15 Data Analysis Service Success Stories [2024]
A data analysis service is a great way to help businesses make sense of their data. This type of service can be used to provide insights into customer behavior, improve marketing campaigns, or simply help businesses make better decisions.
If you're interested in starting up a data analysis service, You will need knowledge in data analysis and the ability to communicate effectively with clients so they can benefit from what insights have been found by analyzing their information properly - this way it's not just about making money but also helping others!
iTechArt is a leading custom software development company that helps both startups and enterprises streamline their analytics process. They also generated revenue of $209 billion in 2019, while creating more than a million jobs over the past three years.
Starting a data analysis service is a perfect business idea for those with analytical skills and a desire to help businesses to make better use of their data. This business is in high demand and can be very profitable, with data analysts earning high salaries.
In this list, you'll find real-world data analysis service success stories and very profitable examples of starting a data analysis service that makes money.
1. Dreamdata ($3M/year)
Dreamdata originated from the personal experiences of its founders.
Lars, Ole, and Steffen individually struggled to obtain a comprehensive understanding of how different teams within the organization were impacting revenue. The available solutions were isolated and provided limited insight into the intricate B2B customer journey.
They required a solution tailored specifically for B2B, a product that could supplant the isolated tools and facilitate a complete comprehension of the value of various actions. It was essential for this product to be continuously developed without excessively utilizing internal resources.
Since this product was not available, they took the initiative to create Dreamdata.
How much money it makes: $3M/year
Dreamdata is a revenue attribution platform with no-code features, pricing from $599/month, that solves the problem of fragmented B2B data to enhance marketing performance, founded by Lars Grønnegaard, who makes an average of $250K/month and $3M/year since 2018.
2. PropertyData ($1.54M/year)
Michael Dent, founder of PropertyData, came up with the idea for his business when he realized the manual and error-prone process of analyzing property data for potential investments. He saw an opportunity to automate this analysis, making it faster and more accurate for property investors. Today, PropertyData generates $128,000 per month in recurring revenue.
How much money it makes: $1.54M/year
How much did it cost to start: $68K
How many people on the team: 1
Founder of PropertyData creates a subscription website for UK property investors and developers that is now making $128,000 per month in recurring revenue.
3. Attributer ($1.2M/year)
The founder, who worked in B2B marketing, couldn’t find a tool that showed which channels were converting leads, sales opportunities, and customers. So he built the tool himself, and recognizing its potential, he turned into full-time entrepreneurship.
How much money it makes: $1.2M/year
How much did it cost to start: $1K
How many people on the team: 0
Marketing attribution tool Attributer.io has generated $60k in annual recurring revenue just five months after launch, with a focus on search engine optimisation for high-intent keywords to acquire customers for the platform, offering a lesson in market-first startup development.
4. Helical Insight ($960K/year)
Nitin Sahu and his co-founder Nikhilesh Tiwari identified the pain points and limitations of existing BI products while providing services in the domain. They launched Helical Insight as an open-source BI product, attracting customers by showcasing how their product can solve their issues. They invested heavily in SEO and content marketing to generate inbound leads and focused on providing high-quality support to retain customers.
How much money it makes: $960K/year
How much did it cost to start: $20K
How many people on the team: 42
From several failed startups to building a $960k/year open-source BI business with 51+ clients, Helical Insight offers a B2B focused enterprise software product that can be used by any company generating data, boasting a client list including CA Technologies, Tata Communications, and Fractal Analytics, making a profit margin of 35%, with plans to partner in non-English speaking countries and to raise funding for development, hiring, sales, and expansion.
5. Klooks ($720K/year)
Alexandre Abu-Jamra, the founder of K-Looks, came up with the idea for his business when he was working as an M&A advisor and struggled to find financial data for private companies. He realized that this was a common problem in the finance industry and saw an opportunity to solve it by organizing and standardizing unstructured financial data from messy pdf files. After overcoming technical challenges and securing a client with Capital IQ, the largest private financial data aggregator, K-Looks has experienced triple-digit annual growth and generated $600k in revenue in 2022.
