What Is an Industry Analysis and What Can It Do for Your Business?
Guest writers Debbie Frakes and Steve Clegg are back with another resource available to businesses in “What Is an Industry Analysis and What Can It Do for Your Business?”
Equipment dealers only have a limited number of resources at their disposal. The key to being successful is allocating those resources in the most productive, efficient way possible. When it comes to your marketing and sales efforts, it’s impossible to target everyone. You must make important decisions about who to go after based on who will produce the most value for your business.
The key is to target potential customers who are most likely to work with you. An industry analysis tells you who those people are.
What is an industry analysis?
Zintoro conducts your industry analysis by determining which industries are most prevalent in your customer list. By looking at Standard Industrial Classification (SIC) codes, you can identify which industries your different customers are in and which industries you do business with most often.
Part of the industry analysis is looking at the customer count, sales volume, revenue, number of potential customers, and a variety of other key metrics for every SIC code found in your list. That way, you can understand the market potential for each segment of your current customer base and how much value they can produce for your business.
Armed with the knowledge of your customer base and the revenue potential of different industries, you’ll be better informed on which new prospects to target with your limited resources. An industry analysis helps you focus your time, money, and effort on increasing your market share in the industries that you know have the most potential for your equipment dealership.
Use what the industry analysis tells you.
Conducting a Zintoro industry analysis gives you a better understanding of your customers and how valuable different segments of your base are. Once you know who will deliver the greatest return, you will know where to invest your marketing and sales resources. More than just giving you directions, an industry analysis also helps you tailor your messaging, exclusive offers, and even inventory to appeal to the most valuable segments in your customer list.
For example, if you sell excavators, but you find out that most of your customers exclusively oversee demolition projects instead of digging jobs, then you can change your marketing and sales messaging to match that. In your emails you can use pictures of excavators demolishing a building and highlight features of the machine that are most useful on demo jobs. The more targeted you are at the customers that produce the most value, the fewer resources you’ll waste going after customers who are less likely to work with you.
Start better understanding your customers and your business by contacting Zintoro for an industry analysis today!