Description
MKT 389: CASE STUDY #2
Jeff Bezos just made you CEO of the Washington Post newspaper based on your digital marketing expertise and knowledge of emerging media trends. You will oversee one of the most influential news gathering organizations in the United States.
Any and all of the Amazon resources and those found within the Washington Post and www.washingtonpost.com are at your disposal. Your goal is to outline a plan to take the company into the next decade. Here are the issues you should review to begin your WP Strategic Plan:
Background Research- to help you with the Case Study
What factors have led to the decreased revenues for the WP?
What are the current strategic plans that are in place at the WP to reverse this negative trend?
What are the current trends in consumer consumption patterns of news information from the past and moving forward (see the link below). Is the consumption of news information decreasing, increasing, or remaining the same? Why is that? Does this help you to develop a long-term plan?
Can your new digital media strategies be successfully monetized with advertising support? You need to find new ways to increase profitability.
Are there other strategic clues from other major newspapers that can help you set up your own strategies?
The Case Study and Strategic Plan- answer just these three questions:
1.How does Amazon play a part in your strategy? What are all the Amazon digital assets that can be leveraged to improve and expand WP performance?
2.Provide specific examples of social media and general media marketing strategies/tactics that you have learned in this course (from lectures, readings and the textbook) that can help the WP successfully extend its reach and frequency of engagement and profitability among current and new customers.
3.And finally, outline the ways in which artificial intelligence will play a role in your Washington Post gameplan for the future.
https://www.pewresearch.org/topic/news-habits-media/
Footnotes and attribution to sources are required for this project.
Lack of citation to sources will reduce your grade.
There is no maximum word limit for this. The minimum should be 7 to 8 pages content exclude cover page and reference pages.
The document below covers things we covered in class and put more attention on requirement 2 because he pay more attention to this.
Unformatted Attachment Preview
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Copy of MKT 389 Midterm Study Guide
Digital Marketing Media Metrics (University of Miami)
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Midterm Study Guide
Lecture 1
Define each of the following terms and explain why they are important. Digital Marketing
Analytics
● Digital: using online/computer technology
● Marketing: promotion and selling of products or services, includes research and
advertising
● Media: means of mass communication (digital: social media, television, etc. non-digital:
print, newspaper), media influences the message
● Analytics/metrics: ways to measure success of different campaigns, promotions, posts,
strategies, etc, and the results of these
In a cluttered media world how do you get seen? Define the strategies you would use to get
seen
● In order to be measured, you first have to be seen.
● They don’t click on boring.
● The media influences the message.
● It is a cluttered world out there.
● Human values withstand the test of time.
● You have to stand out and be different
● Tell stories, create emotional connections
What are the key elements of an image that gets noticed and remembered? Why do these
elements work in terms of recall, engagement, and purchase?
● Relatable content – Humans, children, animals and celebrities
● Feelings – Emotional resonance
● Empathy – The drama of being human
● Storytelling – A story is told
Why don’t consumers click on boring? Name the elements/factors that create obstacles to
recall and engagement.
● Social media is full of interesting content
● Boring things aren’t worth their time and there is no reason for them to engage
● There is already too much content, so why would we pay attention to the boring stuff
List all the digital devices that detract from consumer attention now and those that may detract
attention in the future.
● Now
○ Iphone
○ Ipad
○ Television
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○ Computers
○ Apple watches
○ amazon alexa’s
○ Virtual Reality
● Future
○ Smart glasses
○ Tooth implants
What is the Internet of Things-IoT and why is it critically important to the understanding of digital
marketing over the course of the next 20 years?
● It explains how everything (tech and businesses) is connected
● Transforms how we travel, shop, make things, and more
● One day everything will be connected and controlled at the touch of a phone
○ There are more connected devices than there are humans
How can a consumer become a “transhuman”? Describe the various technologies that would
create transhumanism and define how they might change consumer behavior.
