Analytics Value Chain and therefore the P’s of Digital Analytics
If you’ve got taken a graduate-level business marketing course, you’ve got likely Read Philip Kotler’s well-regarded treatise on marketing titled Marketing Management. This essential text teaches the fashionable marketing student about the four P’s of marketing: price, place, promotion, and merchandise. A professor of mine at Northeastern University in Boston, while teaching a lecture on services marketing, expanded Kotler’s four P’s by adding three new P’s associated with the delivery of services. The new P’s were people, process, and physical evidence. Thus, the category concluded that there have been really seven P’s to marketing. The thesis was that after a marketing team determined the merchandise , its price, the channels, and site during which to market it, if a service needed to be delivered (for example, an appliance installation or car repair), people applied the method and had the proof within the sort of physical evidence. It makes sense: You drop off your car to urge repaired to an individual who adheres to the garage’s process. You leave with a repaired car—that shiny new bumper or even just the invoice for your records—as your physical evidence. Within the spirit of Kotler’s four P’s and the additional three P’s, the similar model is sensible for digital analytics.
Following are the P’s to digital analytics, and these P’s operate within a macro-analytics process called the Analytical Value Chain. This optimal process of the Analytical Value Chain involves nine analytics P’s as follows:
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- People on the team, their skill sets, and therefore the unique experiences and perspective all of them bring back the analysis of digital data.
- Pre-engagement: All analytical efforts require speaking with the people who are the “customers” (whether internal or external) to verify the proposed analysis is possible and possible, given available and potential data collected and systems necessary for data analysis.
- Planning: All analytical efforts require a given level of designing in the project management sense to offer them structure, milestones, and timelines.
- Platform: The technology or set of technologies wont to collect, analyze, and communicate analysis.
- Process: All analytics efforts function within processes which will or may not exist already to support analytics.
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