About Industrial Market Information
Tom Gale, President — MDM Analytics
• competitive strategy • customer demographics • market intelligence • marketing practices • expert interview • management strategies • industry perspective • MDM • distribution industry technology
Monday, November 03, 2014—Tom Gale, President of Industrial Market Information (IMI), was recently interviewed by Randy MacLean of WayPoint Analytics. IMI is quite different from other marketing-related information companies since most of those companies measure the information they and their clients have, but IMI takes a broader approach and often measures information they don't have. As such, it can provide companies with opportunities that they didn't even know existed.
The core competency of Industrial Market Information, Tom explained, has always been helping our customers get better visibility into the market opportunities for their product categories in particular geographies and for the customer segments that they address. Historically distributors have done a great job of going after and servicing the markets that they've wagon-lit, so to speak. They've been highly efficient at addressing specific markets and really providing high service levels into those markets. What we're able to do is help them identify either areas within those specific markets that they might not be addressing or market areas outside of their current operations.
"We do that," Tom continued, "by taking a combination of government data, census data, and other sources of data. We license the Dun and Bradstreet database for North America, and we're able to build predictive models for the consumption patterns for specific product categories, by specific geography, down to the zip code, actually down to account level, and also for specific types of product categories. This has made us very successful in helping companies target territories with the highest sales potential."
To be successful, businesses need to be a lot more sophisticated in regards to where they put their finite energy and resources. The idea that a company just needs to be able to sell more or try harder isn't a real strategy. Having an idea where there are underserved parts of the market can be absolutely vital to a company's ability to drive growth. IMI can be a tremendous help in identifying these sorts of opportunities and subsequently turn what may have been a flat year into a good growth year.
For more information about Tom Gale, visit: www.mdmanalytics.com