How much money it makes: $720K/year
How much did it cost to start: $50K
How many people on the team: 35
K-Looks is a Brazilian data firm serving some of the main financial institutions in Brazil with revenues in 2022 of $600k and triple-digit annual growth for the past three years, specializing in organizing unstructured financial data from messy pdf files, offering fully customized data solutions with a combination of engines that extracts and categorizes data automatically with human quality assurance in addition to financial data structuring process and financial spreading services, with a focus on good content, personalized service, and client retention.
6. Data Fetcher ($276K/year)
In 2020, Andy learned about a Google Sheets add-on called API Connector, which imports your data into a simple Google sheet.
Around the same time, Andy noticed the rise in popularity of Airtable.
Since Google Sheets and Airtable were close in compatibility, Andy decided to build a similar type of data integration tool for Airtable.
Andy’s 3-step method for coming up with ideas is helpful context for understanding how he came up with the idea: - Find a platform that is already growing massively. - Look at already successful tools for more mature platforms. - Build an equivalent tool for the new platform.
How much money it makes: $276K/year
How much did it cost to start: $100
How many people on the team: 0
Data Fetcher is a no-code tool that imports data into Airtable which has reached 190 paying customers in just over a year after launch and is making $6500 in MRR, with a goal of reaching $30k+ in MRR, for aspiring founders looking to bootstrap an app to life-changing revenue as a solo founder.
7. Compound ($210K/year)
Compound, an ecommerce automation agency, was founded to address the inefficiencies in lead handling and automate processes for businesses. The founder, who had experience in digital marketing, realized the potential of automation while working with Zapier and decided to focus solely on the ecommerce niche. Since then, the company has experienced significant growth and is constantly expanding its team to meet the demand for its services.
How much money it makes: $210K/year
How much did it cost to start: $500
How many people on the team: 3
Compound, an ecommerce automation agency based in the UK, has experienced a major area of growth driven by the demand for automated D2B business processes, with systems that reduce labor costs by 90% leading to unprecedented demand for their services.
8. Aucoin Analytics, LLC ($166K/year)
Kervin Aucoin, a 15-year Army veteran and 20+ year Intelligence analyst, came up with the idea for Aucoin Analytics after realizing the need for an unbiased and well-informed travel security platform. Through blogging about his travel experiences and witnessing the detrimental effects of sensationalized news, Kervin developed a subscription-based private intelligence community that focuses on defeating fake news and providing accurate information. With a low overhead, Aucoin Analytics has seen profits of $10,000/month and offers specialized risk assessments and intelligence reports tailored to customers' needs.
How much money it makes: $166K/year
How much did it cost to start: $25K
How many people on the team: 1
Aucoin Analytics, LLC is a private intelligence company that delivers highly specialized risk assessments and intelligence reports, while also offering a subscription-based private intelligence community that provides access to subject matter experts in government intelligence, with profits at $10,000/month.
9. Ivee ($120K/year)
Chelsea Rhoads, the CEO/Co-Founder of pup-eeze, came up with the idea for the business after experiencing the difficulties of traveling with her dogs during a camping trip in 2008. Realizing the need for a device to ensure their safety, Chelsea and her co-founder developed Pup Alert in 2016. After encountering challenges with their hardware solution, they adjusted the concept and launched pup-eeze, a wellness tracker for dogs. They have since focused on creating an adjustable ecosystem for dogs' environments and have garnered support from the technology community.
How much money it makes: $120K/year
How much did it cost to start: $250K
How many people on the team: 3
Pup-eeze, a wellness tracker for dogs that tracks activity, monitors location and automates their lives, was created by Chelsea Rhoads and Elizabeth Hess after realizing how difficult it was to travel with dogs, and now has a consumer-facing application for pet owners to monitor their pets' data and visualize trends.
10. Lychee ($120K/year)
Misterr Pink launched Lychee, a modern data platform, after getting frustrated with cumbersome data analysis tools like Excel. In just two months, Lychee has amassed over 11,000 users and $10K in MRR.
How much money it makes: $120K/year
How much did it cost to start: $500
How many people on the team: 0
Misterr Pink's case study highlights the rapid growth of Lychee, a data platform that generated over 11,000 users and $10K in MRR within months through a strategic launch strategy combining AI boards, engaging with the audience on Reddit and Twitter, and continual product iterations.
