Equipment Data Associates (EDA), a division of Randall-Reilly Publishing Co., provides data-driven market intelligence to manufacturers and dealers of large-scale construction and agriculture equipment. So when EDA was planning to relaunch its web application, along with a new pricing structure, it understood the importance of factoring data into the new experience.
EDA started working with behavioral analytics platform Scout Analytics on the new site in March 2012 and as a result saw an increase in revenue and a decrease in the time it took for the overall launch.
"We had [a web application and interface] that had been in place for five years, and as part of that relaunch process we wanted to understand more...how our customers were using our data beyond the anecdotal feedback that we had," said Tim Maguire, director of customer experience at EDA. "Also, we were trying to leverage Scout's tools and information to be able to assign value to our customers based on how often and how they’re using our data."
While EDA was already tracking how many users each client had and who was logging in, Scout began analyzing data beyond that: what data they were looking at and downloading, how often and how long they were logging in, and more.
"We used that to help assign a value to each of our subscription customers so we could then determine how we could roll out our new platform with value-based pricing," Maguire said.
EDA saw two main results from their work with Scout. First, the company was able to accelerate the rollout of the new web application, Maguire said, down to four months from a planned six.
Secondly, EDA was "able to get a 6% increase in revenue associated with the rollout of the new tool," Maguire said. "A lot of that was because we were able to have a range of price increases that ultimately got us that 6%."
Looking ahead, EDA will continue to work with Scout on more day-to-day customer insights. "We’re just much more in the know on what’s being used," Maguire said. His sales team is able to leverage that information to attract and retain clients.