Analyzed Data Optimizes Performance

Analyzed Data Optimizes Performance
Recently we co-presented a study on the size of the power transmission industry and the industry’s product mix. The project was commissioned by the PTDA at the request of its members. The distributors and manufacturers sought data points to help better benchmark and guide their businesses.

Why did distributors and manufacturers want data?

The reality is that many of the industries we work in don’t have many data sources. Additionally, many product categories are relatively small, making obtaining data difficult and many distributors do not have a culture of using data (either in-house or obtained) as elements of their strategy planning or to benchmark their performance.

In industries stifled by no / slow growth, leading companies are now using data to analyze and identify growth opportunities by customer segment and within customers. Why? Because they are looking to answer questions like where can they take share, where are they under-performing, where can they seek new customers, as well as determine what they are not selling, what customer potential is and more.

The data can help them find golden nuggets that can drive decision making in sales, marketing, identify where to expand, refine compensation models, ascertain cost to service, influence your strategy and much more. Data helps you make more informed recommendations and decisions.  In essence, data can help you identify how to increase sales and profits! But the key is to use the data for action; not to use it as an excuse for decision paralysis.

The goal is to:

• access the information
• utilize industry insights
• convert the information to knowledge and
• then conceive strategy to drive your business.

Channel Marketing Group has defined processes to help distributors understand their market share, to evaluate (and quantify) business opportunities by segment and we recommend strategies to drive sales. For manufacturers we can help identify market share, provide insight to refine distribution strategies and identify brand preference.

Not responsible for your company’s strategy? We can share ideas on how data analytics can drive your area of influence … give us a call.