Dealers are becoming more sophisticated every day. The best dealers are leveraging data, analytics, market intelligence, and local market forecasts to answer some of their most pressing strategic questions: • What dealers, products/models, and price points are winning/losing in your local markets? • What are you winning/losing with? • How can you leverage available market data to better understand your markets to plan better and drive better dealership performance? • How can you use local retail demand forecasts to manage inventory better to gain market share in the categories you value? Being able to answer these key questions will give you clarity on how you should modify future inventory, sales, and marketing efforts to meet current and anticipated market and consumer demands. This requires market intelligence and analytical capabilities that go beyond basic reporting. If market intelligence gathering, forecasting, and business analytics are not your core capabilities, it might make sense to work with a partner that specializes in this space. They can help you bring best in class analytics capabilities inhouse quickly and economically. A few words on ‘market share,’ a core management metric: The value of market share lies in the fact that it provides a view of the market beyond your 4 walls. Whatever you think is happening, market share tells you with 100% certainty what is unfolding. It can confirm existing beliefs or challenge current assumptions. “Gut feel” is important, but it becomes vastly more powerful when you can compare your intuition against actual market data to either validate your assumptions or challenge them. In addition to benchmarking your performance against your market, market share also helps root cause performance drivers and highlights plans to take corrective action. With competition and sophistication in the RV retail space rapidly increasing, it is more important than ever to have as many advantages as possible. Having market knowledge and insights based on data and putting it to work represents a major source of sustainable strategic advantage.”
JASON KRANTZ CEO and Founder of Strategy Titan
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