Five Analytics Business Startup Tips
(AKA What Clients REALLY Want in Analytics)
In our last post I asked our client side experts from the Useful Business Analytics Summit for tips on how to sell to them. In this penultimate post in the series I turned the tables on them and asked if they were to start an analytics business today, what would they sell?
If you as I believe in the power of projective techniques, taken with the yesterday’s post, today’s post may give you a lot deeper insight into what clients really see as valuable.
Five Tips on starting an analytics business today:
- Listen, really listen, to a few target clients
- Differentiate on speed
- Something that’s plug’n play out of the box without customization
- Bundle support
- Target a broad solution for the 80%
Q. If you were to start your own analytics business today, how would you differentiate that business?
I would seek to provide a full, soup-to-nuts analytics solution. It sounds so simple, but in the fragmented digital space we all operate in, everyone seeks to claim their own niche that they do best, when in reality all most clients really truly want is a solution that can solve all their needs, with a single MSA and a single PO.
I would go after the 80%+ of companies who could do well with a solution such as this – there are of course probably 10% of companies so advanced with their analytics practices that they should have several companies working on modeling, and several others on a consumer database – for example.
There are also probably another 10% of organizations (of course I’ve never worked for one of these) who think they need to work with 10 different companies and no matter how hard you try you won’t convince them that a single solution can work. Target the 80% and be the best single source simplified analytics solution you can be.
The space is so hotly-competed right now that I can’t think of an original pitch. Unless I knew the industry really well, I’d probably start by choosing a bunch of CMOs or VPs of Marketing and literally paying them with gift cards or something for half an hour venting about their current analytics challenges, during which time I would listen for common themes, then specialize in the top problem areas and hire out cheap until I had had a few good engagements with marquee clients.
Out of the box analytical solutions that require little customization that can easily be “plug and play” into the appropriate organization’s infrastructure, business process and management and governance structures.
Offer proven ability to develop and monetize high value data assets 5x faster than traditional data warehousing methods.
I will try to find cost efficient ways to collect data by customer request in a short period of time globally.
I will also create market / future data forecasting unit within the organization.
I’d make the solutions topical rather than pitching a generic solution. I’d also have a lot of support to go with the product.
Stop by for my next and final post in this series when I ask our analytics experts for tips on how to communicate findings to the C-suite.
[Full Disclosure: Tom H. C. Anderson is Managing Partner of Anderson Analytics, developers of patented Next Generation Text Analytics™ software platform OdinText. For more information and to inquire about software licensing visit ODINTEXT INFO REQUEST]
[Above also posted on the Next Gen Market Research blog]