1. (Free Initial 45-minute consultation) We offer a complimentary 45-minute meeting on reviewing your data and going through the key questions and issues you may have.
a. We can go as deep or as broad as you need.
b. It’s important to understand what data you have, what data you buy, how you use it and what are the top strategic issues you’d like to achieve in the next 12-18 months.
c. This can be free-wheeling or very structured. Let us know what fits your company’s work style.
2. (One page Vision & Review) Within 7 days, we provide you with a depiction of what you see as the vision for your company with enhanced data and options (based on your constraints and risk tolerance) for enhanced use of your data and recommend what role Iridescent Data will file going forward along with associated costs.
3. (Agreement to proceed) We recommend an assessment and/or a Proof of Concept based on the vision, a 60-90 Day Proof of Concept (POC) is performed to validate the key assumptions and tenets of the vision.
4. (Business Partner) To accelerate growth and ease stress on your organization, Iridescent Data will take responsibility for managing and or monetization of your data through enhanced use of the data, based on the Vision and the success of the POC and mutually agreed upon parameters for Iridescent Data to be your Business Growth Partner.
What are examples of how data can be used differently:
Reduce uncertainty by combining your data with more granular data sources. By combining data, it becomes clearer where to invest resources and where NOT to invest.
For example, a former client had a strong view of who their key customers were demographically. Using demographic and competitive product data, a store-by-store, retailer-by-retailer profile was established to see where these key customers are currently shopping. The key relationships the company had with retailers were not robust shopping destinations for their key customers. Company didn’t neglect these retailers; however, focusing more effort toward higher potential retailers with a particular product offering.
Generate ideas based on your vision and 12 – 18-month strategic plan on how to use your data to balance building customer loyalty, selling add-on products and services, and acquiring new higher value/higher customer lifetime value customers/clients.
I am often asked the basic question: How can we use this data to increase sales and profit? There are three components we look at:
How to keep current customers/clients buying more of your product longer? Can we position your product to compete with a smaller group of products where your product attributes are differentiated and anticipate the time of next purchase? Sometimes a simple change in communication/positioning can resonate with a core, loyal group.
What additional items can be provided to enhance the customer/client experience? Can your data be used as feedback to the customer/client for enhance convenience/lower overall cost of ownership/build esteem? Can we leverage the data to see what else they are buying to enhance their experience with your and similar products?
What are the personal and household attributes of the high value customer/client and can we find households who are not buying currently who would be high potential buyers with similar messaging and positioning as the high value ones? Then we can increase new customers at a lower cost (reduce low or lower potential) and have a path that has a higher probability to develop a higher value lifetime customer/client.
Proactively address quality issues where the payback on its improvement can be leveraged. The process is always the same: find the root cause. Understand the level of effort to reduce SUFFICIENTLY or eliminate the root cause.
We are a management company, not a technology one. We do not just build technology for technology sake. All actions need to pay for itself and the risk adjusted, expected return of the capital.
Data quality issues are at the heart of trusting the output. GIGO (garbage in, garbage out). What are the range of options available to make the data more trustworthy for your team and for you? What is the cost of the improvement and what would the value be?
Every data source has data quality issues. Every organization has made management decisions on the level of data quality to provide. Do you have sufficient information to make that decision?
Enhance your data for competitive purposes.
Enhancing your data entails adding additional information to your database and this involves linking your data with a public or private data source to provide additional attributes to your own data.
For example, a company selling ads wanted to know if it could connect the individual online to what they purchased offline. We provided 2 options, first, we could enable a one-to-one match with a well-known third-party provider and a well-known geo-demographic solution. However, if the licensing fees were too high, then, second, we could also score Zip+4 and match that way. Cost of the better match would be higher, but if it didn’t make business sense, we had an option that provided that insight – at a lower price and not as granular – but it was sufficient to drive additional ad sales, until the business case improved for the next level up.
If Life Stage changes is the strongest indicator of receptiveness to new products/services and yours is one. Linking to a data source with a “change in household” could provide you with additional insight. Or if a demographic attribute, price of gas, flu season, labor statistics, purchasing a product or service are leading indicators, then let’s understand how enhancing your data will change the business value you deliver.
Our knowledge of availability of data allows us to provide options for substituting data sources to balance cost and accuracy.
Sell, swap, or license your data.
There is a market for data that grows every day. We can help you assess the value of your data, especially to CPG and media.
Once you are connected to the world of data buying and selling, being able to swap your data for another’s data, allows companies to enhance their data at a much lower total cost.