Strengthening relationships and seizing opportunities
The research has validated some of the team's original hypotheses, such as that its target audience is younger, tech savvy, and more concerned about sustainability than the average sports fan. Validating these assumptions reassures the marketing team that some of its existing investments – such as new digital products and paid media – are wise.
Perhaps most impactful is the team's newfound ability to identify opportunities to reach a fan base that's much larger than originally thought. For example, there's a growing interest in Formula E in India and APAC, which offers the potential for major growth in previously untapped markets.
Today, Envision Racing uses these data-driven insights to forge strong relationships with new and existing fans as the marketing team can make informed decisions on how to develop and evolve its marketing strategy. These insights also help the team secure profitable commercial relationships with brands that aspire to connect with audiences that fit its fan profiles.
"We now have a much more sophisticated understanding of our fan base and how to achieve our aggressive growth goals and sustainability vision," says Daniel Matson, head of marketing at Envision Racing. "The research insights we uncovered make it much easier for us to develop more personalized experiences for a variety of fans. And, as every decision we make is now backed by data-driven insights, we can act with confidence."
Even as its fan base evolves, the Envision Racing marketing team understands how to conduct audience analysis to effectively attract and engage fans. The team can dig deeply into a variety of data to develop a strategy for transformative growth. And, like any business looking to get ahead in a competitive market, it's ready and raring to capitalize on every opportunity.
Read on to see how the research methods we brought to Envision Racing can enhance your business.