Corporate partnerships are incredibly valuable in sports and entertainment. Maximizing their value is an obvious priority for promoters. The big question is how to do it. There are multiple things to consider, including data intelligence. For the purposes of this post, I will concentrate on sports data intelligence.
KORE, an industry leading provider of sports data intelligence, describes what they do as providing business intelligence for sports and entertainment companies. By leveraging data intelligence, they can help their clients do a better job of maximizing corporate partnership value.
It Starts With Data Partnerships
Leveraging sports data intelligence to maximize corporate partnership value begins with the process of developing effective data partnerships. An organization might establish data licensing agreements where it pays to access data from other sources. Other options include data sharing deals and contributing to data consortiums.
How an organization develops its partnerships really depends on its own goals. Can an organization achieve its goals with one specific model, or do multiple models have to be combined?
There are some general considerations that have to be dealt with when establishing data partnerships. They include:
- Data governance and security.
- Any restrictions on data or its usage.
- Siloing or removing partners where necessary.
- Regulatory and industry compliance.
- Competitive safeguards and similar issues.
From time to time, data partnerships fall apart. An organization needs to have a plan in place just in case it happens. Above all, organizations need to mitigate as much risk as possible when establishing data partnerships.
Leveraging the Data Effectively
Establishing data partnerships enables an organization to tap into a much deeper pool of information. And in fact, sports data intelligence requires the deepest possible pool. But once an organization gets into the pool, it needs to start swimming. That’s where leveraging data effectively comes in.
There are plenty of ways to maximize sports intelligence data in order to further corporate sponsorships. They include:
- Mutual Value – Some of the most valuable partnerships are designed to create clear value to all parties involved. When every party is served, every party is also happy.
- Building Trust – Sports intelligence data is a valuable tool for building trust between partners. As data demonstrates its value, an organization is able to better meet the needs of its partners.
- Governing Data – Corporate partnerships are built on trust. Any such trust can easily be shattered without robust data governance policies in place. Therefore, governing data effectively is non-negotiable.
Sports data intelligence lays the groundwork for maximizing corporate partnerships. But what partners do with the data they share is critical to everyone’s success. Leverage data in a positive way and you are likely to wind up with positive results.
Optimize All Operations
Finally, sports data intelligence is most productive when it is leveraged to optimize all operations involving corporate partnerships. In other words, gathering data and analyzing it goes a lot further than increasing ticket sales. The most effective intelligence efforts result in actionable data touching everything from in-event experiences to interactive content to brand loyalty and merchandise sales.
In the end, business intelligence for sports is designed to provide a deep dive into things like consumer behaviors and sponsorship performance. It begins with rock solid data partnerships and reliable data. From there, it moves into leveraging data to ensure that partners achieve their goals.
When corporate partners are pleased with their efforts, they are more likely to stick around to take advantage of future opportunities. And with each new opportunity seized, the value of a corporate partnership increases. It is all made possible by companies like KORE and their tech-driven sports data intelligence.
