Want to take the first steps to successfully employ market analytics for growth in your companies? Before you fly, you need to walk. There are only so many projects you can move forward on at any time.
It’s critical to understand what your markets look like. Take the time to do so, including end-markets and geographic and customer market share. Knowing where you stand now will help you move forward.
From there, ensure you have clean, accurate data and that you are building feedback loops with your sales force to better understand what’s happening at customer accounts. Create data visibility throughout the company.
Then, set the data free. The more visibility you have with the data between the front lines and management, the more quickly you can go after and capitalize on the best opportunities.
Learn more about best practices in market analytics in my interview with IMI’s sister company, Modern Distribution Management, from earlier this year: