NASCAR Could Drive Fan Engagement with Data Analytics
NASCAR has one of the highest TV ratings among all professional sports franchises in the United States. Strong fan engagement helps NASCAR attract more Fortune 500 company sponsors than any other motor sport. Since its primary stream of revenue derives from merchandising, keeping fans engaged and happy is a critical function. A recent study by MBASkool suggests that NASCAR can increase fans by expanding globally and switching to green fuels. Is this really what fans want? This question is very timely.
The NASCAR Hall of Fame is located in our home city of Charlotte, NC.
In 2011, NASCAR published its five-year plan calling for a communication review, a next generation fan study, cataloging fan event experience, a star-power initiative focusing on the drivers, and a digital and social media initiative. When writing its new five-year plan, NASCAR may want to consider to utilize data analytics to better understand the fan experience and generate actionable insights. This will enable NASCAR to adjust its marketing strategy to increase customer satisfaction and thereby generate more revenue. One of the data analytics platforms NASCAR can use to generate these insights is Stratifyd Signals.
The Signals platform analyzes all types of data — structured, semi-structured, and unstructured — and uses machine learning to display the key themes, trends, and issues on an interactive visual dashboard. NASCAR can upload their own data on an ad-hoc basis, and also pull in data from websites through one of the pre-built data connectors such as Salesforce, Survey Monkey, Yelp, and Facebook. Once the data connectors are set up in a dashboard, it just takes a few moments to discover the insights that can make a huge impact on a business. For the purpose of this blog, we will use insights gathered from fan comments on the NASCAR Facebook page.
Like any other business, there is always room for improvement, even for NASCAR. In order to understand what changes, need to be made, management may ask questions like “What do our customers value the most?” or “How can we help our customers to have a better experience?” Signals will be able to provide the answers to these questions and many more. In order to determine these things, looking at buzzwords is extremely useful.
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Stratifyd Signals NASCAR Buzzwords
For NASCAR, buzzwords are a goldmine for understanding the voice of the customer. Generally, fans love to wish luck to their favorite drivers and hope that they will be the greatest. In terms of customer experience, fans love the environment that NASCAR provides to bring family and friends together and especially love meeting with the drivers. The most mentioned drivers are Jimmie Johnson, Jeff Gordon, and Martin Truex. The things that upset the fans the most are when drivers cheat, do not pass inspection, and reactions of drivers when they lose.
Areas of Opportunity
The Stratifyd Signals platform also displays the data by geography, temporal trends, the ability to pivot data based on defined fields, as well as by category. You can see who said what, where they said it, and when they said it. Did the fans talk much about expanding globally and using green fuels? No, but one commenter asked Tony Stewart to marry her! The more serious fan comments suggest that NASCAR might want to consider letting fans meet the drivers before races. During this time, drivers can meet and greet their greatest fans. By doing this, NASCAR can increase brand loyalty and customer retention. This would also help fans understand how much the drivers appreciate their support.
Drivers can be trained to handle their defeats more gracefully. Because cheating is so strongly frowned upon by fans, NASCAR may want to increase the penalties associated with cheating. Every fan wants a fair competition. In addition, inspection crews can work in greater harmony with pit crews to ensure everything is in order.
Make data-driven decisions
Making data-driven decisions can directly impact the success of a business. Whether your company is as big as NASCAR or just starting out, the data-driven insights that Stratifyd Signals can provide will prove to be invaluable