How companies, athletic departments, and athletes are getting ready to take advantage of the new rules. 

Across the many different NCAA sports and divisions, there are currently over 480,000 college athletes. The NCAA touts the benefits it provides these athletes, which include increased graduation rates and athletic scholarships. But only 1% of college athletes have a coveted “full-ride” scholarship that pays for many expenses beyond tuition alone.

Until now, NCAA rules have prevented each student-athlete from monetizing their own name, image, and likeness (NIL). This was part of the NCAA’s efforts to keep a level playing field across its member schools. But recently, some state legislatures have passed laws to ensure student-athletes can benefit from NIL rights. As a result, the NCAA Board of Governors is revising the organization’s rules and changes will begin taking effect in the near future.

But how will student-athletes take advantage of the new NIL rules? Some universities are stepping up to help, such as Duquesne University who recently hired a Personal Brand Coach to prepare students. There are also several companies well-positioned to bring student-athletes into the “creator economy”. Student-athletes are natural influencers, after all—their images are literally posted all over campuses.

Curastory is a media company launched in 2019 by former student-athlete Tiffany Kelly. It provides tools to create and edit sports video content, then helps creators monetize it by matching them with brand sponsors. Advertisers and content creators have direct control over their partnerships, unlike the ads shown on sites like YouTube.

Opendorse provides several tools to help athletes manage their brand value and endorsement deals. With nearly a decade of experience, they’re ready to help student-athletes profit from their NIL rights while taking the steps necessary to safeguard their NCAA eligibility.

INFLCR was founded in 2017 to give student-athletes, coaches, and staff real-time access to photos, graphics, and video content produced by their universities. Their new INFLCR Verified tool helps compliance teams track and manage an athlete’s NIL rights. In 2019, their founder said, “More than 80 percent of the athletes’ social audience is fans and prospective recruits—and a large percentage of those are not following the team accounts because people are much more likely to follow people on social media than they are to follow brands.”

Cameo is a marketplace where consumers can purchase brief personalized videos from a wide variety of celebrities. For example, you could request a video wishing your friend a happy birthday from one of their favorite baseball players. The platform has the backing of several major investors and could be a great way for student-athletes to earn money while building stronger connections with fans.

Of course, this is only a small handful of the options that will soon be available to student-athletes. As we get more clarity on the upcoming new rules, even more opportunities to take advantage of valuable NIL rights will become available. We look forward to seeing creative new ideas in this space!

Memorabilia Is Going Digital on the Blockchain

NFTs—non-fungible tokens—provide a way to create digital scarcity and verifiable ownership. Fans can buy and sell digital collectibles like art and music. The technology is even coming to the sports industry, with Dapper Labs being the first to market with NBA Top Shot.

In partnership with the NBA and NBPA, NBA Top Shot sells game moments and creates a marketplace for them using NFTs. Imagine a trading card, but with a few seconds of video featuring a game highlight. Each “moment” has a serial number and a limited quantity available. Lucky fans who get in on the opportunity can buy a “moment pack” at the base price of $9 or premium packs with enhanced moments at higher prices. They’ve already generated over $230 million in sales while still in beta!

Next comes electronic dance music producer 3LAU. Last weekend, he auctioned the world’s first digital tokenized album. Fans bid on 33 NFTs, each of which provides access to the album “Ultraviolet” online and can be redeemed for unreleased music and unique experiences. The auction hauled in over $11 million and demonstrates one way musicians may be able to recoup losses caused by the pandemic.

The visual artist Beeple is also using NFTs to auction artwork online. A collector bought a 10-second video clip for $67,000 in October 2020, then recently auctioned it for $6.6 million—all despite the fact that anyone can watch it online for free! The original purchaser compared the NFT artwork as being like an original painting: anyone can take a photo of the Mona Lisa, but only the original has value to a collector. Even the famous auction house Christie’s is getting in on the action: another work by Beeple is currently on the block with a top bid of $3 million at the time of this post.

Why Does This Matter?

These are some staggering dollar figures, but what’s the point of digital collectibles when you can’t put them on display or touch them?

• Blockchain technology can prove the art is authentic and verify the ownership history.
• There’s no risk of damage compared to physical memorabilia, and only minimal risk of theft.
• Gen-Z grew up in the digital space and will likely be the largest consumer spending group by 2026.
• There’s a market opportunity for digital frames that allow owners to display their NFTs.

