As the year comes to an end and the recession carries over into 2009, one question a lot of the companies that we talk to are asking is: Why should we invest in trade data now? I completely understand why they question making additional investments. As more companies look for ways to cut their expenses, purchasing a subscription to a trade data source is one of the items that is being examined. However, now is not the time to reduce the amount of information that is being analyzed, rather it is time to increase your market research and competitive intelligence budgets.
Smart companies are increasing the amount of data they utilize. Knowing more about your market, competition, and suppliers drives better decision making and in this economy a poor decision could be fatal. Whether your company is feeling the pains of the global economic downturn or growing in spite of it, below are three key points that are relevant at any time, in or out of a recession, to companies that import product into the United States.
- Knowing what your competitors' U.S. imports are allows you to react more quickly, decisively, and accurately to increase revenue and protect market share.
- Reducing your supply chain costs through supplier intelligence always increases margins.
- Finding new opportunities, fresh leads, or untapped markets is how to create revenue streams without constantly battling your competition over the same accounts.
Right now, there are incredible opportunities for companies that are in position to take advantage of current market conditions. Trade data is the source of information that can show the correct path toward success for importers that are looking to improve their sourcing in 2009. Others are using the data as a barometer for the health of their competition’s business as it will show when they have cut back on orders or switch suppliers before it is available anywhere else. Making trade data an integral part of your company's decision making process creates the comfort of knowing that the choices you make in 2009 are based on facts rather than fear and panic.