Instead of the commonly used "Moneyball" analogy, here's a look at how to use data to connect with consumers through the lens of another sport: soccer.
When it comes to data and marketing, most people take the analogy to Moneyball.
And it's pretty easy one to see why: Just like how Billy Beane, the general manager of the Oakland Athletics, used previously ignored data to field a better baseball team, chief marketing officers (CMOs) are asking their teams to use previously ignored data to create a better marketing plan.
Once you get past that part of the analogy, though, it's a different sport that completes the picture: soccer.
See, one of the biggest challenges organizations face when trying to use that data to create better marketing isn't understanding the data they have about their customers; it's actually understanding how that data can work for them and for their customers in a meaningful way.
And there's really no sport outside of soccer that requires a precise understanding of what you have and how you're going to use it. So, in the spirit of offering a fresh take on Moneyball (the European soccer seasons just started earlier this month), let's take a look at how you can pull together an effective marketing strategy by shaping it after the "beautiful game."
First, some definitions on the type of data you can use:
Second, some framework: this isn't about ranking which data sources are the best. It's about understanding how all these sources are valuable and about understanding how you can get them to work together. (A reminder, then, that a soccer team fields 11 players and usually divides its players into a formation called the 4-4-2, where each role has a somewhat distinct set of responsibilities: (1) goalkeeper, (4) defenders, (4) midfielders, and (2) forwards.)
What does this all mean?
You need a complete team of data sources and types to put in place a winning personalization plan. Start with the players from the team you already have and look for ways to bring in additional sources as you progress.
And remember: It's not about a single player or data point. It's about combinations and interplay that allow the beautiful game to open up. That's why the best personalization programs have data work together.
Want to learn more?
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Nathan Richter is the global director of client solutions at Monetate, where he advises top enterprise clients on website optimization. A veteran of digital marketing and online retailing, Richter has extensive hands-on experience helping enterprise clients implement successful multichannel marketing campaigns. Richter has directed online marketing and site optimization programs for David's Bridal, QVC, The Franklin Mint, and dELiA's.
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