01 Mar The “Moneyball” philosophy: Why it can work for marketers
Billy Beane and the Oakland Athletics – as portrayed in the book and film "Moneyball" – turned baseball on its head 10 years ago by changing the way players were evaluated. Instead of following traditional metrics, the Athletics' scouting departments looked deeper into personal statistics and collected a group of players who fit into their system. By implementing this strategy, the team maximized its potential and got the most out of its limited resources. Marketers can follow the same principle.
Not all companies are privileged with massive budgets and unlimited resources. The top global conglomerates – playing the part of the New York Yankees – can afford to spend a tremendous amount of funds on bringing in new customers. However, small and midsize companies – similar to the Oakland Athletics – do not have that luxury. That's why it's important to optimize the performance of marketing analytics tools, so that companies can get the biggest bang for their marketing buck.
An article in the online publication Customer Think addresses this idea. It suggests that while marketers can benefit from reevaluating the way they look at data and use it to assist their marketing efforts, yet many have yet to do so.
"Many aren't yet using the underlying big data and analytics to make the transition from one-size-fits-all marketing to behavior-based, personalized marketing programs," Akin Arikan, the article's author, writes. "That is despite the fact that both marketers and customers stand to gain when interactions are more relevant, helpful, and real-time."
Ultimately, for marketers to maximize the potential of their information, they need to find a better way to look at it. Using FileMaker to develop a custom database software system can allow organizations the flexibility to generate custom reports and allow them the ability to view information in new and unique ways. By doing this, marketers can enhance their efforts and add increased value to the organization.