We are doing some interesting work here at Farm Market iD to assist our clients in growing their revenues. Back in the good ol’ days we focused exclusively on providing mailing lists and data installs. We then added email marketing to the mix. Next, we added overall data management and database marketing services. Now we are focused on applied market and customer wallet share analysis. This article talks about linking Strategy to Tactics or Market Share to Sales. Market share analysis is not new in Agriculture and is commonly calculated and analyzed by most of the large manufacturers, trait providers, retailers and equipment companies. This is work is generally focus on high-level calculations and using total market numbers provided by USDA. This is helpful to provide directional analysis and looks great on a PowerPoint but we are addressing the 2 major shortfalls of the traditional approach.
- Limited to USDA’s reporting structures its lack of granularity not your own reporting structures
- No data/insights on the share you don’t have
Our approach applies your customer sales data to our overall grower database which cover 95% of the major crops so that we are able to tell you your share of market according in to your business and reporting structures (i.e. divisions, markets, branches, etc.). Better yet we can provide you the names of the growers, including your customers, that are spending money with your competitors. Though we can’t tell you who they are doing business with we can tell you your share of your customer’s wallet and where the top dollar prospects are. This could enable to create tactical go-to-market strategies, sales incentives or marketing campaigns to drive revenue and market share growth in the most optimal areas. As you can see from a map we put together it helps to align your sales and revenue strategy to where the opportunities are.
But, we don’t stop with maps and charts, we drill into the details so that you can identify specific areas to focus on, identify underperforming areas and generally look for the most attainable areas for growth.
And ultimately down to the grower or field level so that your boots on the ground can generate additional revenues from both customers and prospects.
Whereas before companies would be satisfied with calculating market share at a high level and speak generally about strategies to increase share. So for instance, say you assess your overall market share at 25% and you set a goal to get to 35% in 5 years. How do you get there? You really need analysis on the share you don’t have… the 75%. So we built a platform powered by our grower and field data to focus on the share you don’t have so that you can enact sales and marketing strategies to drive growth in the high impact low effort areas. With our platform you can analyze the 75% of share you are missing to separate between prospect opportunity and opportunities to increase customer wallet share. Our analysis allows you to drill down to the customer or prospect and see how much opportunity there is and then push that data to your sales teams, their CRM or create marketing campaigns around select growers.
Ask us how we can help you link your revenue growth strategy to tactics using our data and our AgMarketView platform and increase your Market Share.