The Rise and Rise in the Importance of Data
Like Moneyball's use of data changed the way we look at sports performance so to has CRM in business. Clubs, teams, leagues, events and governing bodies are all using data to make informed decisions, support fan engagement strategies, increase participation and most importantly, generate more revenue.
This drive in the use of data has been enabled by the development of digital technology - the ability to compress information, images, and videos that has revolutionised the way we work, play and spend. So while there’s a continuous rise in the importance of data as well as an exponential growth in the amount of data being produced - according to Forbes, by the year 2020, about 1.7 megabytes of new information will be created every second for every human being on the planet - it’s important the sports industry knows what data to use, why and how,
For example, as technology is pushed even further with the development of chatbots, AI and VR and we rush to find a way to add them to our fan experience, we need to realise that the value of these new applications is immeasurably increased when powered by data insights: we generate higher engagement which leads to more revenue, which improves our ROI.
The challenge we have is that while there’s now a universal acceptance that the importance of data is only going to rise, along with the quantity that’s available to us, we still struggle with getting some of the basics right.
Winners recently conducted a poll - a repeat of one we ran in 2013 when we were first formed - and the key issue of concern among rightsholders continues to be the creation of a Single Customer View. Not far behind that, is the standardisation (the data governance) of systems, processes, and data quality used by sports rightsholders. How many readers can relate to this?
However, despite this hesitancy over a more strategic approach to data management, there are still great examples of rightsholders that are using data to achieve their business objectives from greater engagement and participation to increased revenue and improved customer service.
If you’d like to know more about Winners’ work in this area on behalf of our football clients, please contact us.
This is reproduced from the article we wrote for FCBusiness' 100th issue which includes the 100 most influential people in the business of football since 2004. Read more here.