Over the past 10 years, distributors and manufacturers have matured in how they use analytics. More companies are refining their approach to the markets they target. But there is still a gap between those companies that are proactive in integrating analytics into their strategies going forward and those who aren’t. That competitive gap is widening.
The use of market analytics provides a more complete picture of your customers. It’s not about what you think you know – or what your salespeople insist they know. Using hard data provides you real intelligence on where to allocate your resources and which markets you should go after. Market analytics provides insight into not only market share but also potential at existing and new customers.
The most successful companies are driving these best practices throughout the organization. They have earned buy-in from their sales forces and are having much more constructive conversations about what their markets look like.
Learn more about the ROI on employing market analytics in your business in my interview with IMI’s sister company, Modern Distribution Management, from earlier this year:
