Today, it is easy to passively follow Tractor Zoom on Twitter or LinkedIn (like I do!) and think it is about nostalgia for old model tractors. They break up my AgTwitter feed nicely.
But…. those posts are actually curated by a well oiled machine in itself. 👇
Tractor Zoom's business aggregates data from equipment auctions and dealers in real time.
This data collection feeds their Iron Comps valuation product, which is used by buyers and sellers, auctioneers, dealers and also the financial services companies which are adjacent to equipment trade including Banks and Farm Credit.
They don't buy or sell equipment - that's important.
This aggregation model allows it to have coverage of 75% of the market in the United States after just 4 years in operation. Think about that. 🤩
This, for me, demonstrates one pillar of strength of the data aggregation model - by accessing the right information using the right technology, data aggregators scale fast. Well as fast as you can scrubbing lots of data sets.
The team at Tractor Zoom put the success down to 3 specific things in a recent webinar, which I have linked below. These are:
1️⃣ Their ability to provide real time market intelligence to market participants; which
2️⃣ Increases Speed to Decision via price transparency; and
3️⃣ Relentless focus on their user needs.
In particular, the last component has led them to redesign their digital offering and focus on mobile usage for the Tractor Zoom product (i.e. the listings), which has seen lead conversion to their advertisers explode by 350%.
If that seems like a huge increase, it is, but understanding some of the dynamics make it even more interesting, especially the overlap with Digital retail in agriculture.