4 Exercise: Project Progress - Video Tutorials & Practice Problems

<v ->Time for you to get back to work.</v> So I'm done orating at you for lesson four. Now let's go back to the project you chose for solving a digital marketing analytics problem. So to make progress now, let's take a look at customer data, buyer data, audience data. I want you to go through that A to G model. Can you think about which characteristics mark your best customers? So which of these characteristics define your target market from that total addressable market? And, how would you segment that target market so that you could get more insights by breaking down customers into smaller groups. We gave you lots of tools for doing that, that A to G model was one of them. So use this A to G model. You don't necessarily have to have an answer for every letter A through G, but you should pick out the ones that actually make the most sense. And if you have other ways of targeting your market, say by which customers are the most valuable, or some other method, that's fine too. What we really looking for is for you to figure out how do you differentiate your target market from the total addressable market, and how would you segment that market so that you can break your market down into smaller groups. That'll allow you to target them better with different messages. It'll also allow you to analyze your aggregate data for better insights. So what kind of customer data do you need? Let's identify the data you need, and is it data you already have, or is it data that you have to find a way to collect? If you have it already, can you rely on it? Is it accurate? Has it been scrubbed? Has it been checked, validated, verified? And do you have historical data that can be used so that as you see the current data, you have something to compare it to to see what's changed from the past. Who do you need help from to be able to answer these questions? It might be a marketing analyst, it might be an IT person, but think about what the data is that you need, and then, think about how you would use the data. Are there any existing metrics out there or formulas or even AI models that could be used? How do you aggregate all of that data? So what are the actions you need to put in your plan in order to identify what data is needed, whether it's reliable or not, or how to improve it if it's not reliable, and how to collect it. How do you get hold of the data that you need to solve your problem? How about personas? If understanding your personas is an important part of solving your problem, try and think through what the characteristics would be of those personas. Maybe pick two personas and think about how they're different from each other. These could be the same as the target markets that you came up with. So you came up with a target market and then started segmenting it. It could be that you were segmenting it into personas that you'll actually market to differently, but not necessarily. It could be that those market segments were more about channels or how you were going to reach someone or what kind of offers they would respond to. And it might not have been the exact same thing as a persona. So think about whether you've done this work already, or whether it's work that you need to do if it's an important part of solving the marketing problem that you chose. As you're doing this, remember the power of why. Don't just give up. And so think about the power of why when you're trying to understand what is it you need to do to solve the problem you chose. So maybe you're to saying yourself, "Hey, why can't we solve this problem? 'We've tried to solve it, "we just haven't been able to do it." And so ask that question, why haven't you been able to solve this problem before, and it could be that you don't have the customer data. And you'd say, "Well, why don't you have the customer data?" "Well, customers don't answer the surveys we send them. "Why? Well, they don't see what's in it for them. "Why? Well, we aren't communicating our value. "Why? Well, maybe we don't provide enough value to them." And so that becomes actionable. How can you provide more value to them, either in the survey or more value to them so that you are such a trusted partner, they want to answer your survey. So get down to that root cause, to that actionable step in the power of why. What will help you to do a deeper analysis and have better actions in your plan. And that's what's gonna make your plan more successful. So let's summarize what we want you to do. So identify the characteristics that you need to know about your customers in order to make good decisions in order to solve the problem that you chose. Assess whether you have the needed customer data and whether it's good enough, and create actions if you don't. And contrast at least two important personas if that helps you to solve your problem. Hope this has been helpful for you. I'm really excited that you are this far along in the course, and I'm looking forward to lesson five.