Wednesday, October 6, 2010

Despite recession analytics consultant sets up niche business in 24 hours

Showcasing experienced entrepreneurs offers an added marketing communications or social media element to help promote their businesses. In addition, it provides a forum through which they can share solutions to unique business challenges that might be the answer to a similar challenge with which yet another entrepreneur is struggling. This openness of information flows with the following story offered by

Alex Caffarini, president
Analysights, LLC

We’re a market research and analytics firm that helps companies make better marketing decisions based on analytics. In other words, imagine having a magic wand that would tell you which non-customers would have the best chance of becoming customers, or which current customers are at risk of leaving you and going to a competitor. We’re able to do this by comparing a customer’s purchasing history, demographics, and psychographics to those former clients who have left your company. We can also come up with a score for your current customers using similar data to better know on which ones you should be spending your marketing dollars. In addition, we’re able to provide information through surveys on how much the market is willing to pay for a new product concept as well as the size of the market.

My ideal client would typically include banks, credit card companies with $500 million to $2 billion in assets. Or associations with large memberships wanting to determine which non-members are likely to become members and which current members are at risk of leaving. Typically, any data-rich industry whose companies collect a lot of statistics on their customers for marketing effectiveness would be a perfect client – mobile broadband firms, retail catalog companies, direct marketers, credit unions, credit card companies.

We’re strong in discussing complex analytical concepts in layman terms so that anyone not familiar with statistics or analytics in market research will gain a simplified understanding of everything they need to know. We don’t use any heavy technical jargon to which most clients can’t relate. And, our size allows us to offer a great deal of personal interaction between us and the client.

My primary challenge was to get this business flying in the midst of a recession. The company will be two years old this November. I had been working for the American Medical Association at the time doctors began dropping their memberships. I saw the writing on the wall and decided to start my business in 2008.

I wasted no time in getting things moving. I got my tax papers in order, created my business plan, got my LLC designation, and set up my website all in the span of a single day. Obtaining that first client became my focus. I participated in countless networking events because demonstrating your abilities and capabilities is key to selling any consulting service, especially analytics. I worked on getting myself known as an expert in the field – “You’ve got to circulate in order to percolate.” There were no quick fixes. I called family members and sent relatives letters telling them I was in business. I soon realized that I was focusing on too broad a range of clients. I was looking at both small and large companies which would be impossible to manage. So, I honed in on what became my niche – financial companies and tech companies. In addition, I started a blog to build a following and I created a Facebook™ page. As a result of these efforts, things are beginning to move along steadily for Analysights LLC.

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