With the state of the economy and the after effect of supply chain issues, it’s possible your company might be in danger of losing market share. But that also puts your company in an interesting position to gain market share if you know where to look. That’s why it’s so important to understand the current state of the market and have the tools to quickly and effectively analyze your opportunities and threats.
Why Your Market Share Might Be Threatened
Over the past few years, supply chain issues have had a ripple effect on the state of brand loyalty, specifically for industries that deal with heavy equipment. Because of this, last year, nearly one-third of equipment buyers in the U.S. had to purchase brands that weren’t their first choice. And for some industries, like trucking, 37% of these buyers said they’d continue to consider these other brands in the future.
Read more about it in these brand loyalty survey reports. What you learn might surprise you!
This erosion of brand loyalty creates the perfect opportunity for businesses to gain market share by contacting and selling to prospects they might not have considered previously. Therefore, it’s important for businesses in heavy equipment industries to not only prepare for threats against their market share, but to also understand the best way to take advantage of them and find more marketing and selling opportunities.
How To Analyze The Current Market
Here is a list of steps to help you analyze the current market and understand where your company stands:
1. Collect The Right Data
In order to determine what your market looks like, you need the right information. Most often, that means focusing on collecting data in your AOR and determining what’s most important to your business. If you’re a dealer, that might include information on what pieces of equipment businesses own, the brands they prefer, and their estimated buying cycle. If you’re in aftermarkets, that information might be more focused on the brands that businesses own which are compatible with your products and the model year of each piece.
It’s not easy to collect this type of data on your own. That’s why it’s so important to use data products that create their database using UCC-1 data, like EDA and RigDig BI. UCC-1 data is a legal form that a creditor files as a lien on financed property, like heavy equipment. Using this information, EDA and RigDig BI can create a database of verified equipment owners to ensure that their users have high-quality, accurate data for a business’s marketing and sales campaigns.
2. Determine Potential Opportunities and Threats
Once you have the right data in front of you, it’s often pretty easy to determine potential opportunities and threats to your market share. In fact, with the UCC-1 based data found in EDA and RigDig BI you can use the financing activity to assess your market share on an ongoing basis. For instance, when using that information, you can see which businesses in your area are most loyal to the brands you sell or service. You can also see which businesses might be swayable to other brands.
That information can tell you which current customers you might need to build stronger relationships with to stop competitors from stealing your market share. On the flip side, it can also tell you which businesses you could possibly contact for a future conquest sale.
3. Make Adjustments
Once you have a better understanding of the market, it’s crucial to make adjustments to your marketing and selling strategies. This can ensure you maintain your current market share and help you increase the chance of making sales to prospects you might not have considered previously.
For example, let’s say you’re a truck dealer and, using data, you’ve developed a list of fleets for retention and conquest opportunities. Knowing that information, you could start a geo-fence advertising campaign with distinct messages to those audiences for new/used equipment sales and parts or services.
Start With the Best Tools for the Job
If you want the most accurate and high-quality data for your market analysis, look no further than EDA or RigDig BI. These data tools provide you with all the information you need to determine your current standing in the market and help position your company for success in future marketing and sales campaigns.
Learn more about your prospect’s buyer behavior, their brand loyalty, and how swayable they might be toward other brands through these data products, powered by Randall Reilly. Whether you’re an equipment dealer, OEM, or in aftermarkets, EDA and RigDig BI have the right information to ensure you’re making the most of the current market. Schedule a free demo today to see how your company can benefit from quality, expert data.
