The data universe. It’s huge, complex, can become incredibly complicated and can often be scary. Words like big data, analysis, cleansing, profiling and compliance are to be found everywhere, but fundamentally with all things being equal and dealt with, do you know what your targetable data universe consists of?
For instance, did you know that there are only just over 6,500 companies in the whole of the UK with over 250 employees and that sole proprietor’s account for over 75% of the entire business population within the UK?
So your data is compliant, your data is cleaned, up to date and you have conducted analysis and profiling to ascertain what your perfect prospect company would be. This could be based on employee size, turnover, geography and/or industry. In fact, it could be based on any given number of combinations.
You then look at the targets you have been set and based on estimated responses to the types of marketing campaign you are planning and reverse engineer the number of companies that you would need to target in order to generate the number of leads/ opportunities that you have been targeted to help deliver.
But how do you then know whether the number of companies you wish to target are actually out there? Let alone if data for them is actually easily or readably available?
Well, the starting point is as always research and research at a high level at a country level. To know how many companies fit your profile based on industry, employee size, sector and many other factors at a country level can prove invaluable. It can enable re-alignment of expectations of opportunities that can be created it can re-align expectations of market or industry penetration targets.
In essence, it will help you understand exactly what your targetable universe is which in turn will help you shape, research and understand your potential targetable data universe.
As a starting point regarding research bodies within the UK an introduction to BIS might be relevant. The BIS are the Department for Business Innovation & Skills. They are a government department responsible for amongst other things a whole load of statistical research into the UK economy.
The BIS regularly produce and release national statistics and reports that cover a plethora of different areas however the report of most interest from the point of view of knowing your countries market is the business population estimates and the new report has just come out.
We hope that you find this interesting piece of research helpful. To discuss any of your data requirements in more detail please do not hesitate to contact a member of our team.