UNLOCKING THE VALUE OF YOUR DATA
The Oscar-nominated film Moneyball tells the story of how the Oakland Athletics baseball team harnessed data to hit home runs. In the movie, the team recruits bargain players who have been overlooked but can get on base, score runs, and win games. This new metrics based playing strategy ultimately leads Oakland to win big after being an underdog for years.
Moneyball, based on a true story, is a stunning narrative on the power of sports analytics. From player recruitment to on-the-field performance, the use of advanced analytics is now an essential component of professional sports.
Data is the most valuable player in the sports industry; however, sports organizations have yet to realize the power of data analysis. Despite using data to unlock measurable returns on the field, the sporting industry has been slow to recognize the value analytics can bring to off-the-field operations.
Today's sports ecosystem is highly competitive, and there are enormous demands from sponsors to increase the value of their partnerships. In this whitepaper, we'll explore how fan data can play an instrumental role in boosting fan engagement and helping brand sponsorships succeed.
Data is the sword of the 21st century, those who wield it well, the samurai.
Realizing the full potential of customer data is not without challenges. Organizational complexities can often mean data is siloed in disparate files and not shared collectively, which could lead to decisions made with incomplete data. Rights-owners may understand the importance of analytics, but many lack the knowledge, expertise or resources to incorporate the practice into their business growth strategy.
Having a basic grasp of your audience is not enough to substantially contribute to marketing effectiveness.
It takes a solid comprehension of all your data sources plus a holistic strategy to capture and actualize the insights acquired. To create structure around your data capabilities, we suggest using a data maturity model. Data maturity refers to how advanced an organization's level of data usage and analysis is. Using a data maturity curve provides a methodology to measure and monitor the state of an organization’s big data capability, and plot a clear path to realizing monetization through data.
Exploring these key concepts and taking steps to become data mature will inform the decisions leadership make in regards to product changes and new offerings based on consumer insights. Ultimately leading to long-lasting customer/fan relationships, stronger partnerships and new revenue streams for your organization.
THE CONNECTED FAN
Technology has revolutionized our world, and today's new generation of fans is natively digital. They expect the brands to offer personalized, exciting and innovative experiences across the digital platforms they're on.
A consumer-centric approach is crucial for leagues and teams to make customer connections and build loyalty. Ideally, your consumers' consumption habits should dictate what kind of content your company creates, where you publish it, and how you distribute it.
Competing in the war for attention has grown increasingly difficult. We have moved into the age of immersive media with audiences consuming content through multiple channels simultaneously. Emerging media, such as Virtual Reality, provide new and immersive experiences to engage fans. However, if sports brands do not recognize these trends, and new platforms where their fans live, (such as TikTok, and Instagram), then they risk losing their base and will fail to grow their audience.
The Bottom Line
For today's sports organizations, there is real value in investing in data. Despite what may seem like complex challenges to solve, there are clear, actionable steps your organization can follow to improve your data strategy and achieve your business goals.
Read our white paper for full details on how to monetize your data.
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