Celebrate a culture of data-based awareness (5/6)
A strategy guide by Paul Gumienny of Cosmic Cat Group
Part V / VI – Reading time: 5 minutes
Author: Paul Gumienny
Today – STEP 5
CELEBRATE A CULTURE OF DATA-BASED AWARENESS
Independently of fleet type and size, watch your customers very closely to generate razor-sharp value propositions. Micro-cycled marketing adjustment while pivoting your business model is en vogue. And it is all fueled by data.
Whether your business is tiny or vast, data centricity and the necessity of the C-level ownership of a data strategy are very often underestimated.
What’s urgently needed is the constant feeding and oiling of the data machinery to flood the data lakes and scoop out and create new business value from it. Every single day. The data comes from the car’s ODB interface, from phone and car GPS devices, or from user behavior on the app.
NEW FLEET OPERATORS OFTEN HAVE AN ADVANTAGE OVER A LONG-STANDING COMPANIES WHEN THEY COME FROM A DATA-DRIVEN ENVIRONMENT.
They are building a vanilla data bank by setting up the analytics before tracking their first customers. There is no legacy to be borne, no system-change politics to be overcome, no dusty analog value propositions to hold things back.
GET INFECTED WITH CUSTOMER OBSESSION
For instance, there is much to be learned from the logistics industry. Parcel or food delivery services can be a good blueprint for a car-rental company or a pooled vehicle commuting solution when it comes to an understanding the routing algorithms and their day-to-day dynamics. Real-time perception of the operations and an organization’s willingness to continuously adjust make the magic.
In the sharing economy, AI-based real-time location data analytics are improving spatial intelligence and user behavior pattern recognition, optimizing redistribution, and recharging efficiencies for EVs.
artwork © Erdal Inci
THE SECRET SAUCE FOR SMART TARIFFS
Analysis of vehicle usage patterns that span several months allow to design untapped value propositions. New rates for using a vehicle over half a day, with customized maximum mileage thresholds, can move the value proposition from a commuting offer to a lake trip proposition.
EVEN ENTIRELY NEW BUSINESS MODEL PIVOTS CAN BE EXPERIMENTED WITH ON SHORT NOTICE, AS LONG AS THE DATA IS FLOWING IN CONTINUOUSLY.
Mining the data will become more tricky; however, if data strategy had not been on the TOP10 list within recent years, or if not a holistic strategy, at least more significant attempts to retrieve qualitative insights of clients’ motivations. Current players are still solving this in partly manual processes, which are not worth the pen they are written with. Data mining and operations research should make it into the core capabilities of fleet-operating businesses of any kind.
“Parcel or food delivery services can be a good blueprint for a car-rental company or a pooled vehicle commuting solution.”
The more you can automatically receive data from established devices and channels, the less it will keep you diverted, and the more you can leverage its value. It is an organizational effort, however, to attach the necessary importance to data in-house. This is done by allowing data-driven product management, agile design thinking orientated innovation processes, and an established culture of failure tolerance to improve every day.
These efforts have the potential to deliver perfectly adjusted products, innovative business model pivots, sharply defined value propositions, short-term empathy with your service, and long-term brand value increase. This is all an intriguing prospect.
LOVE YOUR CUSTOMER, LISTEN TO THEIR PAINS, AND COLLECT THE DATA.
YOU WILL BE LOVED BACK. AND GROW.
Want to learn more about the next generation of digital fleet services?
FASTLANE NO.2 : DIGITAL FLEET STRATEGIES
Develop a strategic mindset when launching fleet services
Understand the latest digitization of the business
Get guidelines on what to watch out for and avoid pitfalls
Study SUCCESS TRIGGERS FOR DIGITAL FLEET SHARING SERVICES:
Specific expert knowledge and best practices from the sector:
Learn about service differentiators and pitfalls in the industry of digital fleet sharing services.
The author Paul Gumienny had advised companies in the digital and telecommunication industries in the late 2000s/early 2010s when drastic change made the telco industry start to struggle with new digital market entrants. He soon moved on into the mobility space, where he supports businesses in making the right strategic moves and avoiding pitfalls of the known digital past, first at Hubject and now as part of Cosmic Cat Group.
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