November 2008

Directives
Can data lists help predict future business ? By Per Löfgren

Consumer data and analysis are invaluable to a marketer and they are frequently overlooked when compiling a product launch arsenal. What do I mean? A pan-European company recently launched a new child’s stroller. Consumer data about preferred style, usability, size, weight, and even the colour, were carefully analyzed to ensure that – two years down the design path – the product would coincide with customer needs and desires. Knowing this data is invaluable to a product’s successful launch and subsequent longevity in its marketplace. A commonly overlooked source for obtaining this valuable intelligence is data lists.

Information about consumer trends, buying patterns and geographic affluence rankings hits the news on a regular basis. Consumer data helps marketers understand what consumers are doing now and helps predict what they’ll be doing next year. So when it comes to business data, why then do we still talk about ‘lists?’

There is a growing trend for companies across Europe, the US and Canada, to view business data as a resource that can be manipulated, analyzed and used as a barometer for present and future business activity, rather than a mere prospecting list. Swedish Post, for example, buys bulk business data which is updated monthly, purely to analyze movement in the business marketplace. Other companies exploit business data to offer their own services, such as online business directories.
Accessing the universe of business information enables companies to analyze the size of particular markets and identify target sectors. Yet, when it comes to business prospects, selections have so often been made on ‘gut feel’ or a personal interpretation of potential customers’ profiles.

There is growing urgency for access to information upon which to base business decisions. Already, organizations at the forefront of the data revolution are partnering with information holders, using constant updates and their own CRM systems to enhance the data. Currently, the demand for bulk business data is from large organizations that have the resources to deploy skilled people to analyze it for their needs, but in the future, the resource – and the ability to use it – will move to small- and medium-sized businesses.

Businesses that partner with data holders will not only have access to a much greater range of prospects, they will also have the ability to see into the future of the business marketplace, and tailor their offerings to suit it. So the next time your company (or your client) is involved with a product launch, consider the old fashioned data list as one of your best sources of market information!

Per Löfgren is an international B2B marketing, direct marketing and CRM specialist. Currently with PAR, a Swedish Direct Marketing firm, he serves as the director for EuroContactPool, a pan-European B2B contact database. He joined the firm in 2004 and has been instrumental in launching many of its B2B initiatives.