As we roll into the New Year, it seems like a good time to think about the markets that are yet-to-be-made, and what they mean to us. One big potential opportunity resides inside all the data that is housed in consumer and marketing databases all over the world. So much information is collected every time a product hits the market, and so very few have been able to monetize it, or put it to maximum effectiveness. Our friends at Entrepeneur.com have an insightful commentary on the significance of data-mining as a service. It is well worth some time to consider.
Imagine visiting a car-dealer and falling for a late-model BMW (or any other brand). Then imagine opening up an app on your iPhone and quickly assessing the price, value and competitive offerings in your geographic market on that very same model, year, and color, all comparably equipped (either new or with similar miles). What if Kelly Blue Book had an app for that?
Seems to me that every dealer in the business would want their inventory listed. And who better than KBB to bring a credible name to the application, while adding a revenue stream via DaaS? Now what if data were mined to predict who would be in the market for that same BMW, and could notify (subscribing) dealers that the likelihood of buyers in a given ten-digit zipcode was higher based on search data, economic and demographic profiles and other merged insight? I use this example only because I know that this data exists and could readily be turned into an economic advantage.
Now explode that thinking into all sorts of other B2C and B2B applications. The data is everywhere, and yet it is dramatically under-utilized. I think that Entrepeneur is onto something here. And another market will surface in coming months that will make many new companies successful if they can capture, mine and distribute smart data.
Change is good. It’s what will save the US economy from shrinking irrelevance. Happy New Years to all. And Best Wishes for embracing the changes that are all around us. The future is ours. Let’s make it great!!