Wayfair Ranks “Most Spirited Football Fans”: What Data Analysis Can Do for You
With the Super Bowl just around the corner, house and home accessories e-tailer Wayfair has cleverly ranked “the most spirited fans for NFL playoff teams” amongst its customers. One of the world’s largest e-commerce sites for home furnishings and décor, Wayfair offers over 7 million home goods, including the thousands of team-themed options in their very own NFL Fan Shop. The rankings were based on NFL-related purchases made on Wayfair.com during the 2016-2017 season.
And the winner is…
Wayfair reports that in preparation for the big game, shoppers have been stocking up on serve ware (i.e. platters and chip-and-dip trays), barware, and even extra seating. So far, Pittsburgh Steelers fans are in the lead with orders of “Black and Gold” gear, outselling New England Patriots fans by 21 percent, Green Bay Packers fans by 53 percent, and Atlanta Falcons fans by a whopping 517 percent. Wayfair also notes that the Steelers seem to have the most widespread fan base with 83 percent of orders being delivered out of their home state of Pennsylvania.
“As a Boston-based company, we always root for the home team, but Wayfair data indicates that Steelers Nation might have a slight fan advantage,” said Alex Bowman, Wayfair’s Lead Trend Forecaster. “No matter which team they support, it’s clear that Wayfair shoppers are finding ways to showcase their love of the game in their homes year-round. From outdoor grill accessories to seasonal décor and furniture, NFL merchandise is a popular choice for many of our customers.”
While undoubtedly a fun exercise, this information actually represents a ton of important insights that Wayfair can use to better their business in the future. Maybe they’ll double their stock the next time the Steelers are playing? Or perhaps they should ready themselves for a massive amount of returns, should the team lose at this year’s Super Bowl?
How to find data…
This level of data analysis isn’t specific to retail giants like Wayfair. In fact, many small business owners look to this type of information every day in an effort to learn more about the business and, of course, make better decisions for their brand. Whether it’s looking at receipts at the end of a work day, analyzing your financials, or simply talking with your customers, data can often be found right under your nose. If, like Wayfair, you run an e-commerce site, more data can be found by looking at:
- Google Analytics
- Indexed data from your e-commerce site provider (i.e. website builder Squarespace has a built-in analytics system)
- Analytics from your automated email service provider (i.e. MailChimp Reports)
As a business owner, you can also go ahead and collect data as well. There are three tiers of data collection:
- Local data can be collected through conducting surveys, focus groups or simply observing your customer
- Static data is typically purchased in bulk but is more generalized information that is not necessarily specific to your business
- Dynamic data is usually collected via a third-party in real-time at a specific event or for a specific purpose
…and what to do once you’ve found it
Once you’ve collected your data, there are plenty of things you can do with it from identifying common traits of your biggest-spending customers or managing inventory more efficiently, to figuring out which marketing initiatives work better for your business. The same can be said of your competitor’s data as well! Think about it: How many other brands and retailers do you think will take Wayfair’s study and apply it to their business to better serve their NFL-loving fans?
As per Charles Hogan, Founder and CEO of Tranzlogic, a company that specializes in helping small businesses with data management strategies, “Data is only as good as its use and/or manipulation that results in some outcome that positively impacts a companies top or bottom line. Data for data’s sake is useless […] Small businesses must be able to turn data into actionable insights. That is to say, conceive the end result and then try to reverse engineer a means of achieving that outcome.”
While data analysis is integral to running a well-rounded and successful business, it’s important not to get completely caught up in the numbers. While business intelligence will always be necessary, never underestimate the “art” of running a business – it is just as important to follow your instincts and remember why you started your brand in the first place!
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