bank of the future acl

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.

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worth1kwordsblogimageAt 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.

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acl blog global biz data

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.

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data analytics

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.

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acl blog image people walking

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.

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activity cloud circles tank top man
Not all data is created equally. “Big Data,” is so meaningful because it’s the most comprehensive, combining four characteristics: velocity (it’s fast), variety (it’s diverse), veracity (the trustworthiness of the data) and volume (there’s a lot of it).

Fast Data is the Next Step in the Evolution of Big Data

The way that big data gets big is through a constant stream of incoming data. In high-volume environments, that data arrives at incredible rates yet still needs to be analyzed and stored. Instead of simply storing that data to be analyzed later, perhaps we’ve reached the point where it can be analyzed as it’s ingested while still maintaining extremely high intake rates.

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analyticsaclimageMost businesses today are collecting a massive amount of data from their operational, marketing, transactional, financial and other systems.

Like crude oil, data needs to go through refining steps, such as collection, hygiene and transformation, before it becomes meaningful. At the pinnacle of this data refinement process is analytics, which is the process for generating hindsight, insight and foresight to make the data actionable and useful for business decisions.

Analytics can be broken into four major types, each employing various analytical methods. As a rule, most business decisions require a combination of different types of analytics.

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heat map

The analogy between fishing and marketing isn’t new. A simple internet search offers hundreds of thousands of examples of people philosophizing about how marketing is an art like fly fishing. They advise you to know your fish, go where the fish are, pick the right kind of bait, and be patient.

“People develop their own techniques that they’re not going to tell others about,” advised Jared Brown, an avid sportsman from Waco, Texas. “There are certain things [in the market] that are designed to catch fishermen and not fish. There’s no substitute for experience.” Through our discussion, I learned a lot about large-mouth bass, the colors of bait that work best, fishing magazines, water temperatures, and lakes where he’s seen success.

Fishing clearly takes a lot more time and patience than I ever imagined, and many of the people I spoke with kept coming back with the same quote: “That’s why it’s called fishing and not catching.”

You’re an event organizer. You need to fill your event as quickly as possible. With everything you’ve got to do to make it successful, participants need to jump in the boat. You need a marketing plan where your rod and reel is a stick of dynamite and a map of where to throw it in the water.

So how do you improve your chances to catch participants as quickly as possible?

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HarrahsWhen it comes to customer service, Harrah’s has been used as an example of a casino that “gets it.” Ten years ago, when Harrah’s introduced their “Total Rewards Frequent Gambler Card,” it was seen by some as risky and too expensive, but it proved to be another industry disruptor that caused the competition to reconsider.

The concept was quite straightforward. Harrah’s would collect data on their customers, and then using their identifying information, such as name and address, the casino could follow their activity while they played. When a customer swiped their card in the machine it would identify them, and they could play like normal, but they were also able to score points that could be used for discounts on meals, hotel rooms and other perks. The system doesn’t use any information about their income, but rather their value to the casino based upon how they play.

Instantly, Harrah’s began to learn things about their customers that they might not have known prior to the roll out of the program. Based on the information they collected, Harrah’s reorganized the layout of their casino similar to the style of a grocery store. Popular slots were placed in the back, and higher margin games like roulette and blackjack were placed in the center of the space while more expensive slots were placed around this “party pit.”

The results were significant. The amount spent in this area increased by 5 times. Profit margins increased by 15%. But when the casino makes money, that means gamblers are losing money, and long term, this keeps a casino from being sticky.

So they turned to the data again.
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