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Helping a Fast-Growing Geolocation Data Company Define a Target Market for its New Product
Case Synopsis -
Gravy collects vast amounts of geolocation data and has done so since its inception in 2011. More than ever before, marketers are trying to collect and make sense of this type of data. Geolocation data is one of the most sought-after types of consumer data that can be collected today, and most companies are barely scratching the surface of it’s potential.
Gravy, through its various products, allows clients to make actionable decisions based on geolocation data. For now, Gravy has been working with various partners to analyze, package, and deliver this collected information to clients in the retail, entertainment, and hotel industries. With the launch of their new Gravy Insights tool, the team is looking for help defining a target audience and marketing the product’s various use cases.
Jeff, the company’s CEO, and a seasoned entrepreneur needs help identifying the industries and use cases they can best target using their Gravy Insights, a portal, which helps companies better understand their customers and their competition. This will include research of location data already available in the vertical you select, as well as interviews with marketing practitioners to identify use cases where Gravy can make the highest impact. In addition to the industry due diligence and customer discovery, Jeff and the entire Gravy team is seeking your consultation in determining the best way to package and market the Gravy Insight product to the customer segments you’ve identified. They’re also looking for your help in planning a go-to-market strategy in the most potentially lucrative industries.
Gravy is a pioneer in the geolocation data analytics space. This five-year-old company has accumulated trillions of location data points from 250+ million mobile phone users in the United States. Every day, Gravy processes over 8 billion location signals generated by their opted-in mobile consumers. This data, in addition to the more than 1 million+ monthly events and 10 million+ points of interest, makes Gravy one of the largest repositories of geolocation data in existence.
Gravy is built on Privacy by Design principles, which means the information they collect is done in an anonymous and encrypted way. The company is working on fine-tuning a suite of products that leverages its geolocation data so that they can better monetize their business. The company believes that they can use aggregate location data to help companies better understand their customers. In addition, Gravy also envisions using their data to help marketers better target different audience segments within their customer base, so that they can ultimately convert more business.
Gravy’s mass geolocation data is derived from signals received from mobile phone users that have opted into their service through one of their data partners. Gravy uses its proprietary AdmitOneTM system to verify geolocation points and ensure the quality of the information they’re collecting. The company is then able to cross-reference the geographical data points with local events, vendor locations, and other places of interest to better understand consumer profiles (including typical activities, shopping preferences, and other key metrics). So far, the company has developed three products, which include Gravy Audiences, Gravy Insights, and Gravy Data as a Service (DaaS).
Gravy Audiences, their initial product, was developed as a way to collate groups of users based on similar interests and characteristics. Each of these groups is defined as a specific audience (i.e., Coffee Shop Lovers, New/Expecting Parents, Golf Enthusiasts) and can be sold to companies and marketing agencies. Note: there is no personally identifiable information that is exchanged. Gravy uses the device ID to help marketers target broad consumer groups based on their similar characteristics.
Gravy’s suite of patented tools allow them to provide corporations such as Walmart, Best Buy, Marriott, TGI Fridays and others with verified consumer attendance data providing a new level of insight into consumer behavior. The company recently launched a new product, Gravy Insights, and is looking for your advice on which market to address first, and how to design the go-to-market strategy. Students should expect to work closely with Dana, Jolene, and other members of the Gravy product and marketing teams on this project. This student consulting project aims to help Gravy identify multiple customer verticals that the company could pursue thus defining their target market moving forward. Working with the product and marketing teams at Gravy will be a great opportunity for students to research, evaluate and possibly alter Gravy’s business model and the company’s overall strategy.
Product Design & Development
Research & Development
- Students will gain exposure to a growing technological space: geolocation
- Students will work in a product marketing capacity
- Students will gain experience working with product management, product design, and business development professionals.
- Students will go through market sizing research exercises.
- Students will be able to learn about data analytics and conduct in depth competitive analyses
- Students will gain the ability to understand the importance of empathizing with the user through user experience research & analysis
- Students will conduct a strategic assessment to determine new product viability & feasability
- Students will learn how to craft a go-to-market strategy
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