"It is better to be roughly right than precisely wrong." When it comes to market analytics, the philosophy behind this statement – usually attributed to economist John Maynard Keynes – must be applied.
Analytics has evolved rapidly in wholesale distribution channels, fueled in part by the explosion of technology innovation over the past several years, but also as a part of the industry’s natural lifecycle. Companies that keep building their analytic capability are staying ahead of the wave.
We recently worked with a distributor to identify the market potential for its portfolio of hydraulic and pneumatic products. A second objective was to identify untapped potential in its current customer base. Like many companies, it was working with anecdotal information from the sales force, and wanted to establish an external benchmark for a realistic addressable market size.
Using data can show how your organization can start leveraging data about your customers and prospects more effectively to build competitive advantage. Whoever has the best visibility into where opportunity exists in the marketplace can best focus on how to monetize it.
Sales models in distribution are under stress like never before. Traditional and non-traditional competitors are reaching into what used to be “your” customers’ pockets as they become more receptive to change and new supply resources.
Wholesale-distributors know the value of analytics, but they are often frustrated with how ineffectively their organizations integrate data into their strategic initiatives. This industry focused report looks at the use of data among wholesale distribution companies.
For more than 25 years, Industrial Market Information has helped industrial products manufacturers and distributors make data-based decisions for better market planning. Click below to learn how IMI can help your business grow.