Auction uncovers data in its bid to gain insights
“Simply put, Icimo helped us define where and how we should be in business.”
Founded in 2000, Purple Wave was among the first companies to use the power of the internet to streamline the corporate auction process. This early vision led to rapid growth and success, and Purple Wave was widely regarded as a trusted online destination that brought corporate sellers and buyers together. As Purple Wave evolved, it had an opportunity to take advantage of the data it was collecting. After hearing Icimo CEO Bryce Gartner speak at a National Auctioneers Association event, Purple Wave engaged Icimo to develop a business intelligence strategy. The insights gained were striking from the beginning.
A COURSE FOR THE FUTURE
“In many ways, we were trying to be everything to everyone,” said David Brotton, Vice President of Marketing. “In other words, our focus was broad, and we were facilitating auctions for virtually any item a business wished to buy or sell. Without the benefit of a sophisticated business intelligence platform, we did not have a full understanding of what segments of the auction industry we were serving best, and which segments were most profitable to us. “That early insight into segments from Icimo helped Purple Wave to refocus our business on the construction and ag markets, and that is where we stand today. Simply put, Icimo helped us narrowly define where and how we should be in business.”
According to David, data that used to take weeks, months or even years to acquire is now available to management in a matter of minutes, allowing for quick and informed decisions about critical business issues.
“We trust Icimo implicitly…they understand our business,
our product and what we are trying to accomplish
more than any of our other partners.”
Purple Wave, the largest no-reserve Internet
auction firm in the country, specializes in
construction and agricultural equipment.
DATA DIRECTS STRATEGY
As Purple Wave began to refocus on specific segments, the continued insight gleaned from icimo and Tableau shifted to a more targeted and strategic marketing effort. For an online business, data is seemingly limitless— if it can be accessed. From historical buying tendencies and product performance, to geographic trends and other factors, Purple Wave is now able to market to customers and prospects with the confidence of having access to accurate and actionable data.
“The return on our marketing investment has been significant,” David said. “For each marketing initiative we take on, not only are we connecting with a more fine-tuned and appropriate set of targets, but we are reaching them faster and more efficiently. Without a doubt, working with icimo has had a significant impact on our bottom line.”
“Icimo has allowed us to do more with less,” David said. “It is invaluable to have a third-party strategic partner thinking about our specific business model and offering suggestions based on real data. We trust icimo implicitly…they understand our business, our product, and what we are trying to accomplish more than any of our other partners.”
Icimo believes you should be enlightened by your data — not limited by it. We can help you uncover the hidden story in your data so you can make critical business decisions based on knowledge, not anecdotes or assumptions. Let us show you how.