Event intelligence helps to drive profitability
Anecdotally businesses might have a loose grasp on what events are happening within the markets that they operate in. But having an anecdotal understanding of market related events is limiting, inaccurate and by no means scalable. To achieve greater clarity, scale and ultimately profitability, you need event intelligence to help attain relevant event visibility. This is not only in the geographic market you’re familiar with, but also other regions or countries whose events such as public and school holidays can have an impact on your business too.
This brings us to event intelligence, which is essentially the technology and science used to provide global events visibility and enable deeper insights on what events might have impacted your business in the past and those that have the likelihood of impacting your business in the future.
Harnessing the ‘Why’
Seasonality is something that can be readily calculated to give you a broad understanding of when there are peaks and troughs relating to metrics like website traffic, transactions, footfall etc. However, understanding the ‘why’ and giving greater context to the trend, is the key piece of the puzzle to helping drive greater business profitability. By understanding the catalysts behind these trends, event intelligence powered by PredictHQ can not only help your business plan for these same events happening again in the future but also events like them, that might not have occurred in the past though they still have the propensity to impact your business.
Planning for the unplanned
Understanding the ‘why’ is a crucial part of event intelligence. However there is also the ability of gaining future visibility on new events that previously never existed, are not reoccurring or only happen every so many years in different locations like the football world cup or Olympics. Using PredictHQ to plan for these types of events and identifying the ones that have the potential to impact your business is a great way of ensuring that your pricing, customer service, and marketing are all on point in a timely fashion.
Some other articles relating to this topic that you might find useful include:
- How to Create a Marketing Calendar
- Why is Event Visibility Important in Marketing
- How to Create a Content Strategy
- Top 10 Tips for Optimising your Digital Advertising Campaign
Gaining better event visibility through automated event intelligence is not just about the major individual events which impact your business. It’s also about understanding the clustering or grouping of all levels of events (minor through to major) happening around the same date and location which can have a multiplied effect and even bigger impact on your business.
These groupings of sometimes completely unrelated events for example, school holiday + concert + conference, which happen around the same date and location can create the ‘perfect storm’ of demand for your business. By not having a platform that can relate and rank these events, opportunities to capitalise on this are often missed.
Enriching event data
You might be asking yourself “how are PredictHQ determining major vs minor events?” Good question. That’s where event intelligence starts to get really interesting. Sure, PredictHQ aggregates and standardises event data from around the world into one accessible and easily maintained data stream, but at that stage the data is relatively flat and one dimensional. Which is why, we go a step further and enrich our event data to create additional attributes that allow us to assign a rank or as we call it – PHQ rank, to every single event. So that’s how we’re able to determine between what are major events and those which are less so.
Changing from reactive to proactive
One of the most common responses to spikes in bookings, transactions, website traffic, footfall, customer service queries and so on, is retrospective and narrow. Businesses will identify a specific event which triggered a particular outcome but always after the fact. PredictHQ’s aim is to flip this on its head and give businesses proactive decision making abilities derived from timely event intelligence so that teams can plan accordingly, at scale and focus on the specific events that impact their business by market location or geolocation.
By harnessing the power of our event intelligence and global events API, PredictHQ helps businesses get ahead of the curve and stay ahead.