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Predictive Analysis: Coming to a Stadium Near You?

EmptyStadiumSports venues have a problem. Ticket sales are on the decline.

According to Data Informed, predictive analytics may hold some solutions. The article suggested several ways that venue owners could use predictive analytics to improve fan experiences and increase sales.

Truly, this is no different than a retailer of a men’s clothing company that seeks to gain deeper insight into the “how” and “why” one of its outlets increased overall sales and experienced a spike in return customers, while another store in a different area was bust. For sports venues just as for retailers, it is vital to get closer to the consumer and work to understand his or her specific desires so that the particular venue can provide targeted products and services that will keep them coming back for more.

…Predictive analytics using both operational and social conversation data can, for example, aggregate and correlate hot dog sales to locations in the stadium, inform analysts ‘why’ that location was a high sales activity location, if it is likely to repeat, or even if it is a desirable location to make it constantly repeatable. The correlation of sales to Tweets may tell analysts that someone spotted Tom Cruise buying a hot dog at the game and every female near that section rushed to share a hot dog with Tom; not likely repeatable. The correlation of Facebook check-ins to sales may also indicate that hot dog purchases were made just prior to and during the first inning as fans are arriving at the field. This is a scenario marketers may want to exploit by creating pre-game meetings at the stadium.”

Integrating social data to more commonly-used data sets like ticket sales was certainly an interesting thought. While social signals would not be important to every business there’s a convincing case for why it would be important to a sports venue, given fans who Tweet game updates every couple of minutes.

And that’s what it’s all about–choosing the right data out of a veritable data sea, and then using that data in just the right way. Get both elements right and you’ll have a formula for true business success. Get it wrong, and you’re just wasting time.

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