Data isn’t just for nerds (or companies with million dollar budgets) anymore. We see a lot of opportunities for emerging and established businesses in the endurance space to better collect, understand and use data to achieve strategic goals. Many of our clients come to us wanting to know the secret on how they can grow their businesses in the marketplace effectively and efficiently.
Historically this has been done through old school trial and error marketing or with what the client thought was quality data. While we love the old school at Presidio Sports Management…we think that a better way to analyze and use data is through the use of predictive analytics. With Predictive analytics, businesses can use their own historical data to make marketing, inventory and sales decisions with a new lens. This data can come from a variety of sources, including sales records, Google analytics, social media trends, etc.
So you might be asking yourself, “what exactly IS predictive analytics?” Besides just sounding totally awesome, predictive analytics is the examination of data to find parallels between current and historical trends in order to make educated predictions about the future state of the business. This data can be sales, inventory, website analytics or survey based. This data also helps users identify areas in which there might be potential risks and/or missed opportunities. In order for the data to be used in a productive manner it requires businesses to come up with a targeted approach for what they want to achieve and then analyze the data to their desired end.
Accurately predicting trends or behavior patterns can allow for huge growth potential as well as cost savings for businesses. By way of example, PSM recently helped a brand with a messaging refresh as part of a larger audit of their marketing strategy. The basis for the final language that we proposed in the new messaging was a result of in depth research into what the historic analytic data revealed about the traction on the previous messaging. By examining previous trends, we were able to rule out language that had fallen flat and predict what language would work best for future marketing initiatives. After testing the new language in a focus group setting, the brand was on its way.
Feel free to reach out to learn how your business can evolve by studying the data that you are (hopefully) collecting or if you just want to get your mind blown.