Businesses have access to a large amount of insight through market share benchmarking, which offers a world of benefits. Here are some of the key advantages of implementing a market share benchmarking solution:
Have the ability to know what is going on around you
Even if your business is growing, it only covers part of the picture if you rely solely on internal data. Your company might have increased its revenue by 10% in the last year. However, if the overall market has risen by 15% or 20% in the same period, there was an opportunity there for you to gain an even more significant revenue increase. How your company stacks up against your competitors in a changing market makes benchmarking performance critical.
Knowing where your company sits in the market brings more significant scope to review and streamline how you run your business.
Check out our free monthly dashboard that offers a high-level view of the New Zealand market.
understand the competition
Your competitors will likely be in the same boat as you – relying on internal company data with minimal access to external insights. Therefore, businesses implementing a market share benchmarking platform can establish a unique, competitive edge.
A comprehensive view of the market share means you can see how much of the overall category market each competitor group takes up, which you can track over time. Getting more thorough insights into your competitors’ successes through customer spending data is game-changing information for optimising your business strategy.
More than just one-upping everyone else in the market, understanding who you are competing against allows you to see what marketing campaigns and strategies are working well for competitors and act accordingly.
More is more when it comes to possibilities
Most businesses do not have access to the kind of information used to build Datamine’s market share solutions. Tapping into the insights, otherwise unavailable to internal data analysis teams, opens up more opportunities for your business. It saves time and money, sheds light on what strategies and goals can be set for your business, and helps clarify the path to achieving them. Looking for inspiration on what you can do with market share insights? Download our guide to RetailWatch and discover the opportunities in location optimisation and building a customer data strategy.
A fully bespoke solution
There is no one-size-fits-all approach to implementing a market share benchmarking solution. Every business is different; therefore, the only way to get the most out of your market share data is to have a customised service built for your business.
One of the most important factors to consider when creating your bespoke service is the level of granularity in the information your business requires. Perhaps your stakeholders only need a broad overview of the data – an example of this might look like a display of the national market share.
Or, taking the time to build a market share service that displays the information at a highly granular level might make more sense for your business. In this case, the solution can break down data by more precise factors like region and demographics.
Reach out to discuss your market share report specifications and needs.
Steps required to create bespoke Market Share Data analysis