Sports Business Intelligence: Making Data-Driven Decisions
No doubt you've heard a lot about analytics, intelligence programs, and the power of data in various industries, but have you thought about how business intelligence affects the sports training industry and your business? While your sports business may have a strong customer base, customer analytics are still invaluable to future growth and customer satisfaction.
This type of sports business intelligence, gives your company an understanding of what's trends are occurring in your sports organization’s client database.
It's easy to think everything is fine if you still have loyal customers. But it’s the future changes in those customers that you need to be able to predict. Taking this data seriously and reading reports regularly will help you make smart data-driven decisions to prepare for future success.
So what exactly do you need to look at now to understand your customers, revenue, and other data patterns?
Metrics On Your Clients
In a recent book titled "Sports Business Analytics: Using Data to Increase Revenue and Improve Operational Efficiency", you'll find some great tips on the value of customer analytics. Edited by C. Keith Harrison, and Scott Bukstein, they recommend using a CRM platform to obtain detailed metrics on customers.
Your sports software system, should give you a marketing platform in order to communicate with your database, as well as detailed analytics portals to better understand and analyze your contact database. Once you understand your client demographics, you can better market your training events to the appropriate audience. Your reports should capture what type of purchases your customers are making, and any other ways they are interacting with your business.
As such, you're going to have a vast database reservoir of information to tap into for more personalized and targeted marketing. When you can personalize what you offer in sports services, you're going to retain loyalty and increase future revenue. By knowing what the customer wants in advance, you'll be able to further differentiate yourself from competitors.
Metrics to Measure Revenue
Looking into your own revenue is essential as well to undertsand where you need to grow in order to maintain cash flow. Analytics provide a clearer financial plan for long-term goals so your business can reach new plateaus.
Track trends in revenue by specific training event types to make more informed decisions about what your business should offer and where you might be falling short of revenue goals.
Recognizing Data Patterns
Are you able to understand trends in Average Revenue per Client at your business? Using a business intelligence program that shows a complete picture of your revenue breadown by customer and event, lets you know on any time scale, how your business is doing. Once you understand how your contact database is aligning with your revenue goals, you can determine which strategies are working, and which you might need to reevaluate.
In addition, using an algorithm to analyze the typical lifecycle of your clients can help you prepare for changes in your client base, bringing in new clients, before you even see a dip in training purchases. This also helps you look at what events you should launch for the best possible targeted match-ups.
By tapping into these data-driven best practices used in so many industries you'll be able to better track your sports business success, with a much smarter approach to making future decisions. See how you can use sports business intelligence to target your facebook ads to the right audience on our next webinar!