How To Use Data To Outsmart Your Competitors - InformationWeek

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How To Use Data To Outsmart Your Competitors
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Brian.Dean
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Brian.Dean,
User Rank: Ninja
7/6/2015 | 6:06:16 PM
Re: Entering New Market Segments
@Li Tan, well said, utilizing data in a smart fashion is the key. It can unearth partnerships and value that might otherwise be overlooked.

I think the example of Tesla's move into the home battery and energy industry is good. Maybe, in isolation Tesla would have never moved into the home battery industry but, between Tesla and SolarCity the data existed to create a whole new market segment. Now that Tesla has made the initial move, many other car manufacturers are also looking into this new market segment and have created offerings in place.
Li Tan
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Li Tan,
User Rank: Ninja
7/6/2015 | 6:41:21 AM
Re: Entering New Market Segments
That's exactly the case - if the enterprise can deep dive into the data mine they have, they can gain better foresight and benefit compared to its competitors. It depends on if you can use the data in a smart enough manner.
LisaMorgan
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LisaMorgan,
User Rank: Moderator
7/3/2015 | 12:39:01 PM
Re: Entering New Market Segments
Absolutely.
Brian.Dean
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Brian.Dean,
User Rank: Ninja
7/3/2015 | 1:30:51 AM
Entering New Market Segments
Trial and error can waste a lot of resources. Competitors in a potential new market segment cannot be trusted -- if the statement is that margins are low in this segment then, it could mean that they do not want any new entries and if they say that margins are high, it could mean that they would like new entries to prime the market segment. Data is good because, it can be utilized to test a new segment with minimum investment and determine its profitability and scalability.


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