● The theory that human beings may eventually be able to transform themselves into
different beings with abilities so greatly expanded from the natural condition as to merit
the label of posthuman beings
● Consumers can become this by purchasing and using products that are high in
technological advancement and enable them to do things they could not do on their own
○ Ex: smart glasses can help a consumer take photos, read messages, and scroll
through social media without having to carry a phone
When Marshall McLuhan defined the phrase “the medium is the message” what did he mean by
that and how d
hn
}+ digital marketing strategies?
● Meaning of “the medium influences the message”
○ The type of content used to relay a message will affect how it is perceived
○ Ex: tik tok videos will be perceived differently than a newspaper article
● How it impacts digital marketing strategies
○ It determines the most effective way to relay a message or story to a specific
audience and for a specific purpose, must take into account your target audience
and intended message
What one single human factor will remain constant over time even though we all will experience
significant technological change? How can you use that to develop relevant consumer digital
marketing strategies 5, 10, or even 20 years from now?
● Humans share human qualities and values that remain timeless
○ We all have emotions and like relatable things and storytelling
● We can use these in the future to center our strategies focusing on these commonalities
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What is the value of storytelling in terms of digital marketing strategies?
● It triggers out brain to pay attention and helps us remember
● Humans value storytelling due to relatability
● Use stories in digital marketing strategies
● Heartbeats actually sync together when listening to the same story, and when this
occurs, the content is remembered better
Lecture 2
Define each element in the Model of Communication and describe why it is important.
● Message > media > outcome
○ The message contains development – what story is being told and why
○ The media defines characteristics – how and what you will use to communicate
the message effectively
○ The outcome results in the desired effect, what behavior do we want to influence,
need to know this first
What are the four phases of the Product Life Cycle and what kind of marketing should be done
in each phase?
● Introduction > growth > maturity > decline
○
○
○
○
Introduction – awareness (message)
Growth – brand image
Maturity – loyalty
Decline – worried about all
Consumer Awareness Models
○ Phase 1: Awareness
○ Unaided awareness – unprompted awareness of different brands
○ *Aided awareness – asking if someone has heard of a specific brand
○ Phase 2: Image
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○
○ Associations – what comes to mind when thinking of a brand
○ Attributes
○ Personality traits – what type of person would a Rolex be
○ Emotions – understand emotional associations with brand
○ Subconscious pathways
Phase 3: Loyalty
○ Measured by whether someone would buy something again (repeat purchase)
○ Word of mouth – recommendations
○ Engagement levels – talking about, engaging with brand, use website
○ Product extensions – multiple products from one company
Regis McKenna tells us that the customer has become more empowered. What factors have
helped create this empowerment?
● Marketing Is Everything Article
○ More choice leads to more competition, more products, more strategies
○ Companies have feedback loops and want to hear from their customers
(Adaptive marketing goal: sensitivity, flexibility, resiliency)
○ Product customization, educated consumers, increased choice, consumer
feedback, increased competition
○ unlimited consumer choice
○ Instantaneous feedback
○ Product development loops
○ Consumer integration in the process
○ Successful products are built on brand trust
○ Brand trust can lead to market ownership
McKenna discusses the old model of marketing. What are the characteristics of the new model
and how does it differ from the new model?
● Old marketing
○ Changing customers’ minds to fit product
○ Then changed to consumer based marketing/changing product to fit demands
○ Then changed to market driven/adopted products to fit consumer strategies
○ Went from trick the customer, to satisfy the customer, to integrate the customer
● New marketing
○ Adaptive marketing goal: sensitivity, flexibility, resiliency
○ Not a clear line between products and services
○ Important to use technology and marketing together
■ Tech – info flow in both directions
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Name three factors that have made it increasingly difficult for social media to be seen.
● Increasing amount of content
● Posting too much or too little
● Increasing amount of time to built and execute a social media strategy
Lecture 3
Provide an example of experience-based marketing for the local Honda car dealership in Miami.
