Who would have thought, 10, 20 years ago, that doing sport and doing it well would be so dependent on data? What then – in light of this – is the future of sport?
Current changes in the sports industry
It really seems that the sports world we knew then and the one we find ourselves in today are two completely different worlds. On the one hand, there is a new demographic group, Generation Z, which is now the cohort with the greatest purchasing power. Secondly, fans and supporters today are hungry for more and more content.
Consumption is also different. Mobile is now the most widely used device, with more than 6.4 billion smartphone users worldwide. The average mobile user in the UK spends an entire day in a week on their mobile devices and a fifth of 16-24 year olds in the UK spend around seven hours a day on their mobile devices.
Then there is the issue of sponsorships. Your sponsorship value today depends on the data you have, especially fan data. The recent debacle with FC Barcelona and Spotify is telling here. Many players in the sports industry have referred to this case and spoken about it, but do we take into account the seriousness of what this entails? The discussion of followers versus contacts highlights the need to own your own data in order to leverage this information and increase the value of sponsorship. With this issue still fresh in our minds, perhaps it’s important to look into our own backyards, lest we find ourselves in similar situations.
How a Customer Data Platform (CDP) is Revolutionizing the Future of Sport
A 360 degree view of supporters is a big concept these days. Again, another change we see today that wasn’t a massive goal just a few years ago. I’m a big proponent of this approach, but what good is a 360 degree view of your supporters if you don’t have a 360 degree view of all your marketing strategies?
What a CDP does for sport today
Data is one of the greatest assets of the sports industry, if not the greatest. But who owns your data? Is it Meta or some of the other platforms and partners you use?
What if I told you this, you could own your own data and reap all the benefits that come with it. These include leveraging your data to drive sponsorship deals, the autonomy to act on the data to achieve your business goals, and the future-proofing of your organization by ensuring that all your actions are as requested. of your supporters.
But not only can you own your own data with a CDP, you can also do whatever you want with that data, subject to privacy laws and regulations, of course.
A quick summary of how it works
You have lots of data. Think about various touch points such as your ticketing system, online and offline POS system, newsletter subscriptions, in-stadium purchases, as well as over-the-top (OTT) platforms – the list is almost endless. With a CDP, you can store all of this data in one place and unify it so you only keep the cleanest data. No duplicates, just rich and reliable data. This data is updated with each interaction your supporter has with you, so you never have to worry about it becoming obsolete. Additionally, you can rest assured that data collection complies with GDPR and privacy regulations. Plus, you can easily share this data with other systems and team members across the organization and beyond, all with the click of a button. Efficiency, effectiveness, accuracy and clarity are what you get with your data in a CDP.
Autonomy to act on your own ideas
What if you could remove your data intermediaries? And instead of having to consult with someone to give you insight into your own data, you could do it yourself, in real time and have the process so simple that you can do it daily?
You can do that with a CDP because it was designed with marketers in mind, as end users. Confidence and peace of mind may seem like perks, but when everything else is so uncertain, they become invaluable.
Other benefits of a CDP include:
1. Having a trusted source of truth to fuel your actions helping you achieve and even exceed your goals
2. Consistent, reliable, repeatable and lasting success
The future of sport: 360°
From collecting data and owning your own data to analyzing the data and then taking action on it, this is what a true 360 degree approach looks like. However, even if you get the benefits of a CDP today, its benefits extend into the future. Essentially pushing you ahead of the game.
New hopes for the future of sport
And what should you expect when using a CDP?
Consistent, reliable, repeatable and long-lasting success
Instead of theorizing, let’s briefly look at a use case for CDP to increase the value of sponsorship.
These days, and this is only going to increase, sponsors want compelling evidence of the success of a potential sponsorship. You can therefore use the CDP to:
1. Leverage your CDP data to negotiate higher sponsorship deals. The bigger your contact database, the better
2. Prove the affinity of your supporters with your potential sponsors
3. Provide evidence/a roadmap of how you plan to exceed sponsorship goals and the KPIs you will measure
The best thing about using a CDP to increase the value of your sponsorship is that it allows you to simultaneously deliver a world-class supporter experience, while a better supporter experience means better business. for your sponsors and supporters.
Other exciting things to expect in the future when using a CDP
1. Compliance with privacy regulations – eg GDPR. A CDP complies with privacy rules by default because it primarily collects first-party data. This type of data requires consent from the data provider before sharing their data.
2. Larger contact databases – the power of a CDP is that it creates an ever-growing data ecosystem. So that means that as long as you have your CDP in place, you will continue to collect data, cleanse it and unify it.
3. Compound gains – which are better than marginal gains. Any win is really good, but of course the faster and bigger the wins the better. With a CDP, you build for success and for longevity.
The only constant thing in life is change, but we never know where the cards will land, so it can seem impossible to anticipate what might happen in the future. For example, with the Covid-19, nobody could have foreseen this. So, while it is difficult to know the true future of sport, it is this reality that makes a CDP more convincing. Although we don’t know what the future of the sport will look like, we do know a few things about what we would still like in the future:
1. Bigger sponsorship deals
2. Owning our own fan data
3. To continue selling tickets and merchandise
A real CDP can certainly help you do that and more.
Data Discussions helps you create a world-class fan experience, driven by your data. With its industry-leading Sports Customer Data Platform (CDP), you can create personalized fan engagement by collecting, analyzing, and acting on your data. Click here to learn more about Data Talks or follow us on social networks LinkedIn, Twitter, Facebook, instagram, Medium. Listen to our Podcast.
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