Strategy and Governance Flashcards
Why measure?
- Measuring allows to keep track on the sucess of an action
- Measuring works as a basis to optmize and evolve
- Measuring allows you to follow trends and behaviours
- Measuring helps us find the best strategy
What should we measure?
Online everything is measurable
Visitor behaviour
Visibility of our campaign
Target interest in the content (text, video, image)
Return on investment
Effectiveness of communication
Ease of use of an app or website
How is the cycle of analytics
The KPIs go around a loop
- Strategy (define where to go)
- Measure (check every step and adjust in order to optimize)
- Innovate (find the best solutions to meet our goals)
- Implement (Having our goal in mind, use the defined tools to fulfill it)
What are the benefits of SMART goals
- Get everyone on the same page
- Help you identify resources
- Increase your change of sucess
- Allow you to monitor performance
- Motivate your team
- Provide a clear beginning and end
- Help you manage workloads
What does SMART goals mean
Specific
Measurable
Attainable
Relevant
Time based
Sla
Service level agrement
Business Goals
Business goals are the major goal of your strategy or property (website, mobile app, presence in social networks) depending on the scope
per example:
sell products, build a contact base of potencial, build a loyal audience, explore a new audience niche
Strategic Goals
Strategic goals are the approach and activities we plan to focus to achieve a business goal.
For example:
For the business goal of sell products you can have the strategic goals of
- increase number o unique visitors
- increase conversion rate
- foster purchases from old customers
What are metrics
Metrics are a quantitative measurement of statistics describing events or trends on a website
KPI
Key performance indicators
Metrics or key indicators to measure the success and effectiveness of a campaign, an action, a process, a website, among others according to set goals
How to choose KPIs
Be in line with the set goals,
Be in line with expectations
Be acknowledged by all
Be measurable and reliable
Be measured regularly
Dimensions
Dimensions are features or elements that allow us to target or filter basic indicators to enrich information and to analyze the behavior of a subset
Segments
Segments are groups of dimensions that allow us to extract value from the available metrics and to evaluate the sucess of our action and the fulfillment of the strategic objectived
Data Governance
Data governance is a collection of processes, roles, policies, standarts and metrics that ensurr the effective and efficient use of information in enabling an organization to achieve its goals
It includes
- information lifecycle governance
- data privacy
- data stewardship
- data quality
- metadata management
- master and reference data management
- data security management
What are the 3 pilars of data governance
People
Process
Technology
In what areas should we focus in data governance
- Ownership
- Accessibility
- Security
- Quality
- Knowledge
How to develop a data governance strategy in 7 steps
- Identify and prioritize existing data
- Choose a metadata storage option
- Prepare and transform the metadata
- Build a governance model
- Establish a process for distribution
- Identify potencial risks
- Constantly adapt your data governance framework
Data privacy
Data privacy is the control an individual or organization has over sensitive information stored or collected about them
What are some key points on privacy in digital analytics
- Data privacy regulations
- Core privacy principles
- Implications for digital analytics
What are the data privacy regulations
- GDPR (General data protection regulations): governs how companies handle personal data of EU citizens
- CCPA (California consumer privacy act): grants california residents more control over their personal data
- ePrivacy Directive: regulates cookies usage and other online tracking
What are core privacy principles
Consent: users must give clear, informed consent before data collection
Data minimization: collect only the data necessary for the specific purpose
Transparency: clear communication about how data is collected, used and shared
What are the implications of data privacy in digital analytics
Data anonymization: reducing the risk of identifying individuals through data
User control: providing options for users to opt-out of tracking (e.g. cookie banners)
Impact on tracking: limitations on thrid party usage and tracking across multiple sites
What are the types of data we have of our users
Zero party
First party
Second party
Thrid party
Zero party data
personal information that is willingly and deliberately shared
First party data
Information that js gathered based on interactions with the brand
What is second party data
First party data that is shared with a corporate partner
What is third party data
Aggregated data that is provided by markrting platforms such as google
Which type of data is self reported
Zero party data
Example of each type of data
Zero party: product preferences
First party: purchase history
Second party: fashion brand purchase data sold to a cc company
Thrid party data: purchases from websites across the web
Characteristics of zero party data
- self reported
- direct relationship, not shared
- individual data, consented, low volume, high accuracy
Characteristics of first party data
- direct relationship, not shared
- individual data, consented, low volume, high accuracy
Characteristics of second party data
- indirect, shared
- individual data, consented, low volume high accuracy
Characteristics of thrid party data
- indirect shared
- aggregated, consent varies, high volume low accuracy
Describe first party data
Data is directly collected from users by the business through owned channels (websites or app)
Example: email adresses purchases history, website interactions, behavioursal data
What are the benefitsnof first party data
- higher accuracy (collected directly from users, reducing reliance on third parties)
- compliance friendly (easier to comply with privacy regulations since the user consents directly)
- better personalization (enables more tailored user experiences and marketing strategies)
Why shift to first party data
Third party cookies deprecation: major browsers are phasing out third party cookies (e.g. chrome by 2024)
Increased consumer awareness: users are more aware of privacy concerns and want to control ober their data
- future proofing: companies are focusjng on building trust and long-term relationships by leveraging first party data
How to build a measurement strategy?
