Discover everything you need to know about data & AI
“Data. It’s never been seen as the sexiest of topics, but all that is changing – and fast,” says Keepme’s Ian Mullane in his latest white paper, Everything You Need to Know About Data & AI.
“The challenge is this. For so long a back-room discipline, across all levels of an organisation most people’s understanding of data has gaps. We’re excited by the potential but aren’t necessarily equipped to answer important questions: what value can we expect to create, how relevant are new developments to our business, what do we need to succeed?”
These are just some of the questions Mullane, alongside co-panellists Troy Morgan and Brent Vaughan of Willows Health & Lifestyle Centre in Australia, will set out to answer at canfitpro Business on 12 November 2021.
Continuing on the theme of the white paper, the panel discussion – also entitled Everything You Need to Know About Data & AI – will provide answers to delegates’ most burning data-related questions, as well as first-hand insights into the transformational results that can be achieved, today, by harnessing data and AI.
“You’ll come to truly understand what data is, in what forms you will find it, and how to drive exceptional business value from it,” confirms Mullane.
When the Willows team begin to share their results and experiences, you’ll also understand why Morgan is categorical in his view that: “Quite simply, AI is the future. We have high expectations for everything we do now.”
1. Unite your data
The first step is to understand that the data you need to transform your business already exists in your operation.
It will often be digital but can also be offline: the notes your team might make when chatting to a member, for example. It’s structured – class bookings, access control data, website analytics and so on – but also unstructured, from inbound emails to social media reviews to the free-form section of member surveys. It’s also the data members carry in their fitness trackers and apps, that they could grant you access to. And that’s just for starters; there’s a mass of data in every one of our businesses.
The key, as Mullane explains, is to stop looking at these as separate ‘islands’ of data. By connecting them, we multiply their value, with new data combinations driving new insights.
Morgan confirms: “Willows had a huge amount of member data spread across numerous different systems, none of which talked to each other. Everything had to be done manually, which inevitably led to inconsistencies. Members would be asked multiple times for the same piece of data, which impacted their trust of us. And even then, we didn’t have a full picture of every member. We didn’t even have the same parts of the story for each member.
“Keepme was the missing piece. It now sits in the middle of everything, allowing all our systems to talk to each other – CRM, direct debits, accounting, our advertising company, website, apps, and many more – and providing one central hub where the entirety of each member’s story is held.”
2. Just add AI
Once your data has been extracted and collated, applying AI then turns it into actionable knowledge and insight.
It’s easiest to think of AI as a prediction machine. Think Spotify: ‘Based on what they’ve listened to, I predict they will like…’ Think Waze: ‘Based on my understanding of the road system and reported traffic conditions, I predict an ETA of…’
How and where can this prediction machine add value to a fitness business? At the risk of sounding simplistic, the answer is ‘everywhere’. Take a look at all the business metrics you work with, most of which report on the past. Now ask yourself: “What could I do with this insight if it were predicting forward?”
How valuable would it be if, for example, you knew which members would leave you in six months’ time? What changes might you implement in your retention strategies?
If you could send a commercial offer to a member knowing it was highly likely to be of interest, how might that impact your bottom line?
What if you could predict (with 90%+ accuracy) your sales figures for the next six months? If you knew which lead would convert and which would not? If you knew which sales channels would decrease in performance next quarter?
By asking yourself these questions, and others like them, you’ll immediately appreciate how the transparency AI provides allows you to take consistent, positive action.
“The moment we implemented Keepme, it used our existing data to risk stratify every one of our members, allowing us to intervene in a way that helped shape new habits,” confirms Morgan. “It took just 30 days to see an improvement in retention. We’ve since added a year to our average length of membership.”
3. Proceed with confidence
You’ll take those actions confidently, too, courtesy of AI’s impressive long-term accuracy. Suddenly, you’ll be empowered to act while there’s still an opportunity to change the outcome – intervening with a member who, unbeknown to them, will otherwise become at-risk nine months from now, for example.
“We’ve been blown away by how accurate the data is in terms of someone’s likelihood of leaving, and we can now get ahead of that,” confirms Morgan.
“The quality of our leads is also incredible since we based our campaigns on AI-generated avatars, and conversion is significantly higher too. Whether an existing member or a new lead, we’re now confident in our ability to connect the right person with the right product. It becomes less a sale and more a personalised offer.”
“When it comes to prediction, the results secured from AI + machine learning will be many times better than anything an expert could achieve,” confirms Mullane. “On average, our predictions are 94% accurate straight out of the gate, and even higher later on as the AI continues to learn.”
Don’t miss out on this fascinating panel. Register for canfitpro Business now!