If you think you know exactly where your company stands among its consumers and competitors, but you’re not paying attention to things like product launches, new companies, and external factors like seasonality or geography, then your perspective is incomplete. Now more than ever amid the coronavirus pandemic, a data-driven strategy is vital to understanding where you are in the market and how to get to where you want.
- In a recent Forbes study, 64% of those surveyed strongly agree data-driven marketing is essential when operating in a hyper-competitive global market.
- Forty-seven percent of survey respondents that use data to inform their marketing strategies strongly agree that they are seeing tangible benefits as a result.
A more comprehensive market view — why?
Success is not only measured by profit margin. Even if you are making a profit, your company likely won’t grow if your competitors are the ones dominating the market. On the other hand, if you have a good position in the market, but your bottom line leaves something to be desired, then you need a marketing strategy that will help you determine which areas of the market to pull back and which hold greater opportunities.
What to look for in your market
Using proprietary data services such as RigDig or EDA will bring new information to the data you already have and give you a greater understanding of your market and your company’s place within it.
1. What is your market position?
You need a complete view of the market to really understand where you are. What is your market share, and how does it compare with your competition?
2. Who is your toughest competition?
Analyzing the market and the other companies within it will benefit you two-fold. You get a clear picture of who is currently your direct competitor and who is growing the fastest. With the brand and product ownership data provided by RigDig and EDA, you can develop strategies to get ahead of your current and future competition.
3. What areas need your attention?
A winning position in a losing market is not going to help your company much in the long run. Identify which markets are growing, and turn your attention toward increasing your visibility there. If you do so early enough, your company could receive a boost as one of the first in the new market.
Getting to the long view
For a wider view, measure your market position over time to see how much your company, and your competition, has grown. Consider external factors that affect the market such as seasonality, distribution, new product introductions and economic trends. You should also take a look at the market for different locations and years, so you can see how it has changed over time and how location or geography affects your business growth prospects.
By gaining full understanding of your market and your company’s place in it, you can more accurately identify your current and future competition, your market share in comparison with other companies and any untapped areas of the market that are growing. Taking stock in your clients and your company will help you make the best decisions during a time of uncertainty ushered in by the coronavirus pandemic.