The Roadmap for using SBRnet in the Data Driven Decision-Making Process

 

This is going to be the first installment in a 3-part series that will take a deep dive into the process of using the data that is on the SBRnet platform for a better understanding of the data driven decision making process.

Using data in today’s big data, complicated marketplace has become more difficult than ever. Over my 24 years working in marketing research and strategic marketing, with the last 16 of them specific to sports, I have found there are a few what I like to call “universal truths” that overhang just about any situation. These truths provide you with the first steps on your goal to better understand the nature of the challenge or problem you are trying to solve.

Universal Truth 1: Let the data guide your process and don’t try to push the data around so that it better meets your pre-determined narrative. Start wide and open-minded and let the data fall where it may. In too many cases, I have watched as marketing people dive right into their anticipated target (s) rather than have a data or plan that starts as high as possible in terms of data hierarchy. As an example, Company A is looking to bring some new/existing technology for their primary category of business. They come to find out there are a few other situations where this new technology would apply so the task at hand is to identify the best new categories for expansion. But the question is…what and where do I go? In this case, maybe start with the participation data that is on the SBRnet platform. This will help you go fishing where the fish are so to speak and not try to force the square peg into a round hole. Always remember, if people don’t play, they don’t need to buy. This will also let you know if the possible reward is going to worth the work and investment that it might take to gain relevant market share.

Universal Truth 2: What data takes me further down the journey? How many questions can the next piece of data answer in the who, what, when, where, why and how scenario.

Again, there is not one single piece of data that can answer all of these questions. In the scenario that was laid out above, it means start diving into the key participant demographics to help answer the “who” question. But beyond that it might be time to start the process of layering in other datasets to take you further on the journey. Start looking at market share data on the SBRnet Platform to see who the players are, where they exist in the specific category and then take a step back for a last look to see if you can even take on any of these brands that will eventually be your competition.

Universal Truth 3: In my very first marketing class at Syracuse University, I learned about something called a SWOT, (Strengths, Weaknesses, Opportunity and Threats) analysis that to this day has remained a constant throughout my career. This is now the point where you start pulling in competitive data to compare the product or technology that you are trying to introduce. This is also a great opportunity to use the “article search” feature that is an important part of the SBRnet platform. As an example, you might find out that a brand in that category made some sort of blunder or had a public relations situation that will put them in a bad light. That has to be part of your SWOT analysis.

In future installments, we will go further down the data-based decision- making route and then bring it all together in installment 3 when we talk about using data to tell a story. Neil Schwartz has over 26 years of experience working with companies and brands, both large and small together with the financial community to help them use understand the database decision making process.

Posted: 11/23/2020 10:19:01 AM

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