Decimal : Market and Competitor Analysis

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www.deca.org/

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Decimal is a financial operations company that helps businesses streamline their back office processes by leveraging technology and expert accounting services. They offer a range of services, including bookkeeping, bill pay, tax preparation, payroll, and job costing, all for a fixed monthly price. Decimal's mission is to free up business owners and their employees from time-consuming financial tasks so they can focus on what matters most: growing their business.

Company : Decimal

Industry : Financial TechnologyFinTechAccounting Software

Major Markets

United States

Canada

United Kingdom

Key Competitors

Bench

Xero

QuickBooks Online

Decimal Key Value propositions

Automation

Financial Insights

Time Savings

Cost Reduction

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Decimal SWOT Analysis

Strengths

Tech-forward approach to financial operations.Fixed monthly pricing model offers transparency.Focus on SMBs provides a niche market.

Weaknesses

Limited online presence and brand awareness.Reliance on a subscription-based model may not suit all businesses.Pricing details not readily available, potentially hindering quick comparisons.

Opportunities

Expand marketing efforts to increase brand visibility.Develop partnerships with other businesses that cater to SMBs.Offer a wider range of integrations with popular business tools.

Threats

Competition from established players in the accounting software market.Economic downturn could impact SMB spending on financial services.Rapid technological advancements require continuous innovation to stay competitive.

Top Marketing Strategies for Decimal

Content Marketing & SEO Optimization

Create valuable content targeting SMB owners and decision-makers facing financial challenges. Optimize website and content for relevant keywords, increasing organic traffic and generating leads for Decimal's solutions.

Partnerships & Integrations

Collaborate with complementary businesses (e.g., e-commerce platforms, CRM software) to reach a wider audience and offer seamless integrations, providing a more comprehensive and valuable solution for SMBs.

Referral Program & Customer Advocacy

Develop a compelling referral program incentivizing existing clients to recommend Decimal to their network. Encourage customer testimonials and case studies, showcasing the positive impact of Decimal's services.

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Decimal User Persona

Name:

Mark Williams

Age :

38

Gender :

Male

Occupation :

Founder & CEO

Industry :

E-commerce

Education :

MBA, Entrepreneurship

Preferred platforms

GOALS

Expand his online store's product lines and customer base to increase revenue and market share
Secure funding to invest in new inventory, marketing campaigns, and potentially hire additional staff
Improve customer satisfaction and build brand loyalty to drive repeat purchases and positive word-of-mouth referrals

Frustrations

Struggling to keep up with bookkeeping and financial reporting while managing the daily operations of his growing business
Lacking the financial expertise to make informed decisions about pricing, inventory management, and marketing spend
Feeling overwhelmed by the time and effort required to manage payroll, taxes, and other administrative tasks

Name:

Sarah Chen

Age :

45

Gender :

Female

Occupation :

Owner & Head Chef

Industry :

Restaurant

Education :

Associate's Degree, Culinary Arts

Preferred platforms

GOALS

Increase profitability by streamlining operations, optimizing menu pricing, and attracting new customers
Build a strong online presence to engage with customers, showcase her restaurant's unique offerings, and drive reservations
Create a positive and rewarding work environment to attract and retain talented staff

Frustrations

Dealing with the complexities of payroll, inventory management, and sales tracking in a fast-paced restaurant environment
Finding it challenging to allocate time for marketing and social media management amidst her busy schedule
Experiencing difficulty in accurately forecasting sales and managing cash flow due to seasonal fluctuations in business

Name:

David Miller

Age :

52

Gender :

Male

Occupation :

Owner

Industry :

Home Services (Plumbing)

Education :

Bachelor's Degree, Construction Management

Preferred platforms

GOALS

Expand his customer base and service area to grow his plumbing business and increase revenue
Improve the efficiency of his operations, including scheduling, dispatching, and invoicing, to maximize profitability
Attract and retain skilled plumbers to keep up with demand and provide excellent customer service

Frustrations

Spending excessive time on administrative tasks like bookkeeping, payroll, and invoicing, taking away from his core business operations
Facing challenges in managing cash flow, especially when dealing with late payments or unexpected expenses
Finding it difficult to effectively market his services and compete with larger, more established plumbing companies

Decimal Geographic and Demographic Insights

Geographic Insights: Decimal's primary target market is the United States, which accounts for a significant majority of its user base, followed by Canada and the United Kingdom.

Top Countries

United States
90%
Canada
5%
United Kingdom
2%
Australia
1.5%
India
1.5%

Demographic Insights: Decimal's target audience consists of individuals aged 35-54, with a slight male skew. This aligns with typical business ownership demographics.

Age Distribution

Gender Distribution

Decimal Socio-economic Profile

Household and Income Insights: Decimal's users typically fall within the 'Medium' income bracket and have households of 3-4 individuals, reflecting their target audience of SMB owners.

Educational and Employment Insights: The majority of Decimal's users are Business Owners with a University or College-level education, indicating an entrepreneurial and financially-aware customer base.

Households Size

Income Distribution

Education Level

Employment Status

Decimal Behavioral Insights

Interest-Based Insights: Decimal's target audience shows interest in business growth, financial management, technology trends, industry news, marketing, networking events, and work-life balance.

Technology and Social Media Usage: Users prefer LinkedIn and Facebook, primarily using desktop devices. This suggests a professional online presence and reliance on traditional platforms.

Interests

Business Growth StrategiesFinancial ManagementTechnology TrendsIndustry NewsMarketing and SalesNetworking EventsWork-Life Balance

Device Breakdown

Social Media Usage

Decimal Top Competitors

Competitor	Estimated market share	Top domains
Bench	25%	Accounting Software, Bookkeeping, Small Business
Xero	40%	Accounting Software, Cloud Accounting, Small Business
QuickBooks Online	30%	Accounting Software, Small Business, Financial Management

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