City of Montrose Consumer Analytics

Why Data Analytics?

The competitive business market in which we operate presents many challenges that inhibit our ability to plan strategically directly from intuition and experience. Successful businesses are utilizing the power of data and technology to predict future market trends. This enables businesses to stay ahead of the marketplace—gaining a competitive advantage.

My Involvement

During a co-op internship between the City of Montrose and Colorado Mesa University, my objective was to devise a plan to collect at least 10,000 consumer data points in less than 140 hours. It was not a simple task. We encountered many challenges along the way that stalled our progress. One of the largest challenges entailed finding and extracting usable data. Out of nearly 250 businesses considered, only 17 of those housed data that fit the necessary parameters. Furthermore, only four businesses employed ample technology that enabled them to extract their data efficiently.

Thanks to an involved business community and a supportive city management team, we exceeded our goal of collecting ample data that led to the development of the Consumer Analytics Report. This report provides business professionals with statistical data that can help guide them in making strategic decisions.

Deliverables

Consumer transaction data was aggregated with a $10 trillion financial assets database administered by IXI Services. This returned a 72-page document rich with information regarding business and tourism activity in Montrose. Click this link to see the consumer report on page 55.

Target Market Segmentation

The utility of this consumer report will aid business owners and entrepreneurs for years to come while serving as a benchmark for future growth in Western Colorado. For example, the graph above could assist professionals in developing new business opportunities that support the class “retired suburban couples.” Moreover, this graph could enable aspiring entrepreneurs to develop products and services that fulfill lost market opportunities, such as prospects with young singles and couples.

As a business professional, one may utilize the geographical data to determine whether their primary marketing is focusing on tourists traveling from popular geographical regions. Additionally, further market analysis of like demographics in other geographical regions could expand a business professional’s marketing opportunity.

Conclusion

Through my involvement herein, I learned that data is a powerful tool if managed properly. Business data should be exportable in a quick and efficient format. For example, the most efficient data sets utilized here took less than ten minutes to query. Furthermore, this opportunity has equipped me with knowledge of analytical tools that enable me to make calculated strategic decisions for your business—helping you gain a strong competitive advantage.

If my involvement with this project intrigues you, and you wish to further discuss how I can help you implement data analysis into your strategic plan, please contact me today.

Michael Shull inspires people to turn strategy into measurable results by connecting vision to the work that truly matters. He believes that the best ideas come from those closest to the work and focuses on creating conditions where teams are not afraid to try new things, learn quickly, and grow. He also encourages people to challenge the status quo and rethink policies and procedures that were designed for conditions that no longer exist. His perspective on improvement was shaped early in his career in restaurants, broadened in construction, and evolved across government and nonprofit sectors, including healthcare, transportation, and tourism. Today, he leads the Continuous Improvement Program at Denver International Airport and founded The Organizational Improvement Habit in 2009 to share ideas that spark learning, inspire reflection, and drive action.