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Data Mining and Market Intelligence for Optimal Marketing by Susan Chiu

By Susan Chiu

The authors current a realistic and hugely informative point of view at the parts which are an important to the luck of a campaign. in contrast to books which are both too theoretical to be of useful use to practitioners, or too delicate to function good and measurable implementation instructions, this ebook specializes in the mixing of tested quantitative recommendations into actual lifestyles case stories which are instantly suitable to advertising practitioners. * offers a twin remedy of industry learn and knowledge mining * makes use of a how-to technique for execs with illustrative case reports as well as conception * comprises sensible tips to create government stories, dashboards, and a marketplace intelligence infrastructure

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Step 1 Step 2 Identification of the overall business objective Understanding the impact of a marketing effort on target audience migration Step 3 Selection of appropriate marketing communication channels Step 4 Step 5 Identification of appropriate return metrics by stage in the sales cycle Construction of ROI metrics with return metrics and investment cost Figure 3-1 Step-by-step process for metrics identification. Identification of the overall business objective A business objective is a desired outcome of a marketing effort.

There are two reasons for settling for the terms ‘marketing spending model’. One reason is that it clearly conveys the message that such a model is related to marketing spending. Another reason is that it avoids confusion with the terminology 22 Data Mining and Market Intelligence used in targeting analysis, where ‘market response model’ is often used to refer to ‘response targeting models’. For any marketing spending model to be effective, it must be data based. This reliance on data is what configures an empirical marketing spending model (Hanssens, Parsons and Schultz 2001).

42) Environmental changes and seasonality By environmental changes we mean situations where a driver of marketing return changes suddenly – or, more precisely, fast when compared with the marketing horizon – from one level to another. For example, a news report that suddenly exposes a product in a markedly more favorable or negative light will suddenly change the environment where the marketing effort is being conducted. The occurrence of such sudden change is a categorical rather than a numerical event.

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