– Hosting events at local car dealerships where potential buyers could come and test drive
cars they might want
What ways could we integrate the customer into the car buying experience at a local Honda
dealership?
– Offering discounted maintenance, extended warranties, 24 hour roadside assistance,
putting feedback loops into place so that customers could address both positive and
negative experiences with Honda, promotions where people who have been referred by
other Honda owners can get discounts and the people who referred them could get
some deal (discounted detailing, service, etc)
If 75 percent of Honda’s marketing budget went to TV advertising would you maintain this
strategy of change it? Why would you maintain it or what specific changes would you make to
their current strategy?
– I would change the strategy from TV advertising. As the use of streaming services
increases, less and less people are viewing television commercials, and an even smaller
number of these people are actually paying attention. I think that turning to social media,
especially social media to attract a younger generation of buyers who could become
lifetime Honda customers is a better idea than TV
For automotive marketing there are logical appeals and emotional appeal. Which do you feel
provide the best levels of consumer awareness and brand preference? Why?
– Emotional appeal
– When looking at consumer awareness, consumers are more likely to remember
and be aware of cars that have made an impression on them – likely because of
the characteristics they embody. At the end of the day, every car has relatively
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the same job – to get people from point A to point B – but the reason some brands
stick out compared to others is because of what they say about the drivers and
how they make the drivers feel. Brands are an expression of consumers styles
and personalities, so they will likely prefer brands that align with their own
personalities (which is emotional, not logical)
Lecture 4
Traditional broadcast signals are analog. Today we enjoy digital content transmitted via
allocated spectrum space. Make an argument as to why digital content does not need to be
regulated in the same manner as analog content.
● Analog: sent through towers, set by government, controls mobile signals, tv and radio,
granted a license to broadcast
○ Limited amount of spectrum space- must be assigned and regulated by FCC
○ FCC gives licenses that allow owners to broadcast for a limited number of years
(3 w renewal period)
○ Overlapping zones but need to have different signals
● Digital content: social media
○ Can overlap without problems
○ Worldwide
○ Free for people to use
We learned that there is a business relationship between national networks and local network
affiliates. Describe that relationship.
● Network business model
○ Network achieves a national footprint for their programming
○ Networks provide quality programming in return for commercial time from
affiliates
○ Network sells advertisers potential customers
○ Networks can sell ads on nationwide basi
○ Local affiliate gets quality programming but give up some commercial time
○ Network provides content, to affiliate, affiliate gives up commercial time to
network
○ Affiliate gets higher rates from national network rather than local and sells to their
local advertisers
○ Quality programming, national footprint, sell ads, gives up commercial times,
higher ratings
○ Syndicated programs- you buy open time from the networks (ex: simpsons, ellen,
dr phil) (local access time)
● The Network Concept
○ Become a network affiliate of a big name in order to carry programming
○ Affiliate – carries programming from big name (CBS, NBC)
● Know the clock
○ Commercials at every quarter hour
○ Also local spot at those commercials (you will see for local dentist/lawyer)
○ 8-11pm is “Primetime”
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○
○
6 PM & 7-8PM is local access time
Syndicated programming – during local access time, sold to local affiliate
■ Entertainment Tonight, Access Hollywood, Jeopardy, Dr. Phil, Simpsons
■ Selling programs based on program ratings, which in turn bumps up
ratings for the stations
■ Judge Judy – most watched syndicated program
There is a relationship between social media engagement and television viewership. Describe
that relationship and is it better for the broadcaster or the advertiser or both?
a.
Can social media increase ratings?
i.
Yes!
ii.
People talking about the show (tweeting during watching show)
b.
In 29% of 221 episodes, tweets had a positive impact on the ratings
i.
Make insta account dropping trailers, have characters posting, polls on platforms
c.
Reality shows do best from this method
d.
Social media engagement can increase ratings
i.
Younger target than older
e.
