If your clubs have been interested in data analytics but don’t think you have the time to implement them—think again.
While traditional data analytics have been tedious and time-consuming to get actionable information from, in this HALO Talk, Easalytics COO, Doug Young, discusses the benefits of data analytics for health clubs and how they help with revenue retention—not just member retention.
Still living in excel and tabular reports? While they aren’t inherently bad, these types of spreadsheets are:
- Time-consuming
- Limited in scope
The same is true if you have some basic data visualizations and dashboards.
The key to having better analytics (without spending more time to get meaningful information) is letting the data do the hard work for you by uncovering new opportunities—rather than just reacting to them.
That’s the difference between being data-informed and data-driven.
Data-informed is when you find data that supports a conclusion you were already forming—I.e., metrics you were already aware of and trying to track, change, etc.
Meanwhile, being data-driven means your analytics have the capability of discovering and highlighting new opportunities that you weren’t previously aware of (or wouldn’t necessarily uncover on your own).
How can analytics do this? With machine learning.
Machine learning (ML) is a type of artificial intelligence (AI) that focuses on using data and analytics the way humans do. The algorithms imitate our learning processes but with exponentially greater speed, accuracy, and efficiency.
To better understand ML, a great example is the Netflix recommendation system.
“As time goes by and you watch more movies and more TV shows, the recommendation system learns your habits and preferences. As a result, the suggestions that you get are becoming more and more accurate. Additionally, the recommender system used by Netflix focuses on each user’s most recent choices.”
The ML algorithms that Easalytics uses function much like those of Netflix because they’re also based on behavioral indicators—what you (and members like you) are doing dictates the approach that’s recommended.
ML analyzes thousands of trends from your own members’ data and allows you to make recommendations based on what you know they will interact with.
80% of what people watch on Netflix comes from their recommendation algorithms—imagine being that impactful with your members? Our ML allows you to tailor-make offerings to specific demographics based on their inclinations and natural tendencies.
Discover every member’s value and potential value—that’s the power of data analytics and machine learning.
Pete Moore puts it best: “technology is a weapon to affect your playbook.”
It’s time to add Easalytics to yours.
