How to Use Analytics like Pro Sports Teams
Competition is the name of the game in online marketing.
Just some of the things you might ask your digital performance agency for include: competitive keywords, competitive bids, competitive analysis, and competitive monitoring.
Have you wondered how well your business compares to companies where competition IS their game?
Sports teams have experienced a renaissance of analytics over the past 10 years, and not just on their courts and fields. Analytics now help sports teams optimize their business operations from your couch, to ticket pricing, all the way through to in-game experience.
Despite the obvious differences between sports teams and even the most sophisticated B2B or B2C corporations, there are a lot of lessons to learn from sports teams about how to maximize analytics to help your business grow.
Your Company vs. Pro Sports Teams
So what can you have in common with these businesses? Pro sports organizations have brands with millions of loyal fans and their individual stars as overwhelming earned-media juggernauts. Really though, sports teams frequently operate their businesses on a shoestring budget with a very small team. Marketing teams are crunched, sales teams are pressurized, and most of the game ops workers aren’t full-time employees.
So, if your marketing team is struggling to adapt to the tides of analytics for your business, you’re not alone. You both must deal with fickle customers, demanding executives, tight budgets, and short delivery schedules.
How Do Analytics Help?
Just like the performance on the field, tracking key performance indicators will help you determine your progress internally, and against your competitors. The trick is knowing how to track, analyze, and report the right numbers.
Using analytical approaches to ticket pricing and customer engagement has paid off by improving customer loyalty and marginal revenue for sports teams. Consumer-focused and B2B companies both need to start moving their analytical maturity forward
Here are some tips I learned after attending a conference in Minneapolis earlier this year called SportCon, which featured professional and amateur sports analytics experts from Twin Cities and around the country.
- Keep customers first – customer experience will make or break your business, so keeping prospects and existing customers pleased throughout their interactions with content and experiences from your brand can keep the competition at bay.
- Track as much as possible – look for all moments where you interact with customers, both online and offline, and develop tactics to measure their activity.
- Ask the right questions – surveying your audience in a strategic way can give you qualitative validation and segmentation assistance as you develop personas and make effective customer experience updates.
- Try new technologies – experiment with new communications channels, measurement tools, and analytics visualization models which help your brand find more successful new business tactics.
- Invest in analytics – create a budget for data infrastructure, analysts, and strategy so you start tracking to the right goals and in accurate ways. Alternatively, find an agency who can help.
One Big Lesson
The most common takeaway that sports business professionals shared at the conference is that analytics can help all areas of your business prove the effectiveness of their tactics, and make them work better together. From sales to marketing, achieving goals is important for any competitive business, and analytics will help you measure performance, then sell through even better ideas to help your company continue to succeed in the marketplace.
Want to Learn More?
If you’re interested in hearing real life stories of using analytics to advance marketing approaches for pro sports teams and leading retailers, come to our exciting upcoming event: Why Pro Sports Teams Draft Marketing Pros.