After months of restrictions, many businesses are trying to determine how to return to growth after battening down the hatches for so long.
But where do you start? What is it that now makes your business vulnerable and how do you place your business on a competitive footing going forward?
While I hate the phrase ‘new normal’, it is clear that almost every business has been taking stock of where they are financially, operationally and competitively.
But once you have an understanding of your situation and the broader market dynamics, what next?
Each business has reacted differently to changes in the market with many having limited or even stopped sales activity. And to determine how to turn the situation around you need to know what changes have occurred.
As you look to go beyond the basics of opening up your sales and marketing operations, you should look to your Analytics teams for guidance.
Ask them to provide the data and insight needed to expand activities profitably and to determine where new market and product opportunities are that perhaps weren’t around or strategically important before.
Have new markets or segments opened up that you can serve with your current product offering and operational capabilities? What difficulties are the competition facing (or indeed threats to yourselves) that you can identify and react to? There may even be consolidation in the industry, which could lead to opportunities to acquire competitors’ assets to rapidly grow market share.
Employing machine learning techniques can reveal different segments and opportunities in your customer base and/or market place. This analysis can then be used to create more intelligently designed products and deliver them successfully to your target segments. This holds true for new customer acquisition as well as customer retention and yield management of your own customer base.
Can your data analytics team identify any new or underserved segments that with a little thought around your product design, you could quickly access and grow market share? As post crisis markets continue to re-baseline, the structure of products is also likely to drastically change and vehicle leasing companies need to recalibrate to this new baseline.
As an example, could subscription based products appeal to more consumers than before? A segmentation exercise could determine this by identifying the profile, needs and expectations of customers allowing you to create new product characteristics such as:
Having the data and analytics capability to identify these segments and then deriving actionable insight to capitalise on the underlying trends will enable you to target your product development and sales and marketing activity more effectively and provide you with a stronger base for growth.
The next part of this series will talk more specifically about Telematics opportunities.
If you want to know how to use data analytics for sustainable growth in the current climate and beyond, please contact us here to book your free Discovery consultation.
Founder & Managing Director. Blue Label Consulting.
Brendan launched Blue Label Consulting in 2011. With innovative use of Data through AI, ML and other quantitative methods, he delivers robust analytics and actionable insights to solve business problems.