Relationship between neurological engagement and tweets
F. peek tweeting hours: 8-11
G. What are the top TV shows for twitter? – The Voice, Today, Big Brother, General Hospital
H. Not all tweets are equal – Some authors write multiple tweets, who influence others to watch
the show
Lecture 5
What is the difference between the media metric of reach and frequency? Provide an example
of each.
– REACH- how many people do you reach (unique viewers/listeners) ex. 100 people
listening to a commercial on a radio station
– FREQUENCY- how many times do they see-hear the message ex. Those people hear
the same commercial every half hour
Nielsen samples at the household level. What does that mean when you are calculating the
rating point values for viewers reached?
a.
Programming content, measured media consumption, advertising rates
made
b.
REACH- how many people do you reach
c.
FREQUENCY- how many times do they see-hear the message
d.
120. 6 million households
e.
2.54 people per household
f.
120.6 x 2.54 = 306.3 total individuals
g.
Rating point = 1% of total households = 1.2m households
h.
1 rating point = 3.04m total individuals
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Provide a definition for three kinds of sampling error.
a.
Sample is a segment of a population
i.
Sampling theory- 2 components – randomized & everyone has same probability
of being selected
b.
3 kinds of statistical errors
●
●
●
1. Sampling error
○ Sample doesn’t represent entire population and the results found in the sample
do not represent the results that would be obtained from the population (bball
team) *most common in surveys* (look at the cooperation rate to see how
high/low… high is better)
2. Measurement error
○ Caused by interviewers, respondents, data processors, or other survey personnel
(if they don’t want to talk to you, or question is misleading), poorly worded
questions/questionnaire design, inadequate personal training or supervision,
insufficient quality control
3. Response error
○ Any error introduced into the survey results due to respondents providing untrue
or incorrect information, Respondents provide untrue or incorrect info (Caused by
language/educational issues), misunderstanding of the question by the
respondent, Social desirability bias – responding so as not to get
embarrassed/”being better”
○ Low statistical error = higher reliability and validity
A major firm recently found in their surveys that supporters of a candidate tended not to admit
that they would vote for that candidate. What kind of sampling error is this and how might this be
corrected?
● Response error (social desirability bias and dishonesty), reword question to something
that has less bias
What is the difference between the reliability of reported data and the validity of reported data?
● Reliability
○ If repeated do you get the same results?
● Validity
○ Do the survey results reflect reality? Are you actually measuring what you think
you are? (IQ tests, not always accurate)
● Relevance/external validity
○ Generalizability to other events or people
● Credible
○ Are the sources and methods fully disclosed?
Law of diminishing returns
● Larger the sample size, less the error but After 2000 it gets smaller in between each
point
● Once u reach a certain point, not worth the money to keep adding people
● as sample size increases, margin of error decreases
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●
Amount that error decreases by decreases as the sample size continues to get larger
(diminishing returns to increasing sample size)
○ Certain point where the level in decrease in error does not warrant an
increase in the sample size
I have been hired to complete a survey using random sampling. My total population is 150,000.
My client suggests I create a sample of 20,000 respondents. I suggest a sample of 1500. Who
is correct and why?
● You are correct because law of diminishing returns, would be a waste of money to
sample 20,000
● Line chart with U is called – normal distribution (basis for sampling theory)
● Cooperation rate so low, polls are not very accurate
Lecture 6
The Pew Institute for Research just released the results of their Biden vs Trump survey. What
kinds of things are you looking for to determine the accuracy of their survey?
● Cooperation rate
● Randomization
● Methods/sources disclosed
Make an argument as to why television should be included in your next media buy.
3 hours a day spent watching television (4:57 with traditional media in total, 8:09 with digital
media)
● Adults 18+ spend almost as much time watching TV as they do using digital devices.
Provide the formulas for a Nielsen rating and a share.
● Rating= total households watching a program/total households within the population
● Share= total households watching program/total households with tv at that time
● Advertising rates: programming content, measured media consumption, advertising rates
…
2 measures: reach & frequency
a.
Programming content,
Nielson diary- 7 day diary
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Neilson meter – electronic meter
4.
