MKT 700 Lecture Notes - Lecture 10: Linkedin
Document Summary
Improve profit: exploit customer data to make wise decisions, be independently reproducible, decrease chances of making wrong decisions, add value to customers, prioritize customers. Improves profit: measure profit not only sales, use clv, justify marketing spend for use in other departments incremental profit is their metric speak it! If the same marketing problem is given to two different teams come up with the same answer. Lecture 10 notes: this is the key change in marketing analytics, gut feel is a starting point not and end as it was in the past. If marketing is measurable and accurate you can run what-if scenarios. Decrease changes of making the wrong decision: measure the profit of marketing decisions, use a/b tests, accuracy generates credibility. Add value to customers: price, place, product, promotion. Prioritize customers: all customers are not equal, understand the dynamic and ensure your best customers do not leave, for your low value customers move them up or minimize spending.
