September 15, 2005

Book Review: Data-Driven Business Models

I've been reading through Alan Weber's "Data-Driven Business Models" and recommend you have a look at it if you want to use FACTS and FIGURES to grow your business and capture vital business intelligence.

Data-Driven Business Models is not for the faint of heart, as it full of figures, charts and more of an academic read, than a book about "Data for Dummies" or something.

However, as I was reading through it I realized that the book exposes a lot of mistakes businesses make in their marketing (and other areas) and will definitely help your business achieve better sales and proficiency.

One of the examples in the book profiles an agricultural company whose target market was farmers that had over 500 acres. After the company started using profit based segmentation they realized that all the free hats and shirts they were giving away was NOT going to the right customers. The company realized they were marketing to less than 10% of their target market and missing the customers that really purchased more than 80% of their product.

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