Ultimately, NFT-based digital collectibles have value for the same reason that physical collectibles do: supply and demand. After all, it’s easy to get a replica of the famous T206 Honus Wagner baseball card so why would anyone spend hundreds of thousands on an original? There’s a story behind the scarcity that drives collectability, whether it’s physical or digital.

Bring in the Sponsors

NFTs could quickly become a new sponsorship asset for sports and entertainment organizations. For example, a digital ticket Presenting Sponsor might let fans redeem tickets after the game for an NFT representing a highlight from that very game. We could potentially see a whole new class of memorabilia where fans could own a moment of the game they attended. Imagine redeeming your digital ticket and getting a limited-edition video clip of the game-winning touchdown of a Bears vs Packers game!

Of course, that’s only one possibility. Which sports team will be first to market with NFT game giveaways? NBA Top Shot is proof that fans will take interest if the product gets it right.

Across North America’s “Big 5” sports, 76% of sponsorship deals include some type of hospitality at events. It’s one of the greatest assets that teams offer, yet one of the most complex to activate upon. It’s up to you as a brand partner to decide how to use these tickets and hospitality experiences. As teams prepare to welcome you and your guests back to the arena soon, here are three tips to help you get more out of these experiences.

Determine Your Brand’s Objectives

As many data scientists say, “if you can’t measure it, you can’t improve it.” To receive the most value, you must first decide what you are trying to achieve. Your objectives may change over time, or even event by event.

For example, your company might serve multiple industries. If you’re in the middle of an initiative to increase customer spend in a particular segment, make sure to set aside enough tickets for that sector.

Alternatively, you may be trying to attract new business. Bringing prospects to a game can build good will, but set aside tickets for some of your most loyal customers too. Not only will you keep those relationships healthy, your prospects can meet customers who’ll help sell them on you.

Track Who Attends Events

Who expressed interest in the event? Who did you invite? Who accepted the invitation, and did they attend? This data will provide valuable insight for years to come. Combine it with your sales data to see if your partnership is delivering the results you want. This can help determine whether the hospitality experience helps you increase spend, close new deals, or renew contracts with at-risk customers. From there, you can see if the sponsorship is generating the return on investment you’re looking for.

Measure the Value of Attendees’ Spend and Influence

To gain the most value, your goals must be measurable. With your objectives identified and knowledge of who attends events, you can create reports that show progress over time. For example, suppose your goal is to increase brand loyalty among those attending the events. You could create a report from the following data:

• Account that attended
• Account’s total spend prior to the event
• Account’s percent change in spending after the event
• Percentage of accounts that renew after attending hospitality events

You can quickly vet and then dig into the data to determine if the hospitality experience is increasing customer spend and retention.  Compare this data to the renewal and spend a percentage of customers that were not invited to attend.

Whether you utilize hospitality assets for B2B sales or promotional marketing strategies, be sure to determine your company’s objectives and track the utilization data. It’s the key to actionable insights and increased returns.

Could you use more advice on using hospitality assets specifically tailored to your business? KORE Planning & Insights is ready to help—just request a free consultation to get started.

It’s exciting that a few different COVID-19 vaccines are nearing approval, but it will take time to distribute them and gradually build herd immunity. Many sports teams are therefore planning to reopen their arenas next season with limited capacity. To give more fans an opportunity to return, some teams plan to only offer partial season plans. But even if you continue selling full season tickets, most fans won’t be able to reserve their usual seats due to distancing requirements.

Organizations need to create a priority list for fans choosing new seats this season. But what’s the best way to do that? Here are a few ideas to keep in mind while building a seat placement customer queue.

Customer Lifetime Value (CLV) Score

CLV scores help paint the entire picture of your season ticket buyers. Instead of just focusing on those who have spent the most money on tickets recently, it also prioritizes loyal fans who have consistently purchased season tickets over many years. CLV scores can also include merchandise or concession purchases if teams have that data. Depending on the team’s revenue streams, you can assign different weights to each spending area.

Tenured Ticket Purchasers

When building a CLV, tenure of purchases is a great starting point. However, it’s important to consider fans who might not be able to afford great seats but who’ve been loyally buying tickets for the past 20 years. Tenure should be heavily weighted against total spend. In fact, tenured ticket purchasers may feel that it’s a matter of fairness to be at the front of the queue. Even if you must prioritize higher spend over tenure for business reasons, still consider allowing some of the longest-tenured purchasers first choice from the available seats. Long-term relationships are difficult to replace if they go sour.

