Data is one of the biggest buzzwords of today’s business world. With how often it gets referenced in conversation, it can be hard to differentiate fact from fiction. More importantly, it’s easy to feel overwhelmed about how to utilize data within one’s infrastructure and where to even begin with this process.

Fear not! We’re here to try and dispel some commonly held misconceptions when it comes to data, with help from industry leaders at Appmiral and GET. We recently hosted a webinar, featuring the two tech companies and took a deep dive into data - what it is and more importantly, what it isn’t.

Below are the key takeaways from the webinar but if you’d like to check out the full thing, you can catch up on the recording here.

Understand your Why: Aligning data with organizational goals

At Tradable Bits, we’re big actionable data fans.

Data as a term in and of itself is one of the biggest “catch-all” solutions of the 21st century, which makes it a difficult idea to digest. But, when you break it down, data in itself isn’t the end goal. The goal is the insights that the data can help you gain. To attain those insights, you need to understand what you’re looking for and how it fits into your organizational goals. Before getting a ton of data through the door, stop to ask yourself “Why are we collecting data?”

The answer to this question is what will eventually drive your entire data strategy. The point is not to collect all the data you can, but to collect information relevant to your overarching organizational goals. Is your goal to sell more tickets? Break down what type of data your marketing and sales team can use to achieve this. Is it to provide the best fan experience? What data can you use to help benchmark your performance? Once you have your goals clearly defined, you can more effectively break down the data solutions you need to achieve them.

Find flexible tech providers

When it comes to long-term success, the right partner fit is everything. This is especially true when looking at the tech providers you want to work with. Find a tech provider that “speaks your language”. Working with a tech provider who understands your goals and objectives will be integral to transforming your data into a proper tool. They can provide infrastructure and a way to optimize your data so that you can capture and leverage the key insights that your data has to offer.

Consider flexibility when looking at tech providers - how do they adapt to changes in the landscape? Are they capable of pivoting & providing new solutions as technology changes? Lastly, consider your in-house data team when looking at potential tech providers. Do you have a data-fluent crew or is that the biggest piece you need from a tech provider? If this year has taught us anything, it is the importance of resilience and adaptability. This is especially important when it comes to your tech provider. Flexible tech providers can help you find new innovative solutions during challenging times, but can also scale along with your operations and continue being a critical component of your data infrastructure.

Tech providers are extensions of your team. Leaning on them can lead to win-win situations

Working with tech providers should be a symbiotic relationship where both organizations benefit. Think of your tech providers as another department in your workplace and not separate from your overarching organizational goals. It’s important to find partners that align with your strategy. The Holy Grail of data, if you will, lies in centralizing your data sources. Full, comprehensive fan profiles can be built out when data is stacked on top of each other, taking the best insights for your needs from every source.

Having a plan in place where you’re more integrated with your tech providers means that you’ll have fewer blind spots when it comes to your fans. When it comes to actionable data, the more sources the merrier but remember to check in with your goals and not “overfill” your database with irrelevant information. Having more actionable data will allow you to better measure your goals and identify areas that might need a different approach.

Focus on long term gains and not on just short term costs when it comes to BI

Quality insights do come with a price tag but we believe that it’s all a matter of perspective. Try to approach data with an investment mindset. Yes, there are short-term costs to establishing a good data ecosystem, but your upfront investment has the potential to show positive returns in quick time if utilized well. An effective data strategy that yields actionable insights means that you are better equipped to tackle your business goals.

For example, if you aim to sell more tickets, a robust data ecosystem will enable you to understand your fans and thus, effectively segment and hyper-target your audience. Whatever technology solution you decide on - understand that the corners you cut today will have to be addressed at a later date. A good goal is to get to the point where you own your data and your fan networks. When you offload your reliance on third-party data, you’re making yourself more resilient to future changes in policy and technology.

Find authentic ways to drive sponsorship values using your IT infrastructure to cover your costs

Now that you’re on the path to investing in data, you can start looking at some ways to cover costs by building out stronger partnerships and generating long-term sponsorship value. When used correctly, your data infrastructure can serve insights that benefit your sponsors, and help them build their brand value. The key is in ensuring your strategies are aligned, and your “partner-fit” feels authentic to your fans.

Unlike traditional billboard models of sponsorship, a data strategy will enable your sponsors to understand the who, why & to what extent of your fans. They’ll be treated to clean, hyper-segmented audiences that they can pull into their marketing funnels, and you can more accurately quantify the value of your relationship. When you show your partner the value of a clean IT infrastructure for both of your bottom lines, they’ll be more inclined to support your efforts. Share in the investment and share in the reward!

We hope that helped demystify some misconceptions around data. If you’d like to brainstorm ways to begin setting up a data infrastructure to achieve your goals, get in touch with our team today.