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Upper Hand

Sports Management Blog

Sports Business Intelligence Methods to Grow Revenue and Profit

Posted by Upper Hand | Nov 9, 2017 2:04:28 PM

Sports businesses, like any other business, can take advantage of modern technology, data and reporting to gain a competitive advantage and grow revenue. While many sports orgnizations fail to use all of their resources and business intelligence, it doesn't mean that the opportunity is not there. In fact, there are a number of ways sports companies can use advanced to grow training programs. Gyms, training facilities and academies, for everything from tennis to football, boxing to soccer, are beginning to take these new methods seriously. Get tips for your business to avoid getting left behind.

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Client Analysis

The first thing a company should do is understand its clientele. A sports business should gather data from its users or athletes about where they live, their backgrounds, habits, ages and other demographic profiles. Data should be kept in an online database, and not on paper or an excel sheet.

Advanced reporting software for sports can then go to work, identifying your most common client characteristics, and identifying trends in athlete characteristics. In order to gain more clients, it might be wise to market in the areas you are seeing the most success. For example, if you find that many of your users come from a specific small neighborhood, it might be wise to increase marketing in that area to get even more clients at your facility. Or perhaps after analyzing your clientele you will identify gaps, such as a specific age group that you are missing out on. In that case, you will want to utilize marketing tools and facebook ads that target that age range.

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Revenue and Attendance Analysis

Top line growth is another area where sports business intelligence can do a lot of good. For example, perhaps your classes for for the 14-16 age group sell-out, and are also the most expensive. The classes for your 6-8 age group take up the same amount of time, resources, trainers, coaches and equipment, yet are often not at full capacity and charge lower rates. A advanced reporting tools will identify these trends allowing you to reformulate your class schedule to meet the higher demand and increase efficiency. With the same resources and capacity, the you training business could rapidly increase revenue with this knowledge.

Marketing Effectiveness

Sophisticated businesses focus on marketing to keep the value chain going so that they can continue to run their businesses for the long term. Asking each athlete about how they heard about your sports facility during the registration process is a good start. That information can be logged into a system to suggest ways to market for future new clients.

Similarly, this method can identify which marketing tactics are not working at all. Perhaps you are mailing postcards to people in the community about your training program. However, virtually all of your users come from referrals or online leads. With this information in hand, you can shift to more effective sports marketing tactics.

Conclusion

Using these advanced reporting methods, sports organizations and training businesses can take existing facility programs and training, and dramatically increase revenue and profit through informed decision making.

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Topics: Sports Business Management

Written by Upper Hand

Upper Hand simplifies front and back-end office tasks for sports businesses, provides cutting-edge marketing tools and offers business intelligence that enables unsurpassed performance for its customers. Customized software and pricing are fit to each individual’s sports business needs with the objective of helping every customer grow their business.