Using Data to Guide Industry Outlook Predictions
If you could have one superpower, what would it be? Flying? X-ray vision? Come on that’s weak.
How about predicting the future? Now we’re talking.
You might not be the next Nostradamus, Professor Xavier, Zoltar (from Big), or even Nate Silver, but you have predictive power at your disposal. Data can give you insight as to where you’re industry is headed, and who may be in a buying mood.
Let’s say, for instance, you sell construction equipment. Using data to unearth a wide swath of contractors’ channel preferences and media consumption habits, as well as demographics and bizographics, can increase your odds of reaching the right people. In addition, data can light the path ahead by highlighting indicators of the overall market.
Staying with the construction theme, there’s plenty to draw from right now in terms of divining trends. Let’s just say the future’s so bright, you gotta wear (OSHA-approved safety) shades.
In terms of reasons for optimism, the $305 billion highway and infrastructure bill signed in 2015 is a nice place to start. The ‘FAST Act,’ which includes $205 billion set aside for highway improvements, is expected to stimulate more than $13 billion in equipment sales. This of course has major implications for related industries like aggregates or anything having to do with road building.
The question is, do you have access to data that can direct you to potential buyers? This is precisely what EDA data can do for you — let you know who is out there manufacturing, selling, servicing, or financing equipment. Even deeper than that, you can plot out research to detect increases in new equipment sales, or spot an uptick in used equipment sales. What would information like that mean for your business?
Having access to EDA data is like having an extra staff member — a whole department, really — working around the clock to identify new leads and hot prospects around the country. It’s like having a group of employees who never call in sick, cause office drama, or eat anyone’s sandwich out of the fridge. They just sit in their cubicles and ceaselessly uncover insights that make your marketing and sales efforts more targeted, efficient and successful.
As great as our technology is, the people behind it are even better. Our Charlotte office was just named one of the area’s top workplaces, in fact. We have a team of affable experts dedicated to helping you get the most tangible benefit out of data. Not the least of which is empowering you with industry outlook so you can stay a step ahead and make informed decisions moving forward.
So what industry are you in? Whether your livelihood is in construction, agriculture, trucking, logging, woodworking, printing, office equipment, lift trucks, or machine tools, you have predictive prognostications and the power to pinpoint pain points, right at your fingertips. EDA Insight will help you see trends, and assess potential customers’ brand loyalty.
It might not be a superpower, but data can make you more efficient and effective at your job. It can help you identify more (and better) prospects, and keep tabs on your chief competitors. Just remember, with great power comes great responsibility.