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How you can use external data to expand your own horizons and generate useful insights

A short while ago, the annual TARGIT-Online-Week took place with lively participation of partners, customers and interested parties. An exciting online event with lots of input, suggestions, ideas and great examples from „living“ projects. Our business partner FREESIXTYFIVE presented a customer use case as an opportunity to take up one of our most exciting topics again. Regular readers of our blog will recognize our hashtag „opendataminded“ used in many of our blogs. And there is a reason. 

During the last months, we have been working extensively on the topic „opendataminded“. With the TARGIT Decision Suite, FREESIXTYFIVE has created a use case for its customers that is absolutely worth a more detailed introduction. Why? With this case, it quickly becomes obvious what we mean with „OPENDATA.MINDED“ and how to generate added value. 

OPENDATA.MINDED

Our current hybrid media usage and buying behavior (online, mobile, social, VoD, etc.) challenges businesspeople and demands agile ways of communication and sales. Caused by the digitalization of marketing and sales processes, tons of sources of real market data on consumer behavior and competitive situations arised. These can be used along the entire process chain from market development (strategy), target group and communication insights (marketing) to the optimization of ERP processes (sales & distribution). So, companies gain the agility they need to deliver successful market development of relevant customer services and market offers.

The success of marketing campaigns is often difficult to control. Generally, there is no direct connection between marketing- and sales-processes. That’s the reason why it’s so difficult to visualize the success of a marketing campaign. Very often a „perceived truth“ prevails and it is difficult to compare the companies’ brand with the image of the market. 

Besides, additionally and non-influenceable factors influence the image, the purchase process, brand image, etc., should be considered. These environmental factors are mostly not obvious, but still provides important insights. 

Digitalization shifts the horizon of experience from gut feeling to monitoring. Data models and triggers must be developed individually for each customer to generate competitive advantages.

OPENDATA.MINDED focuses on the utilization of any kind of data and information within and beyond the company’s boundaries. Through our holistic approach we develop synergies within existing processes and organization and broaden our view of the customers. 

More than „New Oil“

Data can be the „new oil“, if they are transformed into information. The process to turn crude oil into applicable products must be done in a productive and skillful manner. OPENDATA.MINDED refines applicable insights and valuable knowledge from the obtained data. So, freely available data transfers to substantial and monetizable company values. 

In the next step we broaden the company’s information basis and deliver the ability to verify the success of marketing and sales processes with KPIs. In concrete terms, we are a combination of efficient data collection, intelligent analysis, and meaningful visualization. We are the missing link between marketing and sales departments.

Big Picture

Our data is collected from a wide variety of sources, while we identify touchpoints – both known and previously unknown. For our work we use the most modern methods and tools and make them available to our customers. On request, we integrate the tools, in addition to the work results and findings, into the „world of numbers“ of the client. This way, the previous keyhole perspective becomes a big picture with a wide angle view. 

Benefit

More transparency
More control
More turnover
= OPENDATA.MINDED

This has effects…

We expand previously limited data horizons.
We create valid and agile control options.
We generate unexpected and valuable insights.
We provide sustainable and comprehensible knowledge.
We carefully change perspectives and ways of thinking.

OPENDATA.MINDED is the consistent combination of intelligent data acquisition, consistent data compression, efficient data provision, smart data analysis and impressive data visualization. 

This is clearly illustrated in the following Use Case, presented impressively by Christian Becker, founder and shareholder of FREESIXTYFIVE. 

FreeSixtyFive Use Case: „Automotive“

A new company within the automotive market wants to build an uncompromising 4×4 vehicle. The basic idea is born and the development / planning of the vehicle begins. The company is aware of the fact that reliable, but also future valid data must be available for the development of the company organization and the detailing of the vehicle concept as well as subsequently the development of the brands and communication strategy.

The Solution

With the use of LIVINGPERSONAS®, FREESIXTYFIVE offers a technical solution that transfers the areas of product and service development, as well as market observation into a hybrid market research and data model. The data obtained is merged and made available to the customer in the form of highly condensed insights.

That way the customer can keep the insights gained from the very beginning stable even over a long pre-planning and development period (>4 years) and at the same time adapt to the constantly changing market conditions. This agility of LIVINGPERSONAS® is achieved by setting up a worldwide off-road customer panel and the daily identification of relevant social media and media content (off-road, agricultural industry, outdoor, etc.).

Long before the product launch, data-centric market processes that can be used in the company’s set-up can be developed. This market modelling enables the client to use real data for future users/target groups regarding sales and communication and to answer the most diverse and exciting questions in advance.

• How do the defined target groups in the various global markets differ in their demands on an uncompromising off-roader?
  • How do they use such a vehicle?
  • Which functions / basic features must the vehicle offer?
  • What requirements does the customer have for the sales area or the service offer?
  • Which interests and information platforms do potential customers use?
  • Which regional hotspots offer the greatest sales potential?
  • Which industries, professional groups and interests are relevant within the communication strategy?
• Which multipliers, which are relevant for potential customers, can be activated in the run-up to the purchase process?

Based on very resilient real data, LIVINGPERSONAS® enables a detailed picture of the potential target market from the very first hour.

In addition, marketing and communication data (web analytics, social media, campaign data) are gradually added to the developed platform in the course of the company’s development, thus providing a single point of data for all those involved in the process (marketing, PR, service and marketing).

Market Intelligence – Scaling the Insights

But how can this complex and above all comprehensive data be anchored in the organization in a convenient way? 

Based on a scalable data model, task-specific use cases are developed by means of the TARGIT Decision Suite and translated into various dashboards for the different tasks. 

In addition to the presentation of the data in meaningful dashboards, numerous aggregation levels are also implemented in TARGIT. This results in operationalizable detailed data such as: segment-based term spaces for the various target groups in connection with detailed drilldowns for the planning of communication measures in particularly highlighted target group segments.

From beginning to end

FREESIXTYFIVE shows the impact that an OPENDATA.MINDED approach can have on businesses There are countless datalakes on the internet, which describe various market and customer relationships. From the analysis of social media conversations to traffic flow analysis about visitor behavior in public space by Google – the OPENDATA.MINDED approach helps companies to keep up with the market dynamics and as a consequence to optimize all market-oriented processes continuously. 

The basis is formed by a holistic data model of comprising market data (INBOUND DATA) and activity data (OUTBOUND DATA). Action-response models can be developed from this and AI processes can be initialized by using market-specific training data. The TARGIT Decision Suite provides the interface to all employees and thereby constitutes the decisive factor for a company to remain future-proof and market-relevant.

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