Stears, a Nigerian data and intelligence firm, is undergoing a strategic shift, transitioning from its previous consumer-centric data solutions to becoming an organization-focused intelligence company, introducing new services to cater to this shift.
Founded in 2017, Stears initially positioned itself as a prominent publication specializing in data and information related to Nigeria and its economy.
Offering insightful analysis and innovative tools such as a COVID-19 case monitoring platform and Nigeria’s first real-time election database, Stears became a trusted source of information for Nigerians.
However, the company is now redirecting its attention from individual consumers to organizations as part of its new business-to-business (B2B) approach.
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Stears move is prompted by feedback from users
According to Yvette Dimiri, Director at Stears, this change was prompted by feedback from users. She explained, “From the insights and data solutions being requested by our professional users, there seems to be a good fit there. When we thought about how to produce these new insights and data solutions in a way that benefits the business, it became very clear that we need to shift our model.”
With cumulative funding of $4 million, Stears is now poised to provide organizations with a range of intelligence solutions, including market size estimates, predictive forecasts, consumer indices, and comprehensive macroeconomic datasets. The company aims to continue attracting global organizations operating or investing in Africa by offering these new services.
Stears has already garnered a list of prominent clients, including the United Nations Development Programme (UNDP), European Investment Bank, Infracredit, PZ Cussons, and Piggyvest. Funmi Ogunlesi, Head of Government Affairs at Citibank Nigeria, praised Stears as her “secret weapon and go-to source of reliable data.”
The company will continue to honor existing subscriptions for individual users until they expire. Dimiri noted, “We do believe that many of our users who are professionals working in professional contexts and have always been champions of Stears will continue to support the brand within their organizations.”
Stears will maintain its practice of publishing articles, which have traditionally formed the cornerstone of its intelligence solutions. Importantly, there will be no changes to the editorial team, a move made possible by the recent hiring of analysts over the past two and a half years.
Stears is backed by Luminate, a philanthropic organization committed to combating misinformation in Africa. When questioned about investor support for the pivot away from individual-focused information provision, Dimiri affirmed that the investors were aligned with this new direction. Stears will also continue to offer certain data solutions, such as the election database, to the public for free.
Conclusion
In terms of geographical expansion, Stears intends to concentrate on East and West Africa. Dimiri clarified that the pivot was not influenced by the company’s subscription model, which she stated the company was “very satisfied” with.
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