Nielsen samples at the household level. What does this mean and what are the
sampling implications of sampling by household?
if you’re selected and you have 5 people in your household, 5 would be the
sampling unit
– Some households may be more likely than others to agree to being Neilsen
families
– You don’t know which family member is watching which show (target audience
issues)
5.
What kinds of things would you recommend to Nielsen to increase the accuracy
of their television rating service?
–
Eliminate the diary because of the response and measurement error it can cause
More specific information about who is watching what (bedroom TVs vs living room)
Lecture 7
Why should you create a media dashboard and why is it important to the social media marketing
process?
– consolidate metrics across multiple Social networks such as Facebook, Twitter and
YouTube and present in a single-page dashboard
– create a monthly view of business impact of content posted across all the social
networks by your business
Why should you create a social media calendar and why is it important to the social media
marketing process?
– Save time, stay on track, test strategies to see what resonates best,
– Don’t have to scour trending topics every day to figure out what to post
– Builds consistency in brand voice and style
When someone tells you they have a “high concept” marketing message, what does that mean?
– Easily pitched, succinctly stated message that focuses on the plot
List the ways you can create engagement, empathy and participation with your not for profit
cause.
– Select the right cause
– Tell a story
– Understand the values it represents
– Make it easy to understand
– Relate it to everyday life needs and desires
– Make it visual
– Grab the heart
Explain why social media marketing is process and not a one-time event.
–
You need to go through a cycle of learning, creating, measuring, getting feedback,
creating more, measuring more, etc.
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Lecture 8
List three things that went wrong with 1969 United States Draft Lottery.
– They didn’t include Feb. 29th
– Birthdates aren’t random
– City quotas are not fair due to differing size of cities
– Sampling without replacement
What does sampling without replacement mean and what impact does it have on a sample?
– It means that after selecting one option, you do not put it back into the pool, which
therefore increases the probability of the next options being selected 1/365 -> 1/364 all
the way until 1/1
Describe a statistically valid method for implementing a draft system in the United States.
– Assign every eligible citizen a number, use random number generator to select numbers
(would take forever)
I just completed a survey and got a 35 percent return rate. You completed a survey and got an
85 percent return rate. Which sample contains the least amount of error and describe that error
in terms of a population distribution.
–
Assuming both surveys used random sampling, the survey with 85% return rate would
have less error. The error would be sampling error due to low cooperation because the
responses would not accurately reflect the entire population if not enough people
responded
Lecture 9
List three social media developmental recommendations based on the notion of “build a
cupcake” and Gall’s Law.
– Gall’s Law – A complex system that works is invariably found to have evolved from a
simple system that worked.
– The inverse proposition also appears to be true: A complex system designed
from scratch never works and cannot be made to work.
– You have to start over, beginning with a working simple system.
– Build simply from the start
– Get the simple things to work first
– Evolution according to feedback
– Progress before perfection
What is the difference between stock and flow as it relates to the development of social media
content? Why are they both important?
– Flow is the feed. It’s the posts and the tweets. It’s the stream of daily and sub-daily
updates that remind people that you exist.
– Stock – durable stuff, content you produce that’s as interesting in two months as it is
today, what people discover via search, spreads slowly but surely (building fans over
time)
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– You need both – daily flow and durable stock
Provide one example of content that might be better for Facebook than Twitter.
– A post geared more towards adults, adult memes (Dad’s embarrassing donut post)
When you are designing a social media headline what variables should you take into account?
– Length (17-50 milliseconds to capture attention/interest)
– Optimum headline length is 16-18 words in English, 19-21 in Spanish
– Design (F shaped eye pattern), know what targets are scanning for
Provide three reasons why people don’t click on boring.
– There are so many ads each day
– People consume so much media each day
– People don’t have time to pay attention to things they are not interested in
What are the essential elements of a great story for social media?