Prepare, think and plan are crucial activities on your analytics work. These are 5 steps will help you to focus on what is important:
Step 1: define your objectives and key performance indicators (KPIs)
Step 2: consider data segmentation requirements and target audiences
Step 3: set your ambitions and target for your kpis
Step 4: Create an implemantation plan
Step 5: Define the formst and frequency for measurement and reporting plan
Analytics framework
To successfully measure you must have a welldefined strategy. Knowing what to measure and optimize is the way to achieve your busindss goals
- Business Goals
- Strategic Goals
- KPIs
- KPIs target values
- Segments to be analyzed
4 and 5 not always csn be defined
OGSM
Objectives
Goals
Strategies
Measures
Tactices
The first 2 fall into what “what” categorie and the last 3 in the “how”
Its more focused on the how than on the metrics
OKRs
This framework is more sided to the business side than to analytics.
It contains the company objective and after that is splitted on teams objectives
Its good bc its of FACTS
FOCUS (on what matters the most)
ALIGNEMENT (effectively collaborate across the organization)
COMMITMENT (reach team agreement and participation to achieve big goals)
TRACKING (closely monitor and progress and course correct when necessary)
STRETCHJNG (strive futher than imaginable)
KPIs or OKRs Whats the difference
KPIs are numbers that track the operation of your business, and OKR are action orientaded goals and measures.
KPIs are based on past results or future goals. OKRs are misson based, aspirational and directional
KPIs are monitors that the “steady-state” and benchmarks. OKRs are audacious, bold and tied to the mssion
KPIs are actions prompted when numbers are off track, OKRs actions are taken as issues arise
KPIs are measured on a ongoing basis. OKRs are time-bound, often quarterly
KPIs may be the same from quarter to quarter, year to year. OKRs change from quarter to quarter, year to year
Balaned Scoreboard
BSC helps different industries strategize and plan their activities. It’s often used to improve internal and external communications.
1. Financial Focus (how do shareholders perceive us?)
2. Customer Focus (How do we add value to the lives of our customers?)
3. Learning focus (How can we improve in a sustainable manner?)
4. Process Focus (What should we excel at?)
4 components of the Balanced Scoreboard and what which one includes
FINANCIAL (ROI, Cash flow, Financial results),
EDUCATION AND GROWTH (Job Satisfaction, Employee turnouver, specialist knowledge and skills, training oportunities)
INTERNAL PROCESS (activities per function, process alignemnet and automation)
CUSTOMER RELATIONSHIP (customer satisfaction rate, customer retention, delivery an quality performance)
Impact Matrix
to help you organize your KPIs and metrics, the same author also suggest you to use an impact matrix. wherre you can place your metrics to see where you are in terms of maturity and to organize your analysis
Why create dashborads and reports
knowledge has to be shared and the best way to share the insights and the results of an analysis is by creating visual elements that allow us to quickly monitor and identify the opportunities and weaknesses of our business or digital strategy
Dashboards
with panels keep track of kpi quickly, just use the metrics to do this.
Some solutions are GA Dashboards and GA Reports, Google Data Studio, PowerBI, Tableay Software, Excel, others
whats the advantage of google data studio
use multiple data sources in the same dashboard
