Data Analytics Agency

[wyattnorton]

An interesting business idea came across my table today.

People are providing marketing, web design, YouTube shorts, video editing services, etc. etc.

Has anyone had experience with OR even runs a company that specializes in data services?

My buddy works for Capgemini, which is one of the larger companies that provides data services to companies.

However, his idea is centered around providing data services for smaller companies... specifically in the realm of customer acquisition.

Understanding the customer base: gender, location, age, etc. Making note of where the business performs best and then centering around the future plans.

The value of it is utilizing the data (which I presume will be unclean, messy, not visualized, etc.) and giving back insights from improved, coherent data.
(Hopefully, not just F*cking graphs and bar charts, but ACTIONABLE insights)

Insights like:
- An ecommerce business that sells beauty tools has most of their customers buying from Midwest America, women, and their income is $45,000-$60,000/year, married with kids. Okay, so now we focus your future ads on this market, but also market this this and this. We cut out these ads and these types of posts, products, etc.

This sounds like more of a marketing company now that I type it out. I like the idea.

Would love to hear thoughts and questions.

 

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[jdm667]

An interesting business idea came across my table today.

People are providing marketing, web design, YouTube shorts, video editing services, etc. etc.

Has anyone had experience with OR even runs a company that specializes in data services?

My buddy works for Capgemini, which is one of the larger companies that provides data services to companies.

However, his idea is centered around providing data services for smaller companies... specifically in the realm of customer acquisition.

Understanding the customer base: gender, location, age, etc. Making note of where the business performs best and then centering around the future plans.

The value of it is utilizing the data (which I presume will be unclean, messy, not visualized, etc.) and giving back insights from improved, coherent data.
(Hopefully, not just F*cking graphs and bar charts, but ACTIONABLE insights)

Insights like:
- An ecommerce business that sells beauty tools has most of their customers buying from Midwest America, women, and their income is $45,000-$60,000/year, married with kids. Okay, so now we focus your future ads on this market, but also market this this and this. We cut out these ads and these types of posts, products, etc.

This sounds like more of a marketing company now that I type it out. I like the idea.

Would love to hear thoughts and questions.

Data is the new oil, or so they say. You would need to validate demand for a specific service, but ... what about starting with content creators?

There are YouTubers, bloggers, etc. who LOVE creating content, but HATE digging into the data. Maybe they want to create a product, but aren't sure about what specific audience to target, what product to create, etc. How could you serve them?

For example:
-what content is performing well (in terms of eyeballs and $) and what to double down on
-what content is performing poorly and why - how can they improve it?
-what is the competition doing (e.g. what products/services/software are they selling that is doing well, and what do their ads look like)

There may be agencies that do this, but how can you put a unique spin on it? What result can you get for them? What unique ideas can you give them? For example, can they partner with a company that already has a product that would be perfect fit for the audience?

Target established content creators who are already making good money, since they have more data to analyze, are more willing/able to pay, and will get more from your services, thus justifying the price.

Just an idea, there is a lot you can do with this!

 

[WillHurtDontCare]

yeah this is a viable service

You could help them optimize their ad spend or reduce expenses

Though, hiring a data analyst really only makes sense after you're making a few million and after you have a lot of data, so make sure you go after decent sized businesses.

Just keep in mind that your friend competing against other service agencies in terms of who can offer the best ROI. If they hire your buddy for $5K and he can only provide them with say $15K additional profit, he'd lose to an email marketing agency that charges $5K and provides them with $20K additional profit.

 

[wyattnorton]

Data is the new oil, or so they say. You would need to validate demand for a specific service, but ... what about starting with content creators?

There are YouTubers, bloggers, etc. who LOVE creating content, but HATE digging into the data. Maybe they want to create a product, but aren't sure about what specific audience to target, what product to create, etc. How could you serve them?

For example:
-what content is performing well (in terms of eyeballs and $) and what to double down on
-what content is performing poorly and why - how can they improve it?
-what is the competition doing (e.g. what products/services/software are they selling that is doing well, and what do their ads look like)

There may be agencies that do this, but how can you put a unique spin on it? What result can you get for them? What unique ideas can you give them? For example, can they partner with a company that already has a product that would be perfect fit for the audience?

