Channeling Billy Beane
Six ways that text analytics can be your Moneyball
My interest in baseball was limited to warm summer nights at the stadium until Brad Pitt brought the story of Billy Beane—the general manager of the Major League Baseball team the Oakland Athletics—to the silver screen in the movie Moneyball, which illustrated the power of finding “the gems” in data. Beane went against the experience of his seasoned scouts by relying on “sabermetrics,” or the statistical analysis of baseball to determine the team roster.
These changes led the Athletics, which had one of the lowest salary budgets in the league, to find players undervalued by the market and compete at both 2002 and 2003 playoff games. Marketers and customer experience (CX) professionals hoping to find similarly valuable insights for their businesses face the formidable challenge of taming and harnessing the world of unstructured data, including survey verbatims, inbound customer communications, review sites, Facebook, Twitter, customer videos and so much more.