The power of first-party data for Rightsholders in Sport
As a rightsholder in the sports industry, you know how important it is to engage with your passionated fans. But did you know that fan engagement apps can also provide valuable first party data?
First party data is information collected directly from your fans, such as their demographics, preferences, and behaviors. This data is incredibly valuable for rightsholders, as it can help you better understand your audience and tailor your marketing efforts to their needs. Which will give you valuable insights that you could provide for your sponsors and commercial partners. With more insights on your fanbase you are able to give them more information about who they are talking to, what are their interest and preferences which will be highly relevant information for commercial partners.
Fan engagement apps are a great way to collect first party data, as they allow fans to interact with your brand in a fun and engaging way. For example, you could create a quiz or poll within the app to gather information about your fans’ favorite players, teams, or sports-related products.
But collecting data is just the first step. The real value comes from analyzing and utilizing that data to improve your marketing efforts. By understanding your fans’ preferences and behaviors, you can create targeted campaigns that are more likely to resonate with them.
For example, if you know that a large percentage of your fans are interested in a particular player, you could create a campaign that focuses on that player and their accomplishments. Or, if you know that a certain demographic is more likely to purchase merchandise, you could create a targeted email campaign that promotes your latest products. Or created tailored campaign messages with your sponsors to gain information that they are interested in. For example which car they drive, insurance company, travel preferences etc. Which will bring more digital value and inventory that you are able to generate revenue from with your sponsors.
Digital transformation – the new way building up fanbases
As the world becomes increasingly digital, it’s no secret that big tech giants like Meta(Facebook/Instagram), Google, and Apple have a stronghold on the digital landscape. However, for rightsholders in the sports industry, relying solely on these platforms to distribute their content can be limiting and potentially detrimental to their bottom line.
That’s where building their own digital eco-system comes in. By creating their own platform, rightsholders can take control of their content and distribution, and ultimately gain more value from their digital assets. This means they can monetize their content in new and innovative ways, such as through subscriptions, pay-per-view, digital concepts/campaigns or even advertising.
But building a digital eco-system is no small feat. It requires a significant investment of time, resources, and expertise. However, the potential benefits are worth it. By owning their own platform, rightsholders can create a more personalized and engaging experience for their fans, which can lead to increased loyalty and revenue.
One of the biggest advantages of building their own digital eco-system is that rightsholders can break free from the “walled gardens” of big tech giants. These platforms often prioritize their own content and advertising, which can make it difficult for rightsholders to stand out and reach their target audience and measure the success from it.
By being in control of their own platform, rightsholders can ensure that their content is front and center, and that they have full control over the user experience.
Of course, building a digital eco-system is not without its challenges. Rightsholders will need to invest in the right technology, talent, and infrastructure to make it a success. They’ll also need to navigate the complex world of digital rights management and ensure that their platform is secure and compliant with regulations.
Unlocking the Power of First-Party Data for Sports Rightsholders
The digital transformation has brought about a significant shift in the way businesses operate and interact with their customers. One of the most significant changes has been the way data is collected and utilized. In the past, businesses relied heavily on social media platforms to build their brand and reach their target audience. However, with the increasing concerns around data privacy and the limitations of social media algorithms, businesses are now shifting their focus towards building first-party data in their own eco-system.
First-party data refers to the data that businesses collect directly from their customers through their own channels, such as their website, mobile app, or email marketing campaigns. This data is highly valuable as it provides businesses with a deeper understanding of their customers’ preferences, behaviors, and needs. By collecting and analyzing this data, businesses can create more personalized and targeted marketing campaigns, improve their products and services, and ultimately increase customer loyalty and retention.
In contrast, social media platforms have become increasingly restrictive in terms of data access and usage. With the recent changes to privacy policies and algorithms, businesses are finding it harder to reach their target audience and build meaningful relationships with their followers. This has led to a shift away from building value on social media followers and towards building first-party data in their own eco-system.
Building first-party data requires businesses to invest in their own digital infrastructure, such as their website, mobile app, and email marketing campaigns. By creating a seamless and personalized customer experience across these channels, businesses can encourage their fans to share their data willingly and build a more comprehensive view of their preferences and behaviors.
However, building first-party data is not without its challenges. It requires businesses to be transparent about their data collection practices and ensure that they are complying with data privacy regulations. It also requires businesses to invest in the right technology and talent to collect, analyze, and utilize the data effectively.
In conclusion, fan engagement apps can provide valuable first party data for rightsholders in the sports industry. By collecting and analyzing this data, you can better understand your audience and create targeted marketing campaigns that are more likely to resonate with them. So why not give it a try and see how it can benefit your brand?
Read more about how Many Digitals fan engagement apps will transform the way you work with first party data and how our solution and backend engine can help you generate new digital revenue.