Target established content creators who are already making good money, since they have more data to analyze, are more willing/able to pay, and will get more from your services, thus justifying the price.

Just an idea, there is a lot you can do with this!

That's what I'm saying in terms of "What EXACTLY can a business model like this provide for businesses?"

I have been trying to think of a specific niche past just ecommerce or realtors, but some SPECIFIC business that data analytics can truly provide some insights that produce an outcome that either:
A. Increases Revenues/Profits
B. Decreases Expenses
C. Drives The Business More Coherently

Like what business or niche would benefit the most?

I appreciate the insight man, I didn't think of content creators!

 

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[wyattnorton]

Just keep in mind that your friend competing against other service agencies in terms of who can offer the best ROI. If they hire your buddy for $5K and he can only provide them with say $15K additional profit, he'd lose to an email marketing agency that charges $5K and provides them with $20K additional profit.

Absolutely,

It seems like it might be a value skew to complete these "data reviews" and send reports. Let's say it comes out with actionable insights for the business owner and that includes a change in marketing, then my buddy could provide marketing services or outsource it.

Might be a way to increase the amount the business pays?

 

[Jobless]

Skeptical about this, unless you have and provide a real advantage, in the form of a unique algorithm, analytics software, visualization, reference/benchmark data. Cleaning data is one thing, but non-obvious actionable insights is 100x harder to automate. The accuracy of the algorithm / recommendation engine would grow over time, as more and more data is collected. The data itself may be the real value for you, not the price of the service.

To sell this, use buzzwords such as "AI" or "Machine Learning," even if the software is super simple.

 

[wyattnorton]

non-obvious actionable insights is 100x harder to automate

What do you mean by this?

I could see how the automation could be an issue for the business. Is it automation for the data business itself, or the business it is providing services for?

Also, I like the buzzword ideas about AI and Machine Learning

 

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[Jobless]

What do you mean by this?

I could see how the automation could be an issue for the business. Is it automation for the data business itself, or the business it is providing services for?

Also, I like the buzzword ideas about AI and Machine Learning

If there will be a human component to the service, an analyst that looks at data and provides insights, or if you intend to automate this aspect with software. To make decisions based on insights from computer-assisted analysis is one thing. It is very different from letting an algorithm make decisions without human approval or understanding. Does the customer trust something they don't understand? Is the customer paying for human thinking, computer 'thinking', or a combination?

 

[BizyDad]

Just curious, did you ever do anything with this?

 

[Saad Khan]

This idea is promising. Tons of markets to venture into with data.

 

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[J_007]

An interesting business idea came across my table today.

People are providing marketing, web design, YouTube shorts, video editing services, etc. etc.

Has anyone had experience with OR even runs a company that specializes in data services?

My buddy works for Capgemini, which is one of the larger companies that provides data services to companies.

However, his idea is centered around providing data services for smaller companies... specifically in the realm of customer acquisition.

Understanding the customer base: gender, location, age, etc. Making note of where the business performs best and then centering around the future plans.

The value of it is utilizing the data (which I presume will be unclean, messy, not visualized, etc.) and giving back insights from improved, coherent data.
(Hopefully, not just F*cking graphs and bar charts, but ACTIONABLE insights)

Insights like:
- An ecommerce business that sells beauty tools has most of their customers buying from Midwest America, women, and their income is $45,000-$60,000/year, married with kids. Okay, so now we focus your future ads on this market, but also market this this and this. We cut out these ads and these types of posts, products, etc.

This sounds like more of a marketing company now that I type it out. I like the idea.

Would love to hear thoughts and questions.

In the world of data analyses ACTIONABLE insights are a form of Prescriptive analytics. I once did a project for the Coca Cola company with an external data-analytics team. A team of econometricians construct a data model about what type of restaurants would most likely buy the new available drinks. All based on the location, if they had the standard Coca Cola drinks and other criteria. After that they simulated the model and built a prescriptive model. Basically, what came out was a list of all the restaurants and bars that the call center had to call for most chances of succes. This was important, because there was a limited amount of calls that can be done. Problems that can arise for smaller businesses is the lack of consumer data. Also to access valuable data can be costly, but I believe there is always a way to work around that.