The Floor Company, despite being a startup in a competitive industry, harnessed the power of Trendata’s real-time insights to understand its customers better and reshape its business approach, leading to a significant market presence.
The company faced a critical challenge with low conversion rates despite high customer interest.
Integrating Trendata into their operations, The Floor Company utilized data-driven insights to fine-tune their strategy, optimize their product assortment, craft effective marketing strategies, and analyze their competitors, thereby boosting their conversion rates.
Just 10 months post-launch, The Floor Company achieved remarkable success with a pipeline of offerings valued at €10 million and over a million euros in generated revenue, outperforming established market players.
In the highly competitive world of PVC flooring, a fresh-faced startup, The Floor Company, knew they needed more than just a quality product to carve out a space for themselves.
Despite their backgrounds in web development, online marketing and tiling, they found themselves facing an uphill battle in an industry that was new to them.
"You are missing out on opportunities by acting on gut feeling. You are probably right in about 60 to 70% of the cases but the last 30% really makes the difference. The devil is in the details. "
Recognizing that they needed a deeper understanding of their market and customers, they turned to Trendata. By supplying critical insights, Trendata played a pivotal role in The Floor Company’s transformation from a nascent startup to a renowned brand with a significant market footprint.
Delve into the journey of The Floor Company and see how they used Trendata’s real-time insights to not only understand their customers better but also to revolutionize their business strategy.
Challenge
The Floor Company had successfully managed to attract a significant number of visitors to its webshop. Customers explored the site, found the flooring they were interested in, and even added products to their shopping carts. However, despite this promising engagement, the conversion rates remained disappointingly low.
Upon delving into the issue, The Floor Company discovered that customers were hesitant to make a purchase without first receiving a physical sample of the product.
This revelation posed a significant challenge for The Floor Company. While initial customer interest was high, the lack of final sales put the sustainability of the business at risk. In response, the company introduced an option for customers to order samples before making a purchase. This led to an increased number of online sales, but issues regarding the size of the samples persisted.
To further address this problem, The Floor Company innovated their sales process by introducing a demo bus that visited customers at home during the COVID-19 pandemic, a practice common in other industries. However, there was still room for improvement.
Solution
From the outset, The Floor Company recognized the potential of Trendata’s powerful analytics.
Known for its ability to uncover market demand, pinpoint competitors, and understand the platforms consumers use to discover new products, Trendata’s insights were instrumental in fine-tuning The Floor Company’s strategy. This allowed them to tackle their challenges head-on and significantly improve their conversion rates. Trendata was incorporated into The Floor Company’s way of working in several ways:
Website Input: Trendata’s insights informed the design and content of The Floor Company’s website, making it more appealing and user-friendly for customers.
Assortment Planning: Based on the product demand data provided by Trendata, The Floor Company was able to optimize its product assortment, ensuring they offered the most sought-after flooring options.
Marketing Strategy: Trendata’s findings were used to craft a more effective marketing strategy. Discovering the significant role of Pinterest in the customer’s orientation phase led them to add it to their online media mix, leading to a substantial decrease in the cost per sample request.
Competitor Analysis: Trendata didn’t just help uncover successful competitors; it provided a roadmap to their strategies. This intelligence empowered The Floor Company to learn from these success stories and adapt their approach. Consequently, they were not just keeping pace but setting new industry standards.
"For us being able to see the popularity of products, its colors and the regional differences was vital. It made a significant difference in how we approached our marketing strategy and category management. "
By harnessing the power of Trendata, The Floor Company was able to refine its processes, improve customer satisfaction, and ultimately drive more conversions.
Results
The integration of Trendata into The Floor Company’s operations yielded impressive and measurable results. Within just 10 months of starting with Trendata, The Floor Company amassed a pipeline of offerings valued at €10 million and generated more than a million in revenue.
These remarkable outcomes were achieved without any prior experience in the flooring industry. The Floor Company managed to outperform established market players and incumbents, relying solely on the insights provided by Trendata.
''You can beat the market without having the actual market knowledge or experience.''
The integration of Trendata into The Floor Company’s operations led to substantial business growth and market success. It underscored the power of data-driven insights in shaping effective business strategies and achieving competitive advantage.
The results demonstrate how businesses, regardless of their size or industry experience, can leverage data to drive significant growth and success.
Turning Insights Into Profit
Trendata acts as a powerful lens, providing a comprehensive and accurate view of market demand. It offers the unique advantage of not just understanding the current market dynamics but also predicting future trends with up to 12 months of market forecasts.
This ability to anticipate market changes enables businesses, like The Floor Company, to stay ahead of the curve, constantly fine-tuning their offerings to match evolving market demands.
By leveraging Trendata, you aren’t just reacting to the market; you’re proactively shaping your business strategy to align with future demand. This kind of foresight is invaluable in today’s rapidly changing markets.
Are you ready to harness the power of Trendata and transform your business? Don’t wait to be a follower in your industry; lead the way with insights from Trendata. Embrace the future of data-driven decision-making and contact us today to get started.