The “Super Fans”

When building your customer seating queue, you can also prioritize fans based on their engagement with the team across multiple channels. This includes digital channels such as email marketing, team app usage, or social media. Although some of these fans may spend less on average, their engagement helps teams maximize other revenue like sponsorships. Engaged fans who are active online can even help others who can’t buy tickets stay invested in the team throughout the season.

Keeping Fans Positive

Placement of patrons with limited seating capacity is difficult, but there are ways to ease the process. For ticket holders being displaced, what other options are available within 10-15% of their original price point for season tickets? Highlight those options so fans don’t feel like they’re being either gouged or demoted. What incentives could you provide for those who might be significantly displaced? Team swag or concession vouchers can show appreciation for their willingness to work with you during this challenging season.

We hope these tips are helpful as you create a strategy for welcoming back a limited number of fans. But if you need more guidance, the KORE Planning & Insights team is ready to assist. Request a free consultation and let us know how we can help!

Esports in higher education

In 2017, 57.6 million unique viewers watched the professional esports League of Legends (LoL) championship match online. That number almost matches the viewership for the final games of the World Series, NBA Finals, and Stanley Cup combined—only the Super Bowl drew more viewers. The LoL championship even sold out attendance at Madison Square Garden in 2016. Esports continue to gain traction—in 2019, Forbes reported that the global esports audience exceeded 433 million viewers and revenue climbed over $1 billion. The prize money for winning the Fortnite World Cup now exceeds that of the revered Wimbledon Championships.

Although the NCAA has yet to play a role in esports, NCAA-recognized institutions are ramping up their involvement by sponsoring teams. The Peach Belt Conference was the first NCAA conference to begin sponsoring esports championships starting in the 2017-18 academic year. Division I esports collegiate programs began picking up steam in 2015 and now feature more than 100 teams in the U.S. In addition, the National Association of Collegiate Esports (NACE), representing 170 member schools and over 5,000 student-athletes, reports that colleges now offer over $16 million in esports scholarships and aid. The NACE believes this is only the beginning.

Why are esports attractive to college athletic programs?

Low cost programs

Esports require minimal space and equipment, removing the barrier of entry to start and maintain programs—this especially benefits smaller schools. The games are primarily played online, so travel costs for in-person matches are minimal. Although there are some large expenses like computers, high-end video cards, and other bells and whistles, the costs are extremely low relative to other sports. This gives esports teams more potential to provide a return on investment for the school.

Broaden the school’s reach

Esports present an opportunity to expand a school’s fanbase outside of traditional sports. Athletic programs have a strong presence in physical sports like basketball and football, but esports cater to more markets due to less physical limitations to succeed in competition, such as height. Even the NBA latched onto this model by launching their own NBA 2K league in 2018. 21 of the 30 NBA franchises now participate.

After Riot Games announced that Robert Morris University started an esports program, the school received over 3,000 email inquiries in two weeks, leading to 2,000 applications for admission. In comparison, they only received about two inquires per week for their soccer team. These numbers demonstrate the excitement around esports and the value of being an early adopter. Overall, broadening the school’s fan base increases the competitive landscape of enrollment and drives up brand value, attracting more donors.

Increased sponsorship and media opportunities
According to Business Insider, media rights and sponsorship deals are driving the injection of revenue into esports. A common metric when evaluating viewership is the average minute audience (AMA). The Nielsen Company describes this as “the average number of individuals or (homes or target group) viewing a TV channel, which is calculated per minute during a specified period of time over the program duration.” This same metric can be used with online streaming. In 2019, Riot Games reported that the League of Legends Championship Series (LCS) was the third most popular major professional sports league in the US among 18 to 24-year-old viewers based on live AMA. These staggering viewership numbers attract huge brands and big-time investors. Collegiate programs also expect to capitalize on these revenue streams.

Esports also stand out for the amount of time players spend in practice. It is common for esports athletes to stream their practices on websites like Twitch for over five hours at a time while interacting with fans. Other sports don’t have such long practices, nor are they streamed online with options for fan participation.

This creates additional room for new sponsorship assets. A player typically streams from their homes, giving them more opportunities to monetize their own image and likeness while also plugging in sponsors as they play. The Newzoo chart below displays recent year over year growth across all major categories—a particularly positive trend considering that the pandemic has cancelled nearly all in-person esports events. Low-cost programs combined with sponsorship and media opportunities put schools in a position to see a return on their investment.

