for Calculations Demonstrated in this Module
13. Reading: Building Brand Architecture Assignment Overview

Graded: Metrics for Measuring Brand Assets
Graded: Building Brand Architecture

WEEK 3


Customer Lifetime Value



What do your customers mean to you? In this third module, we'll explore Customer Lifetime Value, or the future net value of a customer relationship. This forward-looking measure of the customer relationship helps you connect marketing strategies to financial consequences. By the end of this module, you'll be able to evaluate strategic marketing alternatives based on whether they improve customer retention and lifetime value. Let's get started!


9 videos, 2 readings expand

1. Video: Customer Lifetime Value (CLV)
2. Video: Customer Lifetime Value: Netflix
3. Video: Calculating CLV
4. Video: Understanding the CLV Formula
5. Video: Applying the CLV Formula: Netflix
6. Video: Extending the CLV Formula, Part 1
7. Video: Extending the CLV Formula, Part 2
8. Video: Using CLV to Make Decisions: IBM
9. Video: CLV: A Forward-Looking Measure
10. Discussion Prompt: How would you explain CLV?
11. Reading: Week 3 Slides
12. Reading: Formulas for Calculations Demonstrated in this Module

Graded: Customer Lifetime Value (CLV)

WEEK 4


Regression Basics



Welcome to Module 4! Ever wonder how two different variables, say, sales and promotions, relate? In this module, we'll look at regression, which allows us to understand that relationship. We'll discuss how to interpret regression outputs, explore confounding effects and biases, and distinguish between economic and statistical significance. By the end of this module, you'll be able to use regression to connect the dots between customer behavior and business decisions. This is tricky stuff, but we'll make sense of it together. Let's go!


8 videos, 3 readings expand

1. Video: Using Regression Analysis
2. Video: What Regressions Reveal
3. Video: Interpreting Regression Outputs
4. Video: Multivariable Regressions
5. Video: Omitted Variable Bias
6. Video: Using Price Elasticity to Evaluate Marketing
7. Video: Understanding Log-Log Models
8. Video: Marketing Mix Models
9. Discussion Prompt: What are the three most significant things you learned in this module?
10. Reading: Week 4 Slides
11. Reading: MBTN Assessments
12. Reading: Formulas for Calculations Demonstrated in this Module

Graded: Regression Analysis

WEEK 5


Marketing Experiments



Ever wonder if price cuts really drive sales? Do an experiment! Experiments allow you to understand the effectiveness of different marketing strategies and forecast expected ROI. Welcome to Module 5! In this final module, we'll explore how to design basic experiments so that you can assess your marketing efforts. We'll help you avoid a gap between your test results and field implementation, and explore how web experiments can be implemented cheaply and quickly. By the end of this module, you'll be able to design and conduct effective experiments that test your marketing campaigns. Then, check out the video interviews with top marketing analytics professionals. They reveal insights and provide tips to help you make the most of your marketing analytics efforts.


13 videos, 6 readings expand

1. Video: Determining Cause and Effect through Experiments
2. Video: Designing Basic Experiments
3. Video: Designing Before-After Experiments
4. Video: Designing Full Factorial Web Experiments
5. Video: Designing an Experiment: Etch a Sketch
6. Video: Analyzing an Experiment: Etch A Sketch
7. Video: Analyzing a Market Experiment: Betty Spaghetty
8. Video: Projecting Lift
9. Video: Calculating Projected Lift: Betty Spaghetty
10. Video: Pitfalls of Marketing Experiments: Betty Spaghetty
11. Video: Maximizing Effectiveness: Nanoblocks
12. Video: Marketing Experiments Takeaways
13. Video: Course Conclusion
14. Discussion Prompt: Define the three types of experiments.
15. Reading: Week 5 Slides
16. Reading: Video Interview with Jen Chick, VP of Marketing
17. Reading: Video Interview with Paul Flugel, VP of Global Marketing Performance
18. Reading: Video Interview with Paul Hunter about Using Data
19. Reading: Transformation of Marketing at the Ohio Art Company (abridged)
20. Discussion Prompt: What did you learn from each of the guest speakers?
21. Reading: Design a Marketing Experiment Assignment Overview

Graded: Marketing Experiments
Graded: Design a Marketing Experiment