In the world of sports, strategy is a crucial concept. The same can of course be said for business. Having a plan helps focus energy, time and money on what really needs to be accomplished. Strategy means that you have put some thought into what you are doing rather than going into a situation blindly. Often strategy requires researching what your competition is doing right and what they are doing wrong. Athletes often watch videos of their competitors for this very reason. For example, if you are in the restaurant business, you might try out similar restaurants in your area or read reviews to see what others have to say about them.
Formula One’s massive data pool
Formula One has proven to be enthusiastic about collecting extensive data from each car during every race. Former FIA president Max Mosley has long advocated keeping cars up to date. Recently, he commented that the new Formula One cars with V6 engines were an improvement over the increasingly out-dated cars sporting larger and less efficient V8 engines. Now during a Formula One race, each car relays back over a gigabyte of information about every aspect of the car’s performance. This information is then analysed and used to develop more advanced racing technologies. Visit Max Mosley’s blog for more information.
Identifying opportunities and taking advantage of them
Data collection can help pinpoint business opportunities when the data is thoroughly analysed. Tesco Markets saw opportunities to get their business out of a slump when they began examining data gathered from their shoppers’ club cards. The cost of data collection can vary depending upon your industry and sample size. Unexpectedly good things can happen at unlikely times. For example, the Tottenham Hotspurs are in the process of building a stadium in Haringey. The town itself plans to develop an area across from the stadium. Both sides saw an opportunity that would be mutually beneficial and have taken steps to give one another incentives to make the development more feasible.
A marketing campaign that cannot be matched
Ever wonder how a sports star actually got to the top? While pure talent is the key factor, followed by ambition, a good agent with a marketing plan is another crucial factor that can make all the difference. Marketing campaigns for athletes use sports data combined with the talent and appeal of an athlete. A good sports manager can look at a talented athlete, talk to them, and learn what sets them apart from their peers. Perhaps they have a great and encouraging story that can be used to gain followers. Maybe they are considered highly attractive, or they do community service ten hours a week.
In business and sports, it is critical to evaluate performance so that you can make sure that matters are proceeding as efficiently as possible, all while creating a respectable revenue stream. If you are a large business, it can be hard to pin point employees that are not living up to the standards you would like. Gathering data about how work time is spent can help find areas where job performance needs improvement.
Businessmen and entrepreneurs can learn important lessons from organisations that are not necessarily in their own field, whether it’s grocery chains or sporting franchises. Observe these shrewd business strategies closely, and your company can also enjoy great successes.
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