Will esports athletes become the next collegiate superstars?

There is certainly reason to believe that esports athletes will one day rival their basketball and football counterparts on campus. College institutions are taking notice of the rise and potential that exists and are making investments. A few schools have even built dedicated esports arenas, like Full Sail University’s The Fortress which accommodates 100 athletes and 500 spectators. Others like Ohio State have built a space for 80 gaming computers, virtual reality systems, and a broadcast booth.

Illinois State University recently announced a new esports varsity team and are offering scholarships for their new athletes. The heavyweight NCAA Big East Conference has selected the Electronic Gaming Federation as their Esports Governance, Marketing and Distribution Partner. Learfield IMG College has started taking registrations for their recently announced “Mid-American Madden Challenge”, with registration opening today for participating MAC colleges as they hold multi-media rights to the 10 participating schools. As students compete in Madden NFL 20, they believe this will allow for new opportunities for sponsors to engage.

Esports are also increasing in popularity among high schools. As reported in 2019, the number of schools participating in the High School Esports League grew from 200 to more than 1,200 in just a single year of play. Esports offer students many of the same benefits as traditional sports, such as opportunities to learn strategy and teamwork. Today’s kids are growing up with esports, adding value and popularity to the collegiate programs.

With huge logos and brands backing these programs, player image and likeness recognition will increase. This opens the door for esports athletes to soon become the faces of the college athletic departments. Imagine if Madison Square Garden is one day sold-out not only for the Big East Men’s Basketball Championships, but also for the Big East Esports Championships—that day is likely not so far away!

After coming to a screeching halt back in March, the sports and live events industry is slowly coming back to life; Hard Rock Stadium and other venues are hosting socially distanced events like drive-in movies, the NWSL was able to complete their season, the NBA’s Bubble is in the playoffs with a 113-page COVID handbook in tow, and FC Dallas recently hosted a game with fans in the stands.

However, reopening venue doors does not come without complication. To help facilitate a comeback, the sports and entertainment industry is rallying to find ways to safely open their venues and have teams in competition. Ticketmaster and SeatGeek have released new products allowing seating maps to be adjusted for social distancing measures, Oak View Group is developing sanitization guidelines, and KORE is releasing new reports and strategies to find clarity in your data.

One of the most consistent obstacles to overcome in planning for reopening is food and beverage (F&B) variability. Companies that focus on technology in the F&B procurement space like Birchstreet, who drives supply chain ordering for some of the largest brands and manages a network of suppliers, are particularly well positioned to have insight on this topic. 

Through our research and conversations with industry leaders, there are a few common themes we are seeing across the market, with supply chain, menu choices, and staffing topping the list of F&B challenges as venues plan for reopening. 

Supply Chain

Market Factors 

Event venues will come back but there is still uncertainty for most on when or at what capacity. Team and Venue owners are universally trying to determine safe capacity levels, if and when fans are allowed back.  While there is variability across the industry, we’re hearing there is a 20-30% seating capacity needed to reach the minimum required revenue target to operate events. 

While these decisions are largely centered on balancing the safety of fans with creating revenue that ensures the health of the team, there are real logistic-level impacts.  One of these impacts we are hearing about is described by MIT in studies on supply chain as the bull-whip effect. Bull-whip is the phenomenon where small fluctuations in demand at the consumer level create ever-increasing swings in demand as we move up the supply chain – ultimately creating a situation where end producers struggle to keep up with relatively minor swings in consumer patterns.  In our current climate, COVID has created not just small fluctuations, but massive swings in consumer demand which will create very real and complicated issues for hospitality related services. 

To combat the bull-whip effect, venue organizations should begin working to determine those menu items that drive a positive hurdle rate that more than breaks even on expenditures to revenue.  By focusing on the hurdle rate, organizations can simplify their menu options, streamlining execution in uncertain times.  Specifically, this can help organizations working with their supply partners to procure the right items needed to satisfy their fans. One industry expert we spoke to estimated that potentially 60% of all SKUs in the supply chain may be new, adding to the complication of supply and demand. Only the highest revenue generating F&B sellers will be offered as the industry and demand remains in flux.

Included in these procurement challenges is the added need for Personal Protective Equipment (PPE). Masks, hand sanitizer, plexiglass, signage, etc. also need to be ordered at unprecedented levels which is driving up costs and adding a layer of uncertainty to the already complicated supply chain.

