How do you show data value to your sponsors?

1 Define your objectives and metrics

Before you start any data project, you need to have a clear idea of what you want to achieve and how you will measure it. This will help you align your data goals with your sponsors' expectations and priorities. You should also communicate your objectives and metrics to your sponsors early and often, so they can see how your data contributes to their desired outcomes. For example, if your sponsor wants to increase customer retention, you can show them how your data analysis can help identify the factors that influence customer loyalty and satisfaction.

2 Create engaging and persuasive data stories

Data alone is not enough to show value to your sponsors. You need to turn your data into compelling and relevant stories that connect with their emotions and motivations. Data stories are narratives that use data visualizations, anecdotes, and context to explain the insights and recommendations. To create effective data stories, you should first understand who your sponsors are, what they care about, and what they need to know. Then decide what message you want them to learn, do, or feel after hearing your story. Select the most relevant and impactful data points that support your message and avoid overwhelming them with too much information. Use appropriate and appealing charts, graphs, and images to illustrate the data and highlight the key trends and patterns. Finally, use clear and concise language to explain the data, provide context and background, and emphasize the main takeaways and actions.

3 Demonstrate your data impact

Showing data value to your sponsors is not a one-time event. You need to demonstrate your data impact throughout the project lifecycle and beyond. This means tracking and reporting on the results and outcomes of your data analysis and recommendations, and how they affect your sponsors' goals and challenges. You should also solicit and incorporate feedback from your sponsors, and show them how you use their input to improve your data quality and relevance. By showing your data impact, you can build trust and credibility with your sponsors, and showcase your data skills and value.

4 Learn from your data failures

Not every data project will go smoothly or deliver the expected results. Sometimes, you may encounter data errors, limitations, or surprises that challenge your assumptions and hypotheses. Instead of hiding or ignoring your data failures, you should embrace them as opportunities to learn and grow as a data scientist. You should also be transparent and honest with your sponsors about your data failures, and explain how you plan to address them and prevent them from happening again. By learning from your data failures, you can show your sponsors that you are resilient and adaptable, and that you can use your data to overcome obstacles and find new solutions.

5 Educate your sponsors on data literacy

To show data value to your sponsors, it is essential to ensure they are data literate. Data literacy is the ability to understand, interpret, and communicate data effectively. If sponsors lack this knowledge, they may not accept your data insights and recommendations, or worse, misuse or misinterpret the data. To overcome this barrier, you should educate them on data literacy and help them develop the skills and confidence to use data in their decision-making. This can be done by using simple and familiar terms and examples to explain your data concepts and methods, providing guidance and support on how to access, analyze, and apply your data, encouraging questions and feedback on your data, as well as sharing best practices and resources on data literacy.

6 Celebrate your data successes

Finally, you should celebrate your data successes with your sponsors, and acknowledge their contribution and collaboration. Doing so can help you strengthen your relationship with them, and reinforce the value and impact of your data. To do this, you can share positive testimonials and feedback from stakeholders, highlight the achievements and benefits of your data projects and recommendations, recognize and reward the efforts of your sponsors and data team, and seek new opportunities to use your data skills and value.

7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?