Question

Building an online brand is a major source of financial and strategic strength for online firms. The Internet provides consumers with a whole new environment for interacting with firms because online behaviour is different from offline behaviour.

(a) Explain the reasons for marketers interested in big data? (9 marks)

(b) What is a marketing analytics software and what is it used for? (6 marks)

(c) Why is offline advertising still important? (6 marks)

(d) What are the online marketing metrics? (4 marks)

[Total : 25 marks]

Answer 1

a) Reason for marketers interested in big data

In marketing big data comprise of gathering, analyzing and using of big amount of digital data for improving business operations. Marketers use big data for identifying and targeting their customers. Without big data companies are blind and deaf in the vast ocean on digital world.

Big data marketing improves yours customer loyalty and engagement, optimize your performance and decision making. Big data in marketing is proven to be an indispensible tool in marketing. Because of accessibility of big data, the benefits of KYC(Know your customer) are available to small and medium business.

Big data can be used to improve brand awareness, by customer specific content marketing. The ability of big data to acquire, process and analyze real time data quickly and accurately enable to take immediate and quick action. Big data also improve customer acquisition.

b) Marketing analytic software

Marketing analytic software encompasses of tools and process, which enable an organization to evaluate and control its marketing efforts by measuring marketing performance.

with the use of marketing analytic software, businesses are able to improve their return on investment by identifying effective marketing methods and adjusting campaigns to maximize conversion and sales.

Marketing analytics consider marketing effort across all channels and audience including email marketing, social media, digital advertising and web analytics

c) Importance of offline advertising

In this digital era business organizations are mainly focus on digital marketing. Even though offline marketing like posters, banners, news paper advertising etc are still relevant.

Small or medium sized business: small or medium sized businesses do not have the need to reach out to larger crowds but to the regional one. so they should apply the offline marketing ,because it serves the purpose of marketing the best.

Some offline marketing channels, provide an opportunity to interact with you customer face to face. These kinds of offline marketing can provide an immediate feedback about your product from your customer

d)online marketing matrices

Online marketing matrices are parameters, which enables a business organization to evaluate the effectiveness of an online marketing strategy. Examples for online marketing parameters are website traffic, channel specific traffic, conversion rate, bounce rate, search trend etc.