Considerations 

It is of great importance to work closely with vendors through these challenges. It is recommended to validate their ability to deliver the needed PPE on time, factoring in the amount of extra time needed to install and train employees on procedures.

The Bull-whip effect mandates thorough planning, particularly to forecasting. If replacement SKUs could be as high as 60% new, it is not going to be an easy feat to research and validate. If your venue is opening at a lower capacity, factor in customer expectations.  Be sure to ensure the quality and ability to deliver is up to the standards of patrons.  

Menu choices and delivery  

Market Factors 

Redefining menu choices and delivery is challenging. There will be added expenses to safely execute hospitality and related F&B and items needed, like PPE, will make distressed revenue from decreased capacity of the gate even more painful. This is an area where hurdle rate is yet again a critical metric to reevaluate the menu options and delivery.

An interesting example of note regarding the impact of PPE to F&B cost basis, is the report that approximately $10.4 million in federal funding was approved for Raymond Jones Stadium to use towards over 40 proposed COVID-19 related modifications. Could other venues see federal funding to support the added expenditures? 

In addition to the financials, venues also need to plan for a realistic outcome: reduced sections. For venues with areas of the property not reopening as a part of the facility – how do these organizations manage the added cost and the potential reduction in specialty food stands? 

For example, there could be a reduction in how open the concourse is on each level to reduce the amount of necessary PPE equipment and time needed to outfit the venue. There is precedent here for properties owners to watch and learn from.  As resorts and casinos have opened in parts of the country, one clear adjustment is large wings or areas of food and beverage have been shut down – focusing on limited SKU’s and adequate supply in designated sections of the building.

There may be an introduction of new menu products as replacement  products due to production holds and backordering issues in the supply chain.  This will be an ongoing challenge for venues and could mean specialty food stands remain closed as fans are reintroduced. 

Additionally, this allows for the staff in these businesses to better manage safety protocols for customers.  Reduction and simplification are key themes to better manage in these uncertain times.

Another consideration when determining menu options will be technology, specifically Point-of-Sale.There is real momentum to upgrade and convert POS systems to cashless and touchless approaches.  We’ve seen precedent here as well, with large brands in this space sharing that they are seeing this conversion, perhaps not surprisingly with the leading push being in Asian markets. Closer to home, as the Patriots announced in their potential reopening plan that the walk-up ticket sales windows will be suspended and only mobile ticketing will be allowed, the same mobile experience is expected to be seen within Food and Beverage.

Technology aside, there will be a change in behavior – both from the fan experience but also from the internal processes staff will need to fulfill orders going forward.  Getting in front of this curve in your planning will be an important step to reopening effectively.

Considerations 

Menu options and delivery may impact how and where you are able to open. Reduced seating and menu options means reduced concession needs.  Be sure to have ample communication to ticket holders about how food and beverage will be ordered and delivered. Do they need to download an app before arriving for mobile ordering? Is there a set of instructions posted throughout the venue with a representative available to answer technical questions and/or put in the orders for those struggling with the app? Although some venues have already moved to cashless events, moving to a full mobile ordering experience will require changing consumer behavior and staff training.

The food options in the arena should also be communicated prior to the event. If your VIP patrons are used to being able to order a lobster roll with other specialty food stand options but now the options include hot dogs and burgers, it is advised to set expectations early.

Staff & Training 

Market Factors 

As months pass, there has been plenty of news that not just seasonal, but also full-time employees working in food and beverage within these facilities have been furloughed or let go.  With so many unknowns related to the timing of returning events, the amount of staff needed once events return, and personal safety concerns, it is reasonable to assume that many employees that were furloughed have found other jobs or are simply not interested in returning.

Even in a typical season, hiring and training seasonal staff is always a challenge as many organizations experience high levels of turnover and have large group staff trainings. As the supply-chain, menu options/delivery, and capacity are being sorted through, staff levels, experience of this staff and the ratios of staff to managers will lead to a change in the hiring plan and training. For example, will there need to be an added staff member at each gate doing temperature checks upon arrival? Will there need to be extra staff continually sanitizing common spaces within the venue?

Considerations 

As staffing needs are reassessed for the “new normal”, work with your partners early to understand the added complexities.  As a mix of executives and staff are coming back, push your partners to understand their new approach to training and dig into questions like:

• How are they doing remote training when they cannot do on-the-job training? 
• How are they incorporating new content into training to account for:
  • New menu 
  • New delivery 
  • Conflict resolution  
• How are they ensuring safety for staff and patrons? 
• Is there a need to hire new types of roles for sanitation and safety? 

