To create an effective DMP, a business first needs to review the marketplace and set 'SMART' (Specific, Measurable, Actionable, Relevant and Time-Bound) objectives.[60] They can set SMART objectives by reviewing the current benchmarks and key performance indicators (KPIs) of the company and competitors. It is pertinent that the analytics used for the KPIs be customised to the type, objectives, mission and vision of the company.[61][62]
The key trend here is the way digital technologies and media offer the opportunities for digital disruption. Yet digital marketing is not always used as a disruptor. As I discuss in my Digital Marketing: Strategy, Implementation and Practice book, digital marketing is more often used for market penetration than new product or market development (these are the classic Ansoff growth strategies). To give you a benchmark, this new CMO Survey research from Duke University Fuqua Business School, Deloitte and the American Marketing Association based on the views of Chief Marketing Officers (CMOs) in large US organizations is useful. It’s interesting since it translates the theory of Ansoff into practice, showing how businesses are mainly investing, but other strategies are significant.
Display advertising - As the term implies, online display advertising deals with showcasing promotional messages or ideas to the consumer on the internet. This includes a wide range of advertisements like advertising blogs, networks, interstitial ads, contextual data, ads on the search engines, classified or dynamic advertisement etc. The method can target specific audience tuning in from different types of locals to view a particular advertisement, the variations can be found as the most productive element of this method.
We are living in the age of data abundance where people engage with brands over several channels, they consume content in an unstructured manner and do a lot of homework before making a buying decision. Predictive marketing is taking all these unstructured interactions, looking at existing positive data patterns and anticipating results accordingly.
There are over 30 high quality internationally reputed digital marketing courses available on edX, most of which are absolutely free to audit. That means you can get international quality education online by universities like Wharton, Delft, Galileo, Curtin, University of Washington and other institutions at practically no cost on e learning platform edX. Take courses on Facebook ads, social selling, digital transformation, digital strategy, marketing in a digital world and a host of other subjects on the platform. You may also be interested in checking out the Best Digital Marketing Courses Online.
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