Learning About Tomorrow Today
Predictive forecasting for customers happens regularly in the majority of business models. A lot of times, this is a macro version of how much volume, compared to how much spoilage, will occur within a given day, week, month or year.
But consider that teams can no longer afford to be macro with their customers. The idea of just stating how many season tickets will be sold, whether it is up or down by comparison of years past, isn’t enough in the scheme of things.
Now, teams need to know the customer of tomorrow, in the world of today.
Predictive analytics gets a lot of buzz. Much of it is ballyhoo nonsense because most executives don’t know what they are talking about. Technical jargon that has been spit out, in order to sound smarter and keep their jobs safe.
But consider that each customer is a singular person, with many contacts throughout their lifetime; their relationship network of friends and loved ones; their business contacts, etc.; and you begin to see where predictive analytics can go in terms of sports business.
This isn’t just learning about whether the fan purchases today or tomorrow, but how they interact with the sports product, and whether they can help become a vessel of other prospective customers within their network sphere.
This is a long way from the macro approach, but a lot closer to understanding the customer overall.