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.
Thanks,
Raj
Professor of Business Administration at Darden
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.
What's included
10 videos2 readings3 assignments
Show info about module content
10 videos•Total 35 minutes
Data, Data Everywhere!•3 minutes
Course Overview•2 minutes
Why Marketing Analytics?•5 minutes
Introduction to the Marketing Process•3 minutes
Airbnb Marketing Process•7 minutes
Airbnb's Strategic Challenge•2 minutes
Airbnb's Marketing Strategy with Data•4 minutes
Using Text Analytics•4 minutes
Utilizing Data to Improve Marketing Strategy•4 minutes
Takeaways: Improving the Marketing Process with Analytics•3 minutes
2 readings•Total 20 minutes
Course Overview & Requirements•10 minutes
Use Discussion Forums to Deepen Your Learning•10 minutes
3 assignments•Total 66 minutes
Practice Quiz on the Marketing Process•15 minutes
Practice Quiz on Data Analytics Basics•18 minutes
Week 1 Quiz: the Marketing Process•33 minutes
Metrics for Measuring Brand Assets
Module 2•5 hours to complete
Module details
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!
Intro to Metrics for Measuring Brand Assets•1 minute
Snapple and Brand Value•6 minutes
Developing Brand Personality•4 minutes
Brand Personality: Red Bull•1 minute
Developing Brand Architecture•6 minutes
Brand Architecture: Red Bull•3 minutes
Brand Architecture: Etch A Sketch•3 minutes
Measuring Brand Value•10 minutes
Measuring Brand Value: Key Points•1 minute
Revenue Premium as a Measure of Brand Equity•6 minutes
Calculating Brand Value: Snapple•5 minutes
Takeaways: Measuring Brand Value•1 minute
3 assignments•Total 66 minutes
Practice Quiz on Brand and Brand Architecture•12 minutes
Practice Quiz on Calculating Brand Value•24 minutes
Week 2 Quiz on Measuring Brand Assets•30 minutes
1 peer review•Total 150 minutes
Building Brand Architecture•150 minutes
2 discussion prompts•Total 20 minutes
Pick a brand, any brand!•10 minutes
Etch A Sketch's Brand Pyramid•10 minutes
Customer Lifetime Value
Module 3•2 hours to complete
Module details
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.
What's included
11 videos2 assignments2 discussion prompts
Show info about module content
11 videos•Total 44 minutes
Welcome to Week 3•1 minute
Customer Lifetime Value (CLV)•4 minutes
Customer Lifetime Value: Netflix•3 minutes
Calculating CLV•7 minutes
Understanding the CLV Formula•3 minutes
Applying the CLV Formula: Netflix•7 minutes
Extending the CLV Formula, Part 1•8 minutes
Extending the CLV Formula, Part 2•4 minutes
Using CLV to Make Decisions: IBM•4 minutes
CLV: A Forward Looking Measure•3 minutes
Takeaways: CLV•1 minute
2 assignments•Total 60 minutes
Practice Quiz on CLV•30 minutes
Week 3 Quiz on CLV•30 minutes
2 discussion prompts•Total 20 minutes
How long is a customer worth keeping?•10 minutes
Challenge yourself!•10 minutes
Marketing Experiments
Module 4•5 hours to complete
Module details
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.
What's included
13 videos3 readings4 assignments1 peer review
Show info about module content
13 videos•Total 60 minutes
Welcome to Week 4•1 minute
Determining Cause and Effect through Experiments•4 minutes
Designing Basic Experiments•7 minutes
Designing Before - After Experiments•6 minutes
Designing Full Factorial Web Experiments•4 minutes
Designing an Experiment: Etch A Sketch•3 minutes
Analyzing an Experiment: Etch A Sketch•8 minutes
Analyzing an Experiment: Betty Spaghetty•5 minutes
Pitfalls of Marketing Experiments: Betty Spaghetty•3 minutes
Maximizing Effectiveness: Nanoblocks•8 minutes
Takeaways: Marketing Experiments•2 minutes
3 readings•Total 35 minutes
Spreadsheet with Formulas•10 minutes
Transformation of Marketing at the Ohio Art Company (abridged)•15 minutes
MBTN Assessments•10 minutes
4 assignments•Total 60 minutes
Practice Quiz 1 on Designing Experiments•9 minutes
Practice Quiz 2 on Calculating Break Even and Lift•12 minutes
Practice Quiz 3 on Projecting Lift•9 minutes
Week 4: Marketing Experiments Quiz•30 minutes
1 peer review•Total 120 minutes
Design a Marketing Experiment•120 minutes
Regression Basics
Module 5•3 hours to complete
Module details
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.
What's included
17 videos2 assignments1 discussion prompt
Show info about module content
17 videos•Total 95 minutes
Welcome to Week 5•2 minutes
Using Regression Analysis•2 minutes
What Regressions Reveal•5 minutes
Interpreting Regression Outputs•10 minutes
Multivariable Regressions•6 minutes
Omitted Variable Bias•6 minutes
Using Price Elasticity to Evaluate Marketing•8 minutes
Understanding Log-Log Models•6 minutes
Marketing Mix Models•7 minutes
Takeaways: Regressions•1 minute
Course Conclusion•2 minutes
Interview with Jennifer Chick, VP Marketing, Hilton Worldwide - Part 1•8 minutes
Interview with Jennifer Chick, VP Marketing, Hilton Worldwide - Part 2•4 minutes
Interview with Paul Hunter, Head of Operations, dunnhumby, on Using Data - Part 1•7 minutes
Interview with Paul Hunter, Head of Operations, dunnhumby, on Using Data - Part 2•6 minutes
Interview with Paul Flugel, VP of Global Marketing Performance - Part 1•6 minutes
Interview with Paul Flugel, VP of Global Marketing Performance - Part 2•8 minutes
2 assignments•Total 60 minutes
Practice Quiz: Regressions•30 minutes
Week 5 Quiz on Regression Analysis•30 minutes
1 discussion prompt•Total 10 minutes
What did you learn from each of the guest speakers?•10 minutes
Instructor
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5·
Reviewed on May 22, 2020
I learned a lot of theories and applications. Professor Rakjumar goes in-depth in explaining how everything is interrelated. The quizzes give the right balance between challenging and comfortable.
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5·
Reviewed on Mar 24, 2018
I have learnt a lot. Thanks a Lot to Mr.Rajkumar Venkatesan. Very clear explanation on each and every concept. I have learnt how to apply in real time with the real time data. Great Learning.
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4·
Reviewed on Jul 12, 2022
It was comprehensive . but the explanaition for control group and test group as well as causality was very unclear to understand especially for me and u didnt explain some terms like these !thank you
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