Time to Play Offense — Why data and content should work together?
Over the last 2 months, technology has proven exceptionally powerful at keeping us connected while sports, schools, businesses & society have shut down. Video conferencing is becoming the new norm for classrooms, family reunions, and workouts. Social networks have become the only way to be social. Apps have allowed us to compete with each other from afar.
All of these platforms existed before, but now: they seem essential.
But as these platforms are becoming more and more available, and consumers are getting used them. There comes the question of: Is your organization ready for the next stage of Digital?
YOU HAVE TO PLAY OFFENSE TO WIN THE FUTURE
In reality, digital is about bringing the business world and the IT to one common goal for the benefit of the organization. An organization that realizes that they are slowing down and need to be faster decides to play offense & ‘’Go Digital’’: They decided to find efficient ways to bring everything together without putting existing operations at risk. But nowadays, digital needs to be more, it needs to be within an integral part of your core business or you won’t survive in 5 years from now.
In a constantly changing environment, we notice that most organizations treat digital as a support mechanism and not as a core unit of the overall organization. In sports, digital is often seen as an amplifier of reach and engagement with fans. But it is still yet to reach its full potential of being seen as an enabler of revenue. And if it is, then the ambitions are beyond reach.
‘’McKinsey research shows that companies have lofty ambitions: they expect digital initiatives to deliver annual growth and cost efficiencies of 5 to 10 percent or more in the next three to five years.’ — Six Building Blocks for Creating a High Performing Digital Enterprise
WHERE TO START?
The discussions in the boardrooms are no longer regarding the profitability between digital and non-digital activities. Now more than ever, sports organizations need to reinvent their models in ways that would allow them to reach their target audiences in smarter and more efficient ways.
They need sustainable solutions for monetizing their content. This is becoming more than ever a requirement from Sponsors.
HOWEVER THE END GOAL IS STILL UNCLEAR, BUT SPORTS MUST ADAPT TO A CHANGING LANDSCAPE IN MEDIA, SPONSORSHIP, AND TECHNOLOGY.
As a fan, it’s an amazing time. There is more content than ever. I’ve binge-watched the Last Dance on Netflix last week and I can only expect more from all sports. I have also downloaded Quibi which is a great app to see how content and platforms can be 100% Mobile First.
More and more distribution channels are available. I can only imagine and expect more options to watch my favorite sports and innovations from new platforms in how sports are presented. But the starting point of change will and should always be these questions:
What’s the cost?
Who am I reaching?
What’s the revenue model?
CONTENT IS KEY TO SPORTS FAN ENGAGEMENT, AND IT IS EVOLVING.
There are many ways to recoup the cost of content: Advertising, sponsorship, or subscription.
When it comes to sponsorship which is currently the biggest digital revenue source. It is time to start thinking about packaging up your content in smart ways to deliver compelling digital products.
How will you be able to package these products? Through Data
Nowadays there are more customer data sources and analytics tools available for online publishers than ever before. From the basics of Google Analytics to the advanced solutions created by the growing startup communities.
These unique sources will provide you with massive amounts of data, allowing you to have accurate and comprehensive insights on their customer base, demographics, behavior, and preferences.
But it’s not about sitting on a massive amount of data, or downloads, or visits. It’s about using that data to drive your business, content, and activations strategy.
Come back Friday as I go into details on how you can develop your data strategy!
Found this useful? Add me on LinkedIn, let’s have a virtual coffee: https://www.linkedin.com/in/motasemelbawab/
I have also compiled here some books, courses, and articles for you if you are interested in improving your digital literacy and nativity:
Fundamentals of Digital Marketing — Google: https://learndigital.withgoogle.com/digitalgarage/course/digital-marketing
Digital Transformation -BCG — University of Virginia https://www.coursera.org/learn/bcg-uva-darden-digital-transformation
The Digital Transformation Playbook: https://www.amazon.com/Digital-Transformation-Playbook-Business-Publishing/dp/0231175442
