There’s a whirlwind of data swirling around every business. The super-big, super-rich ones are making consultants and agencies rich trying to grab it and monetize it. That’s one of the reasons we created Activity Cloud for race directors—to bring access to sophisticated insights you’d normally shell out a bunch of budget to see.
According to a recent report by Foundation Capital, a venture capitalist fund that helped the likes of Netflix get off the ground, the future of data to drive growth rests in software, not agencies or consultants. In discussing the role of the marketing executive, the report explained how technology only represents about one percent of what marketers spend today, Umbel, a data insights blog, summarized.
Come the second quarter of the 21st century and that will radically change, both the report and Umbel predict.
The data-mining strategy American grocer Kroger employed the past few years is actually pretty simple. Find out what people like, then offer them discounts on those items. The company is obviously doing a lot of things right, landing at #261 on Forbes’ Global 2000 list of the largest publicly traded companies, and ringing up more than $108 billion in sales last year.
As a race director, you can learn some valuable lessons from Kroger on how to collect data about your participants and when to use the results to drive revenue.
There’s a saying often credited to Wallis Simpson—duchess of Windsor, late aunt-in-law of Queen Elizabeth and all-around controversial historical figure: “You can never be too rich or too thin.”
Data is the same way—it’s never a bad thing to have a lot of it. In fact, the more information you have about the things that matter to your business, the better you are able to make informed decisions that will impact growth.
For that reason, data co-ops have existed for some time to help companies in the same industry—yes, that means competitors, too—anonymously share their information in one database.
Walmart is a behemoth of a business success as the world’s largest company by revenue with operations all over the globe. There aren’t many businesses that can (or want) to come close to Walmart’s size, but the big-box retailer is still a treasure trove of interesting lessons that businesses of all sizes can explore.
Case in point: data.
Walmart is heavily invested in customer data that will increase revenue and customer satisfaction.
Here’s how Walmart is using data to grow (and what you can learn):
Data is valuable, but data that you can accurately interpret and use to make better business decisions is priceless. For that reason, it’s important that stand-alone data be interpreted against other data points to provide a fuller picture of trends and behaviors. In other words, layers of data offer meaningful insights and context that solve business needs.
The link between banks and race directors isn’t as tenuous as a first glance might suspect. Both industries are focused on providing experiences, rather than simply products or services. Both industries are inherently customer-focused, rising and falling with the tide of customer trends and whims.
What the banking industry knows is that good data is necessary to provide the best customer experience, anticipate customer needs and predict trends.
At ACTIVE, we understand how important it is for activity organizers to have access to data that fuels growth. Our new data insights platform, ACTIVE Network Activity Cloud®, utilizes more than 15 years of endurance industry data to provide just that.
We’re very pleased to announce the launch of our widely anticipated new solution to event organizers who will now have access to actionable insights that will increase both registration and revenue while offering valuable participant trends.
To say that data has changed global business is an understatement. Data is a key factor in how a number of industries maximize profit, from airlines to fast food to clothing production. Even public schools and municipal governments rely heavily on data to drive key decisions.
Take airlines, which have created complicated algorithms to determine how much each passenger will pay for each seat. Using data on the demand for each flight, airlines ensure they’re making a profit by dynamically updating the selling price of their tickets.
Data is only as valuable as the tools you use to interpret those numbers and thusly, make better business decisions.
That’s why ACTIVE Network Activity Cloud™ not only gives you access to tons of data points, but also makes them simple to interpret by utilizing visual analytics.
According to The Power of Visual Communications, people interpret visual information like maps and timelines about 60,000 times faster than text.
Like it or not, we live in a consumer society that constantly wants our information. Things like what we eat, what size shoe we wear, how many kids we have—these seemingly banal aspects of our lives are jackpots for businesses wanting to sell us more stuff.
That’s the participant perspective. As an event business, you want to maximize profit and avoid waste by knowing exactly what your consumers want. But, recent studies on consumer preferences show that there is a very real middle ground for businesses wanting to move to a data-driven model.