– Powerful stories resonate with us
– We identify with heroes and villains because of human tendencies (story should share a
common thread with humanity)
– Powerful stories point to a greater cause
– Powerful stories show the light and dark (challenges from both good and evil)
– Powerful stories teach (often through journey not facts)
– Easily shared (WOM diffusion)
What is the most powerful means of content distribution in social media? Why?
– Stories and videos, people relate to them and form a connection through stories
(heartbeats even align)
– Its all about the share – people should be telling their friends about your product/idea
Why is an image more engaging than a textual headline?
List three proper ways of stealing an idea for your social media project.
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The saying “If you’re not appearing you’re disappearing” has what implications for developing
social media tactics?
–
People need to see you content, otherwise the next best thing will come about t
Lecture 10
Why does Amazon have such great conversion rates for the products they offer? What are the
factors that lead to this high level of conversion?
–
–
Superior search function helps customers find products quickly
– Superior to other retail websites (“Results not found”)
– Tailored to user (shopping history)
– Refined by millions of searches
Information layout is key to conversion on any site
– Provides thorough sense of product with multiple pictures
– Answers most potential questions at top of page
Easy-to-navigate purchase process is essential for conversion
– Prominent “Ad to Cart” button
– 1-Click® shopping prevents consumers from changing their mind
Additional information on product gives customers peace of mind
Technical product information uses same format in all categories
Easy to find, even with glut of information
Additional peace of mind
Customer reviews are very convincing for most internet shoppers
Second step of conversion process (following “Add to Cart” click)
“Proceed to Checkout” prominent
– Related products displayed to maximize transaction value
Stored information saves steps (no additional steps for shipping or credit card
information)
– Fewer steps = higher conversion rate
– User profile enables stored shipping and credit card information (and email
messages)
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–
Most important product information at top (“above the fold”)
Easy-to-navigate checkout procedure
Customer loyalty to Amazon is an important part of their success. What does Amazon do to
foster loyalty to Amazon?
– Deployment of the platform’s most powerful loyalty weapon: Customer Experience. And,
as we are aware, the patient experience is an infinite liability that burdens the Healthcare
industry (Amazon prescriptions).
– Search – beats google in product related searches
– Hardware – voice on home devices = 70%
– Distribution – 1.6 million boxes shipped per day, 3.5 billion globally
– Cloud – AWS = 16b 2017
– Product
– Creating a customer is expensive—increasing a customer’s spending is much easier.
– Marketing 101: It is cheaper to keep a current customer than it is to create a new
one
– Add-on product recommendations
– Upgrades
– Product reviews
– Amazon has changed the way we value companies.
– Less on profit and more on growth.
– Invest more on infa-structure and pay less taxes.
Create a list of Amazon digital assets. Which of these assets do you think are most important
for the ongoing success of Amazon?
– •Twitch: $970 million, video platform for video games, transaction date 2014.
– •Zappos: $928 million, online shoes, transaction date 2009.
– •Kiva Systems: $775 million, warehouse robot systems, transaction date 2012.
– •Exchange.com: $645 million, online book marketplace, transaction date 1999
– •Quidsi: $545 million, online retailer, transaction date 2010
– •Washington Post: $250 million, newspaper, transaction date 2013.
– •Souq: $580 m, Middle Eastern entry for online retail
– •Whole Foods Market: $13.7 billion, 456 stores
– •GameSparks: AWS gaming software
– •Graphiq: Alexa software assistant
– •Thinkbox Software: AWS media design software
– •Do.com: Support for AWS cloud platform
– •Body Labs: Artificial intelligence that understands the 3D body shape and motion of
people from RGB photos or videos.
– •Goo Technologies: Internet search engine and web portal based in Japan
– •Blink Home: Security cameras and video doorbells
– •Ring: Home security and video doorbell
– •PillPack: Digital pharmacy with home delivery services (important for future)
– •More: Supermarket chain
– •Zoox: Self driving autonomous technology. (important for future)
– •Tapzo: India’s first ‘All-in-One’ app that allows you to access 35+ apps in a single tap
– •MGM: US movie studio
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–
•Dispatch: Artificial Intelligence (important for future)
Amazon Go, Treasure truck, book store, movies/tv, kindle, music, live stream sports,
prime now
What Amazon digital assets can be leveraged to the advantage and growth of The Washington
Post?
