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, developed at the Darden School of Business at the University of Virginia, 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.
You can follow my posts in Twitter, @rajkumarvenk, and on linkedin: https://www.linkedin.com/in/education-marketing.
Professor of Business Administration at Darden
The Marketing Process
Welcome! We'll start with an overview of the marketing process and the transformational role of analytics. Then we'll walk through a case study. Ever heard of Airbnb? They're a powerhouse of the online community marketplace matching travelers to hosts. You'll see how they use analytics and the surprising results of their analyses.
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!
Customer Lifetime Value
How valuable are your customers? That's a tough question that we'll show you how to answer in this module where 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 future financial consequences and invest marketing dollars in the right place to maximize return over a customer's lifetime. By the end of this module, you will know how to measure customer lifetime value and evaluate strategic marketing alternatives based on whether they improve customer retention and lifetime value.
Ever wonder how much you have to cut prices to drive the most sales? Or which advertisement copy is more effective in customer conversion? Do an experiment! Experiments allow you to understand the effectiveness of different marketing strategies and forecast expected ROI. This week, we'll explore how to design basic experiments so that you can assess your marketing efforts and invest your marketing dollars most effectively. 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--and then use the results to make future marketing decisions.
Ever wonder how variables influence consumer behavior in the real world--like how weather and a price promotion affect ice cream consumption? In this module, we will take a look at regression and how it's used to understand that relationship. We will discuss how to set up regressions and interpret outputs, explore confounding effects and biases, and distinguish between economic and statistical significance. We'll finish the week with a series of interviews with real marketing professionals who share their experiences and knowledge about how they use analytics on the job.
I must say it's a really great course for those who want to study Marketing Analytics. The Prof introduces a lot of examples from specific companies like Airbnb, Snapple, Etch A Sketch.. to help students not only learn from theory in class, but also learn from real-life experience. There are also 2 peer-graded assignments which require grades from classmate, and I find this part interesting. Quizzes are neither easy nor hard, you need to work hard on the knowledge to be able to do math and choose the right answers. Overall, it's a really nice course and I really like it.
Anonymous completed this course.
I finished the course yesterday! I am someone who has no experience in marketing or analytics (I took a Statistics class years ago in college, don't remember much of it), but this was a doable and fun class to be a part of! The professor is very funny and he explains things in a way that's easy to understand, and I kinda felt motivated to do it to make him proud (even if he doesn't know who I am, LOL).
SOMETIMES the concepts/calculations can be a little confusing, but I just re-watched certain videos and I had to do very little outside work (Googling terms, for example). I would recommend this class!
Ben completed this course, spending 2 hours a week on it and found the course difficulty to be medium.
The instructor does his best to make the topics fun and relevant- unfortunately there is only so much in some topics. As others have mentioned there are a few moments that lessons/topics seem to not have enough focus/explanation and become confusing/overlooked.
The course is also outdated- while analytics is still relevant the examples are not the best (some even come with broken links so you cannot fully participate). Did I learn anything? Maybe... It ended up becoming more of a "let me work my way through" vs ability to learn because of the missed aspects and having to rely on the discussion boards and others who know the topic to assist you in understanding some topics/equations.
Sagar Ladhwani completed this course, spending 6 hours a week on it and found the course difficulty to be medium.
I really liked the way the course is structured. With every week, concepts were explained in conjunction with a real world firm which makes the course material in sync with real world. The assignments and the discussion forum were quite a nice experience! I'd recommend this course to everyone who is interested in this domain.
For the course details summarized refer this:
Anonymous completed this course.
I have completed all the quiz and assignments. only one assignment is felt to be checkes by other candidates. It has been so long and i have not receive my resuly. This is so unfair. I am eagerly waiting for my certificate
Prathamesh Dhalkar is taking this course right now, spending 15 hours a week on it and found the course difficulty to be medium.
I have completed Linux And Any Hardware networking course and this course important un my future life the course is very important
Anonymous is taking this course right now.
A waste of time. Not recommended for begineers. The instructor too is below par and jumps the flow of teaching quite often.
The course is a bit painful to go through as the content is poorly organized, and the way the lecture delivered is a bit boring. Many concepts and key points are not well discussed and illustrated in the course. So, even upon the completio of the course, I don't have a deep understanding about what I've learned.
I only complete it because the certificate is free during the Covid period. But honestly I may choose other more interesting marketing courses if there are others available. But still appreaciate all the efforts of prof. Rajkumar Venkatesan, thank you!
Vipin Singh completed this course, spending 1 hours a week on it and found the course difficulty to be medium.
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Rosemarie APUHIN completed this course.
I want to learn more in this class and also I have time for my school even I'm working in the morning in the evening I go in my online school this is my aportunity in my study I want to my study even online only...
Antonio Youssif completed this course, spending 3 hours a week on it and found the course difficulty to be medium.
Great course, I've written 20 pages of my notebook! Great insights and explanations! Super useful for everyone involved in Marketing, Controllers or Finances.
Sugunadevi. S completed this course, spending 2 hours a week on it and found the course difficulty to be very easy.
Marketing analytics is very important course so i will complete this course. It is very easy course. The course is a online course