Grow with Data: Analytics for your Target Market
Growing companies want more confidence to move forward with strategic decisions. Where do they invest for growth and why?
We’ve found one source of confidence is a clear, objective perspective on the market opportunity backed by actionable data on or about their target market. This includes questions like:
Where do key competitors - or businesses with a similar target market - operate?
What and where is the market opportunity for your product or service?
What are the key data points that will drive growth in your business?
Sometimes this information is readily available, sometimes it’s more challenging to acquire.
Even if the data can be acquired, it needs to be transformed from data to insights. Data in its raw form lacks strategic direction; insights come from combining the data with domain expertise, a company’s goals, and internal available data.
We support growth teams to acquire data relevant to their target market, make sense of it, and determine the strategic implications for their business by:
Custom sourcing relevant data for their business
Combining data from multiple sources (including their in-house data) into a single cohesive story
Adding analytics & strategy on top of the data to determine the strategic implications
Data-driven competitive intelligence and market research provides an objective assessment to shape strategy and move forward with confidence on key strategic decisions.
Data Sourcing
A limitation of many internal teams trying to find data on their target market is they must rely on clean, pre-packaged information.
Our technical skills mean we can find and extract raw, messy data and transform it into a workable condition. We pull information from a variety of sources, including:
Web scraping
Online APIs
Trusted government sources
Point of Interest databases
We’re resourceful in finding the data points that matter, whether it be on specific competitors, industries, or point of interest data.
As an example, we published a short industry research piece on the grocery industry in North Carolina where we sourced location information on 20 different grocery brands operating in the state. We’ve done extensive sourcing on specific brands to show how and where they’ve grown (Crumbl Cookies, Costco, and Chipotle as examples).
We research demographic information like geographic opportunity within regions or key migration trends to identify up-and-coming areas.
We’ve looked at permitting information within counties and all restaurant locations from local inspection data. We’re creative, resourceful, and work with you to determine the data points that help you get conviction for your strategic decisions.
The bottom line: We find, source, and extract data well beyond traditionally available sources.
Your Data + Our Data
Data is powerful when combined from multiple sources. We paint a picture of the market with data, but sometimes that only tells part of the story.
Where applicable, we start by understanding the current state of a company as defined by their data.
For businesses with location data, like home services companies, we want to understand where (and why) they’ve had success historically. Which neighborhoods have higher market share? Has this been changing? What are the demographic characteristics of successful neighborhoods?
For multi-market or multi-site businesses, how does performance vary by location? What characteristics describe the successful markets that we should be aware of when looking at new markets?
We combine first party (your) and third-party (our) data to understand what drives success in your business and how that overlaps with the market opportunity.
The bottom line: We integrate multiple data sources and points to tell a cohesive story.
From Data to Insights
We rarely stop with data. We move from data to insights. What does the data mean in the context of the company’s goals or strategy? What does it suggest about the opportunity in the market?
We find that businesses typically don’t need just data - they need to know what it means for their business. Even if the data exists in a digestible form that they can find, it can be challenging to bring it together with other sources and create an actionable strategy around it.
We do the heavy lifting to find and interpret the data so that the conversation can move away from the data and toward what it means strategically for the business and its growth opportunities.
We partner with growing companies to deliver data-driven competitive intelligence and market research solutions. Interested in how we can support you? Get in touch with us here or by email at jordan@bean.consulting.