Role of consumer data intelligence in scaling market potential

Market potential is the size of the entire potential business that a particular product can reach at a specific time. Numerically it is the upper limit of the total sales value or volume (number of units sold) for any given product at a given time. It depends upon the size of the population of a target audience a business eyes upon. Sometimes it is also measured in terms of the ROI figure.

??????????Market potential is the key to start any new business enterprise or to make future policies for an existing one. Market potential forecasts how big a market could grow over time, although it is debatable whether a market forecast and a market potential should be treated as similar numbers. Nevertheless, market potential is a broad study of who shall buy a product potentially inside a given target population. Market potential depends upon income categories, spending habits, lifestyles and socio-economic classes of people and a number of similar scalable and non-scalable characteristics of a given mass, both economic and psychographic.

??????????Business gurus speak about primary as well as secondary sources data to be tapped into for an informed decision on a product’s market potential. This in turn would speak of the future health of a given business. Market potential is instrumental in decision making, strategizing and marketing cost optimization. Business gurus speak of different methods of survey of various population sizes done by the company itself or that might be outsourced. Within such market intelligence framework, defining tools and concrete indicators, left to be decided by probability statistics, remain elusive in most cases. But with the advancement of the century we see business intelligence changing its course in both methods and results.

???????????In contemporary society we can already see the bulk of online activities and digital habits rising to new heights every day. These activities, whether it is internet surfing, using a digital device or e-commerce, leave a plethora of digital footprints. Online, people leave traces of where they have been, what they did, what they bought or sold and what way they will probably behave in the near future. Therefore in contemporary market culture analyzing digital data is used a tool to arrive at indicators of market potential.

??????????Kentrix, as a consumer data intelligence service provider facilitates companies with consumer data intelligence, that helps them taking policy decisions, meeting data requirements, having intelligent market insights, doing researches, finding out resources and most importantly building a sound knowledge of market potential of their respective businesses.

??????????Consumer data intelligence is the gateway to evaluating market potential. As a marked difference from other consumer data intelligence service providers, Kentrix arrive at scalable parameters or psychographics through rigorous data processing and gives figures against very complex consumer behaviors. Lifestyles of people, for example, are abstractions to ordinary eyes, but nevertheless are guiding forces for consumer habits.? At Kentrix, psychographics related to lifestyle affinities are a strong tools to picture a Lifestyle Segmentation India, with indicators effective enough for helping policy decisions. Let us consider the case of a spend category that of cars. People with same income levels, in the same economic class could choose differently between luxury sedans, or SUVs or sports cars. Kentrix would see these three product affinities differently and provide a more minute segmentation and related indicators lifestyle-wise. Thus product affinities chalked appropriately at Kentrix enable manufacturers or retailers differentiate sets of marketing policies between products that any member from a given data population could afford equally. In this way Kentrix unlocks many treasures that a proper evaluation of market potential has to offer to a business.