August 1, 2016
Information is the most valuable resource in the digital age. It can yield new customers, maintain interest in old customers, and inform on how new products should develop over time. Unfortunately, data analytics professionals don’t have a clear plan on how to turn their knowledge into actual revenues.
With practically all business sectors relying on numbers to make key decisions, now is a great time to start a data analytics company. Total value of the global market for big data services in 2015 was estimated at $US 22 billion, a truly staggering figure for a recently introduced discipline. Despite strong demand, success is not guaranteed and a startup would need a smart marketing strategy in place before it can start collecting profits. Let’s examine some of the most important strategic elements that data science providers need to take into account.
Choose B2B Marketing Model
By definition, data scientists perform a type of service that holds little appeal to the general public. The most likely beneficiaries of their work are companies looking to use data to further their own business objectives. For this reason, providers from the analytics sector should adopt a B2B (business-to-business) marketing model that emphasizes direct communication with a select circle of potential customers while limiting mass media advertising.
Most commonly used B2B techniques include being present at key industry events, utilizing effective content marketing, and providing consistent social media marketing. Stats imply that the average marketing budget for B2B services is going to increase for 7% in 2016, so it appears the race is heating up in this segment of the market.
Define Scope of Activities
There are numerous sectors where skilled data scientists can make a contribution. The founder of SimpliLearn decided to specialize for career building and HR, and devoted the available resources to position his company in this segment.
Other attractive possibilities include market research, data mining, predictive analytics, and a number of other sub-fields. The final choice might come down to the type of expertise the company has and the structure of demand in the local market. It’s possible to develop secondary capacities once the company is firmly established, but early on, the main focus should be on building a client base for core services.
Target Foreign Markets
Since data analysis is a type of activity that can be done remotely, there is no need to limit marketing efforts to local clients only.If the opportunity is lucrative enough, it makes sense to undergo additional professional specialization and master the skills necessary to penetrate a particular, perhaps international, market.
Naturally, online promotion is the main pillar of any plan for international expansion, but offline methods for lead generation such as business conferences may also be considered. Smaller companies are often able to be competitive in terms of pricing, and could win quite a few jobs away from bigger players if they are able to present their case directly to potential clients.
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