Friday, August 29, 2014

The Beautiful Game...of Data

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.

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.

First-Party Data: Data that you have and collect about your customers.

Second-Party Data: An extension of first-party data in that a partner is collecting, aggregating, or modeling customer data for new, or expanded, data sets for you to use.

Third-Party Data: This is data that provides broader insight into a customer by using sources beyond your site and your interaction with a customer.

It's the data that your customers are continually providing and developing for you and that you can use to proactively connect new products or offers with the right customers.

Because the skills area varied, your midfielders are similar to second-party data (the data you observe and collect to augment your knowledge of a customer).

In data, good parallels are your data providers who are providing modeling and segmentation services to help you understand your customers in ways you hadn't been able to develop yourself.


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