We’ve been doing Big Data for years and it has its place, but the emerging science of Small Data is a more cost-effective approach that can actually yield faster, more actionable results for fitness businesses. Think you can’t afford Big Data? You don’t need to–and in most cases, you shouldn’t even want to.
A Smarter Focus Yields Higher Returns
If you were looking for your lost wallet, a Big Data approach would be to systematically search every square inch of the state you live in. While ultimately effective, it would also be time-consuming and unnecessarily costly. A Small Data approach would combine domain expertise about you (e.g. places you’d recently been to) and behavioral science (e.g. at which of those places you most likely to have removed your wallet) to rapidly focus on areas most likely to yield results.
Think of the revered “80/20 Rule” that suggests 80% of your results come from just 20% of your efforts. Small Data is the science of focusing on that 20% first. Easalytics has the fitness industry domain expertise to identify the most fruitful areas to focus on in your mass of member data, getting you faster results at much lower cost.
Combining Predictive and Prescriptive Analytics
Machine learning and artificial intelligence can be powerful tools in predicting member behaviors, such as when members are likely to cancel or which members are most likely to purchase Personal Training. But even better than having that predictive power is knowing which variables can influence those outcomes. Why stop at identifying who is likely to purchase PT right now, when you could also identify the prescriptive actions you can take to increase the likelihood that other members purchase in the future?
Big Data methods may identify a host of predictive variables, but many of them are not factors you can influence, and you may not find sufficient insight to know where to best focus efforts to further drive desired outcomes. Small Data methods are oriented toward prescriptive analytics from the outset, enabling you to not only act upon opportunities identified today, but also increase the number of similar opportunities in the future.
Want to learn more about what role Data Science, Big Data, and Small Data could play in your fitness business? Our experienced team is familiar with the challenges you face, and we’re happy to answer any questions you may have.