Pop quiz: How many zeroes are in a quintillion? Did you say 18? If you did, congratulations on your impressive mathematical memory (or easy access to Google). Would you believe that over 2.5 quintillion bytes of data are generated every single day? That’s 2,500,000,000,000,000,000.
But that number is more than just an eye-popping amount of zeroes — it’s an opportunity. This avalanche of information can be harnessed to benefit your club through data analytics: the process of gathering and analyzing data to draw useful insights to help drive information-based decision-making.
Here are four ways data analytics can enhance your fitness sales:
Insights Into Customers
Data analytics can pay big dividends by helping you better understand your customer base. A survey conducted by the McKinsey Global Research Institute concluded organizations that use data to analyze customer behavior and then implement those insights into their sales strategies outperform their peers by 85% in sales growth and more than 25% in gross margin. In practice, this could be analyzing which lead sources drive the most conversions or calculating the average number of follow-ups it takes to move a lead from prospect to member.
Improved Decision-Making
No one wants to make the wrong decision and inadvertently hurt their business’s sales or marketing efforts. That’s why decision-making is especially nerve-racking when you’re working off intuition or your best guess alone. Data analytics empowers your team to source real-time metrics to support your business decisions, and it’s been found that companies who are data-driven are three times more likely to report experiencing a significant improvement in decision-making within their organization.
A Competitive Edge Over Competition
Improved decision-making with data analytics can also give your club a competitive edge over the competition because relying mainly on intuition to make business decisions is still common. A PricewaterhouseCoopers survey of over 2,100 executives found “Two-thirds (61%) acknowledge their companies could rely on data analysis more and intuition less. They don’t consider their own organizations to be highly data-driven.” In a booming fitness market, you can separate your club from the pack by becoming an early adopter of data analytics and making more informed decisions than the gym next door.
Delivering An Outstanding Customer Experience
Providing an exceptional customer experience is one of the most effective differentiators to win members. Through data analytics, your team can enhance your customer experience by tailoring it to each prospect and member, and research indicates a growing majority of people want their data used this way. According to Accenture, “83% of consumers are willing to share their data to create a more personalized experience.” A tailored customer experience means delivering prospects and members personalized offers, services and discounts to win their business and retain it long term.
By Club OS. Learn more about how harnessing data can impact your business with our free Fitness Data Analytics e-book! Written by Kevin Talley, marketing specialist at Club OS. Visit club-os.com for more information.