–
•Exchange.com: $645 million, online book marketplace, transaction date 1999
•Graphiq: Alexa software assistant
•Thinkbox Software: AWS media design software
Dispatch
Amazon Go, Treasure truck, book store, movies/tv, kindle, music, live stream sports,
prime now
Lecture 11
Why is it important to reach high probability Nielsen households if you are trying to increase
your ratings?
● Ratings are based on statistics.
● Statistics are based on sampling.
● Sampling reflects voters.
– 70/100 households do no cooperate
– the people who don’t vote don’t matter
– Social media engagement strategies + targeted nielsen voter strategies = increased
nielsen ratings and shares
Research has shown that people who cooperate with Nielsen generally tend to be “research
friendly”. What does that mean and what are the implications for marketing to these research
friendly households?
● Research friendly: they comply with research and are willing to have their statistics and
insights shared with researchers and research companies
● Implications for marketing with these households include…that they will comply with the
studies and will cooperate, meaning that they are important
What does the term opinion leader mean and why does it matter to your Nielsen marketing
strategy?
– They influence others and like to give their opinions, since WOM is so important this can
influence ratings based on what they tell others about the stations that they are watching
– They have established authority in a given area, market, or industry
– They influence others
In what ways are Nielsen households different from non-cooperating households?
● Nielsen households tend to be “research friendly”
● Nielsen households are telephone friendly
● Voters are likely to give their opinions
● They’re interested in the subject of television and media in general
● Enjoy rewards – financial rewards
● Follow instructions
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●
●
●
●
Like to get involved
Like to think they are opinion leaders
Can be targeted
Vastly different from non-voters
Define a conversion ratio as it applies to valuing media companies.
● Conversion ratio: A metric that describes the extent to which the station is converting
their Nielsen share into revenue
● Ideally a station should bill the exact percentage of their Nielsen share’s revenue.
○ ratios help determine the amount of activity that results from each share in the
station
○ Personnel helps a station with better advertisements
Media properties are generally valued as a multiple of their revenue or cashflow profitability.
My media property is in a $100m total media advertising market. Our annual revenue is $12.5m
off of our 10 share. What is our conversion ratio?
● Station revenue / station share
● 12.5 / 10 = 1.25
– station share (of market revenue) x conversion ratio = station revenue
Lecture 12
In terms of social media and analytics, why is the Diffusion of Innovation theory important to the
understanding of our marketing efforts?
● Definition: process where an innovation is communicated through certain channels over
time among the members of a social system
● It is what helps us go viral
● Important because it helps “spread the word”
○ Word of mouth (WOM)
○ Defines key diffusion variables
○ Why content succeeds or fails
○ Power of context
○ Significance of why
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What does the product adoption curve tells us about developing a marketing strategy? How do
marketing strategies differ between each adoption group?
● Innovator 2.5% – early adopters 13.5% – early majority – late majority – laggards
○ Similar to distribution curve
○ Most people are between early and late majority
● Innovators: Focus on product details and highlight how your product differs from others
in the market. Invite honest feedback and endeavor to head off potentially negative press
before it reaches the public.
● Early adopters: spend time highlighting product features and key details that will help
them promote and, in turn, sell your product.
● Early majority: more cautious with their time and money, and they need honest facts on
why one product is better than another. These buyers make more emotion-driven
purchases. When marketing to Pragmatists, sell product benefits over features and
share stories of how others are succeeding
● Late majority: re-hit each of the product selling points, ecycle a variety of existing content
to give Conservatives the single convincing nudge they’re looking for to make that final
purchasing decision. Show them the path others have paved and the positive
experiences they’ve had
● Laggards: Promoting your customer service or techn
