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.
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.