Manufacturers Seek Data to Drive Sales, Planning, Identify Market Share

On a regular basis manufacturers reach out to me to inquire about “data.” They are seeking information to understand information relating to market size, their market share, the market size of various market segments, information on consolidation within the market and more, including “micro-segments” of their product offering and pricing dynamics.

Some seek insights to support their planning process. Some of the usage to support sales management and goal setting (inclusive for their regional managers and reps), some to “justify” performance to senior management. Some are very strategic and want the information to understand product movement, pricing initiatives and gain competitive insights.

We have become a data obsessed society and yes, that has filtered into the electrical industry.

While the industry is relationship-oriented, it has become more performance-oriented, especially with more manufacturers publicly held, owned by private equity, or where a significant element of compensation is performance-driven.

And data is used to determine performance as well as be a benchmark for a company’s performance.

With the advent of dashboard and now AI, data is the fuel for these tools.

Channel Marketing Group helps manufacturers and distributors estimate the size of their market by product category. When working with manufacturers I typically utilize information from DISC to look at the size of the electrical distribution market. This becomes the “base” information. DISC is frequently a common language within the industry given its widespread usage by manufacturers and distributors (and many representatives are aware of it … some use it.)

In fact, over the years, there are 20-30 different product categories where I have helped manufacturers estimate the size of their market and hence have % of industry sales.

But, when it comes to getting granular, based upon POS information, this is exceedingly difficult, especially gathering the information at scale.

Our newest ElectricalTrends advertiser offers this service … to the tune of 43 product categories with the potential to develop additional! The company is Epicor Vista Market Share.

If you are a manufacturer, this is something you should look into if you want competitive data insights.

The following is courtesy of Epicor Vista Market Share:

“Leverage Market Data to Achieve Better Results 

In today’s rapidly evolving market, electrical manufacturers face numerous challenges, from fluctuating demand to intense competition. To navigate these complexities and achieve better business results, leveraging market data (when available) becomes essential.

Here are three reasons why electrical manufacturers should consider harnessing the power of market data: 

1. Enhanced Decision-Making

Market data can provide electrical manufacturers with valuable insights into industry trends, customer preferences, and competitive dynamics.

By leveraging this data, manufacturers can make informed decisions that align with market demands. Additionally, market data can help identify emerging trends, enabling manufacturers to innovate and stay ahead of the competition.

2. Improved Customer Targeting and Personalization

Understanding customer behavior and preferences is crucial for any business. Market data allows electrical manufacturers to segment their customer base and tailor their marketing strategies accordingly.

By analyzing purchasing patterns, feedback, and demographic information, manufacturers can create targeted marketing campaigns that resonate with each segment of their audience or market. This not only enhances customer satisfaction but also drives sales and brand loyalty.

3. Optimized Supply Chain Management

Efficient supply chain management is vital for electrical manufacturers to meet customer demands while minimizing costs. Market data provides insights into supplier performance, demand fluctuations, and inventory levels.

By leveraging this data, manufacturers can optimize their supply chain operations, ensuring timely delivery of raw materials and finished products. This reduces the risk of stockouts or overstocking, leading to cost savings and improved customer satisfaction. 

 Where might you find Market Data?

There may be several sources from which you might find valuable market data, depending on the type of data you seek. From high-level market overviews down to granular transaction level data, there are several data sources in the Electrical Distribution industry ready to help such as DISC Corp. and Electrical Wholesaling.

While these are great high-level market data resources, Epicor offers our Vista Market Share data service to electrical manufacturers in over 40 product categories!

This is granular, transaction-based data that can significantly enhance the ability of electrical manufacturers to obtain, and leverage, market data. By providing comprehensive market insights and analytics, Epicor Vista Market Share can help your business identify growth opportunities and make data-driven decisions.

• Comprehensive Analytics

Epicor Vista Market Share delivers accurate, timely point-of-sale (POS) data to help manufacturers of electrical products achieve comprehensive market intelligence, which helps power decision making throughout the organization. The richly detailed data can help enhance a wide range of competitive marketing and sales efforts, including sales forecasting, inventory planning, new product development, and more. 

• Detailed Competitive Landscape 

Epicor Vista Market Share data also enables users to ascertain category, brand and SKU performance, monthly sales trends, share volatility, average selling prices, and other valuable metrics while generating competitive insights.

With comprehensive industry data, you can get a clearer view of what your competitors are doing, including new product introductions, pulling old products, expanding distribution, and more. 

Leveraging market data is no longer optional for electrical manufacturers – it is a necessity.

Enhanced decision-making, improved customer targeting, and optimized supply chain management are just a few of the benefits that market data offers. With tools like Vista Market Share data manufacturers can stay competitive and thrive in today’s dynamic and evolving market.” 

 Take Aways

• Epicor has very granular information that can help manufacturers better understand the market, and their product category(ies) … and gather competitive insights. Acquiring the information can help you be more informed. And potentially enabling you to be more proactive to take share and/or optimize profits.
• Consider the potential of this in better understanding rep territory, or region dynamics. How could this benefit manufacturer marketing departments? Product management? Support discussions with sales management? Influence pricing strategies?
• Recognizing the granularity of the information, and that some companies may not have the internal analysis capabilities to take the information and generate insights, Channel Marketing Group now offers an Analytics Capability. Our service / resource has experience with Epicor and can aggregate the information into an analysis with the potential to add recommendations. If interested, give me a call / reach out.
• No data is “perfect” because 1) it is historical, 2) it is not from 100% of the market, hence information is “projected by an algorithm so take it with a grain of salt. The key is looking for information is directional in nature and that can be correlated with other sources … none of it will be definitive.
  • I encourage you to consider multiple sources, depending upon what you are seeking to achieve.
• Just because “data” does not agree or disagree with qualitative observations, does not mean either is right or wrong. Take the time to understand the differences.

And with Epicor covering 43 product categories, there is a good chance that, if you are not getting their information, at least one of your competitors is.

I encourage you to review their information, reach out to them (and if you need a contact, let me know.)

And if you need other market insights, please reach out to me.