11. Statful ($102K/year)
Statful was initially developed by Mindera, a tech services company, to meet their own need for a monitoring tool. They wanted a tool that could communicate what was happening in their applications to both developers and businesses. They found that existing tools in the market were either too expensive or required extensive deployment and maintenance. This led them to create Statful, a customizable monitoring platform that provides real-time data and flexibility for developers, operations, and business teams. Despite minimal investment in marketing and sales, Statful has gained six customers from various industries and reached an MRR of approximately $10,000.
How much money it makes: $102K/year
How much did it cost to start: $250K
How many people on the team: 5
Statful, a monitoring platform to track any type of metric, managed to get six customers and reach an MRR of approximately $10,000 without any real investments in marketing and sales.
12. Electric Sauce ($90K/year)
The founders initially started as Shopify developers but quickly realized the need for email marketing strategies in the eCommerce space. They used Upwork as a platform to find clients and focused on providing valuable services at reasonable prices. Their dedication to simplicity and accountability helped them attract and retain customers, with their main client being acquired through Upwork.
How much money it makes: $90K/year
How much did it cost to start: $2K
How many people on the team: 0
Electric Sauce, a data-driven, retention-focused, email marketing micro-agency founded by two Seans, generates $12,500 a month through pricing their services from $3,500 to $5,000 for established brands, and $1,500 to $2,500 for startups through patient learning, frugality, simplicity, extensive outreach on Upwork, and utmost accountability while using tools like ClickUp, and exposure to thought leaders on YouTube and courses like Klaviyo and Smart Marketer.
13. Decidable ($12K/year)
Decidable, founded by Craig Smith and Mike Bugembe, was born out of their shared frustration with the low levels of insight adoption in businesses and the inability of leaders to harness the value of data. After collaborating on the vision of data storytelling, they developed a platform that automatically translates complex data into short, easy-to-read stories, enabling businesses to make informed decisions. The company's innovative products, such as automated Google Analytics stories and e-commerce data sources, have already helped beta customers increase daily revenue by 25-40%, demonstrating the impressive potential for growth.
How much money it makes: $12K/year
How much did it cost to start: $1M
How many people on the team: 2
Decidable has created an automated Google Analytics platform that helps UK e-commerce companies between £5m-£50m find all the missed revenue in their data with some of their Beta customers seeing daily revenue increases of between 25% - 40%.
14. Hovercode ($1.32K/year)
While exploring side projects, Ramy discussed with a marketer friend the resurgence of QR codes due to the pandemic. Recognizing a gap for advanced, stylish QR codes, he launched Hovercode, now generating ~$150 MRR with a clear path to growth.
How much money it makes: $1.32K/year
How much did it cost to start: $100
How many people on the team: 0
Hovercode is a dynamic QR code generator for brands that focuses on round QR codes as its differentiator and is generating around $150 MRR with 5k unique visits per day.
15. Beam Analytics ($240/year)
JR and Leng came up with the idea for Beam Analytics when they saw that Google Analytics was deemed not GDPR compliant. They wanted to create an affordable alternative that prioritized GDPR compliance and user privacy while offering valuable web analytics. After doing extensive research and drafting a product requirement, they launched Beam in January 2023 and have been steadily attracting and retaining customers through social media, blog posts, and partnerships.
How much money it makes: $240/year
How much did it cost to start: $3.5K
How many people on the team: 0
Beam Analytics offers GDPR-compliant web analytics including funnel analysis, cohort retention, and custom event tracking, with a generous free tier and pricing starting at just $11/month, attracting over 100 users within two weeks of launching.
Download the report and join our email newsletter packed with business ideas and money-making opportunities, backed by real-life case studies.
Download the report and join our email newsletter packed with business ideas and money-making opportunities, backed by real-life case studies.
Download the report and join our email newsletter packed with business ideas and money-making opportunities, backed by real-life case studies.
Download the report and join our email newsletter packed with business ideas and money-making opportunities, backed by real-life case studies.
Download the report and join our email newsletter packed with business ideas and money-making opportunities, backed by real-life case studies.
Download the report and join our email newsletter packed with business ideas and money-making opportunities, backed by real-life case studies.
Download the report and join our email newsletter packed with business ideas and money-making opportunities, backed by real-life case studies.
Download the report and join our email newsletter packed with business ideas and money-making opportunities, backed by real-life case studies.