Closing Thoughts 

Venues used to churning through events now find the need to take extreme planning measures. As if it was not enough to work through the cancellations and rescheduling, the return to live events has added layers of complexity from food and beverage fulfillment, ordering options, safety concerns, and staffing needs.

If there is one thing that has always remained constant is that the sport and entertainment industry is not only resilient but creative, and we will prevail.

With “regular business” in major flux due to the circumstances surrounding the COVID-19 pandemic, many organizations are using this time to tackle considerable projects previously put on the back burner due to resource constraints.

One project of particular interest to our global network is CRM migration, as operations and sales groups look to take advantage of their reduced system activity.

To help organizations optimize their projects, KORE Ticketing Product Manager, Noelle Fanella and Development Manager Fabio Talevi share 7 tips to consider during your CRM migration project in our latest tip sheet. Check it out here.

It’s that time of year for many teams and entertainment organizations to lock in their ticket plan renewals. The use of retention modeling is a great way to determine who to target and expected results. Year over year, the process can be improved to provide greater organizational insight into your fan base and ticketing plan options. 

With so much data available to feed into your retention model from all aspects of the fan experience, you need to narrow in on what data points correlate to renewal likelihood.

Here are 5 key data categories to collect and consider working into your retention model: 

1. Ticket Activity

It probably won’t be a surprise that ticket activity will be a key indicator of likeliness to renew and the following points should be added to your data set for renewal modeling: 

• Attendance Percentage
• Tickets Forward
• Ticket Resale Percentage 
• Donated Tickets 

Pro-Tip: Be sure to pay special attention to resale percentage. Plan holders looking to resell their tickets may be less enticed to renew their package when they have a low ticket resale percentage. 

We recommend looking at this resale statistic throughout the season. It may be advantageous to proactively call your customers that have difficulty selling and suggest a competitive price point if applicable. This may save your customer during renewal time. 

2. Proximity to Venue

Add Zip Code to your data set. With this data in your model, you can view which season ticket holders have moved away from the venue and are therefore less likely to renew. 

Address data can also be correlated with wealth. Within your market, this may be a great indication of those likely to purchase certain ticketing plans. 

3. Ticket Holder Tenure

Length of a ticket holder’s tenure at an organization is a key attribute to gather and is a great indicator for those likely to renew. While long-term ticket holders are a likely bet for renewal, rookie season ticket holders tend to be more likely to churn.

In the early-mid season, be sure to remind rookies of all the added benefits of being a season ticket holder and encourage them to take advantage to increase their engagement with your organization.

4. Digital Interactions

The more digitally engaged, the more likely to renew. It is common that if an individual consistently opens emails, likes Instagram posts, and completes surveys, they are more likely to renew than someone that has unsubscribed from all communications. 

• Email interactions
• Form submissions
• Website visits
• Social media engagements 

Do not look too closely at only one source without consider others as it can skew your view of the individual. For example, consider a person that does not have social media accounts but may still open emails. 

5. Survey Data

Prior to starting your retention planning process, you may consider sending a survey to all season ticket holders to develop your organizations Internal Renewal Score (IRS). We recommend launching a “Likelihood to Renew” digital survey or call-campaign 2 months prior to the start of renewals to allow enough time to understand responses.

Pro-Tip: When surveying, instead of simply asking “yes” or “no” if they are going to renew, ask their likelihood to renew in a scale rating in order to gauge interest.

In addition to the survey, have your account managers to do a “gut check” for their accounts, scoring each on the likelihood to renew using the same scoring as your IRS survey. This is a good check-in to see if season ticket members and their account managers are on the same page, and if not, determine what can the account manager do to help.

Closing

While this may be seen as a daunting list for those just beginning to develop retention scoring, understand the most important thing to do is simply start! If you do not have all these data points readily available, work within the parameters of what you do have and continue building your data set during the next season.

For those that have developed retention models already, we encourage creativity in the data collected and the types of models built. For example, maybe try adding Credit Card Declines to your data set to see if that adjusts the results of your model. Year over year, continue to refine the model’s accuracy while finding ways to automate the process. 

Need help with your retention modeling?
Click here to learn more about KORE Planning & Insights (KPI) services.