Marketing Dictionary

(see 'Marketing Attribution')

('Customer Relationship Management System') is a system that tracks customer engagement (for example Salesforce or Microsoft Dynamics)

customer satisfaction score' that measures customer services and product quality on a scale from 0-100%. 100% = perfect score. Customers are asked to rate on a scale of 1-5 to rate their overall satisfaction with a company/its products/its service

the practice of monitoring and evaluating the actions of your competitors in order to inform your own strategy

A marketing conversion is the action a person takes to indicate interest, for example, filling in a form or visiting a certain webpage. What constitutes a specific conversion is defined by the company itself and can differ between campaigns

a typical set of user actions that represent a user's journey from first touch through to engagement with a company post-sale

Engaged sessions: The number of sessions that lasted 10 seconds or longer, or had 1 or more conversion events or 2 or more page views.

When a user performs an action based on your marketing, for example likes or shares a social media post. What constitutes 'engagement is defined by the company itself and can differ between campaigns

First-party cookies are handled by your own website or domain. From a scientific marketing perspective, such cookies are highly valuable. They gather important data like user behavioral analytics, preferred settings such as language, and other functionalities for enhancing the user's site experience. An example could be a biotech e-commerce site, where these cookies remember login data and shopping cart info, allowing the user a seamless shopping experience.

the attribution of a a conversion to the first touchpoint the consumer had with your marketing

builds on the W-shaped model, including the final close. The majority of the credit is given to the major milestones of the customer journey, but lower weight is also assigned to the touchpoints in between. One of the biggest benefits of this model is that it accounts for the sales team’s post-opportunity follow-up interactions, giving them the same weight as early-stage marketing activities.

a free analytics package from Google that provides insights from your website data

Connect Analytics with Data Studio to easily build performance dashboards and create customized reports.

Looks back after a marketing campaign and are often used to evaluate success

the attribution of a a conversion to the last touchpoint the consumer had with your marketing before conversion

Provides a method of identifying people within your CRM that are more likely to buy from you. This assigns a score to a combination of predefined behaviors and other variables such as demographics, which show whether a person is displaying more buying behaviors than other contacts in your system. A lead score will alert you when the person should receive a more targeted sales outreach

Are used during a marketing campaign to indicate progress to goal. These enable you to correct course if you are not achieving anticipated results

The simplest multi-souce attribution model, linear attribution gives equal weight and revenue credit to all touchpoints

Covalent Bonds' proprietary model for determining metrics for effective measurement programs

A campaign is a combination of tactics that are combined to achieve a defined goal

the practice of measuring, managing and analyzing marketing performance to maximize its effectiveness and optimize return onmarketing investment (ROMI)

the identification of a set of user actions that contribute in some manner to a desired outcome (sales or conversions), and then the assignment of a value to each of these events. The goal of attribution is to determine which channels and messages had the greatest impact on the decision to convert, or take the desired next step.

('Key Performance Indicators') are a set of measurements defined by a company to gauge its performance over time

the science of measuring marketing effectiveness

Marketing Mix Modeling is a statistical technique that helps marketers determine the optimal mix of marketing variables to achieve their goals. It can be used to evaluate the effectiveness of marketing campaigns by differentiating between contributions from marketing tactics and promotional activities, and other uncontrollable drivers of success. It then enables you to change variables to see the potential impact of changing one input and seeing how it affects a particular output

in advance of a campaign, communicators define a set of criteria with corresponding values that will indicate whether a piece of media coverage is considered quality or not. Media analysts then score each piece of obtained coverage against the criteria to develop an overall quality score. This is used to understand the effectiveness of the coverage across traditional and social media

a single measure that represents reality, and helps you decide on a course of action (like GPS: Monitor and report business information)

decision tools (like car gauges: help identify problems)

the identification all of the touchpoints engaged with by the consumer leading up to a purchase (the customer journey).

a group of models that account for each contributing channel is given credit for contributing to the final conversion

a metric used in customer experience programs. NPS measures the loyalty of customers to a company

“Objectives and Key Results.” OKRs are a goal-setting and leadership tool for communicating what you want to accomplish and what milestones you’ll need to meet in order to accomplish it.

('Return on Investment'). ROI is measured by (Sales Growth - Average Organic Sales Growth - Marketing Cost) / Marketing Cost = ROI

('Return on Marketing Investment'). ROMI determines the financial value of a specific set of marketing tactics - 'campaign' - minus marketing spending, divided by the marketing ‘invested’ in those tactics.

the bias introduced in market research by the selection of individuals, groups, or data for analysis in such a way that proper randomization is not achieved

The perception of a brand, service etc, whether it be positive or negative

the attribution of a a conversion to a single touchpoint, often the first or last one engaged with by the consumer (see 'first-touch attribution' and 'last-touch attribution')

A tactic is an individual marketing item, for example a press release or a whitepaper

Third-party cookies are managed externally from your own domain. These cookies are central to creating targeted ads, making them particularly vital to scientific marketers. For instance, if a user visits a Biotech Store and browses various microscopy tools without buying them, third-party cookies could later guide targeted ads for these unbought items towards the user, enhancing their shopping and browsing experience.

The lengthier the sales cycle, the more spread out the touchpoints. The time decay model gives credit to more recent marketing touchpoints as opposed to those earlier in the process, which may not have been as impactful

A single marketing tactic that a customer engaged with

gives credit to two key touchpoints — the first touch and the lead creation — and any in between. Forty percent of the credit goes to the first touch and 40% goes to lead creation, while the remaining 20% is divided between any touches that occurred in the middle.

like U-shape, but includes an additional touchpoint — the opportunity creation. All three touchpoints receive 30% of the credit, while the remaining middle touches share 10%.

Weighted touchpoint modeling assigns a percentage of the revenue credit for a customer to an array touchpoints, as defined by the respective multi-touch attribution model chosen