A range of technologies exist today that help us track user-initiated interactions on the net. Three fields are of particular relevance, namely web analytics, social analytics and eye tracking.
Web analytics provides us with a wide range of real time measures such as views, view time, view through rate (VTR) and a host of interaction metrics including clicks, click-through rate (CTR), taps, swipes and display view through (i.e., brand site visits that could have been influenced by the ad within look-back window).
The CTR is a quick, easy and inexpensive measure that is appropriate particularly for campaigns with call-to-action triggers.
CTRs, however, are low. In Asia Pacific markets for instance, they range from 0.3 to 1.5 clicks per thousand impressions (Exhibit 23.6).
These figures should not be viewed in isolation. Knowing that advertising works in many different ways, and that marketers’ objectives vary substantially, it is important that a host of appropriate factors be used for measuring advertising effectiveness.
Eye tracking is a useful tool to measure consumers’ attention and spontaneous responses to advertisements. The device is attached to a screen or integrated into a pair of glasses that tracks and records where people look, how they move their gaze, and measures gaze time and gaze rate. Knowing what people actually see helps advertisers optimize the design and placement of ads.
Social analytics provides information on comments as well as a number of very useful quantitative measures such as likes, follows and shares that reflect the consumer’s affinity or emotional engagement.
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Marketing has changed. More so in practical terms, and marketing education is lagging.
The fundamental change lies in the application of analytics and research. Every aspect of the marketing mix can be sensed, tracked and measured.
That does not mean that marketers need to become expert statisticians. We don't need to learn to develop marketing mix models or create perceptual maps. But we should be able to understand and interpret them.
MarketingMind helps. But the real challenge lies in developing expertise in the interpretation and the application of market intelligence.
The Destiny market simulator was developed in response to this challenge. Traversing business years within days, it imparts a concentrated dose of analytics-based strategic marketing experiences.
Like fighter pilots, marketers too can be trained with combat simulators that authentically reflect market realities.
But be careful. There are plenty of toys that masquerade as simulators.
Destiny is unique. It is an authentic FMCG (CPG) market simulator that accurately imitates the way consumers shop, and replicates the reports and information that marketers use at leading consumer marketing firms.
While in a classroom setting you are pitted against others, as an independent learner, you get to play against the computer. Either way you learn to implement effective marketing strategies, develop an understanding of what drives store choice and brand choice, and become proficient in the use of market knowledge and financial data for day-to-day business decisions.