For those operations, experts say finding the right data provider to supplement internal information requires a keen understanding of what one wants to know and how it plans to use the data. Without those questions answered, Commercial Motor Vehicle Consulting President Chris Brady says data acquisition can get expensive pretty fast.
“You can’t just take in everything and see what you learn,” he says. “No one can afford that.”
Fortunately, once a business does narrow in on its goals, the data market offers quality information at a number of price points.
Many providers offer tiered packages and subscriptions for their information that vary in price based on number of users and depth of information. Some data providers also produce customizable single-use data reports and offer performance-based cost-per-lead campaigns to support budget-conscious customers.
At Excel Truck Group, Soika has found investing in multiple, industry related data sources has contributed to the company’s goal of better understanding its customers base and local markets in order to provide valuable parts solutions to their customer and ultimately expanding it’s parts business.
“I can confidently say with both [data sets], we have gleaned a significant amount of transparency into our market and customer base,” Soika says. “Continually refreshing and analyzing the data allows us to keep a finger on the pulse of those businesses.”
