In uncertain times such as these, the need for timely data to help inform organizational and business decisions is greater than ever before. Over the past several years, NAED has been working to bring you this additional data through the Market Data Program (MDP). Designed to supplement the operational and financial benchmarking metrics provided by NAED’s PAR report, the MDP can give you critical data to measure your performance within your market and help you prepare for the future.
NAED members that participate in the program have received updates on the state of the market, including new national and state-level wholesale electrical market estimates in May. Since then, NAED has released more granular data, including customer category breakdowns for Illinois, North Carolina and Virginia. With additional states and product categories in the coming months. Using this data to benchmark your sales against the market can help you meet needs in this unforeseen and shifting landscape. And if you aren’t yet participating in the program, joining may be the critical action needed to release additional states and even more granular information, which in turn will help you dive even deeper into the state of the market.
The recently released state level market estimates provide MDP participants with electrical wholesale channel revenue and growth estimates from 2013 through Q1 2020. It relies on a combination of public sources of information to approximate overall activity in the market place. This sort of analysis, along with analyzing submitted distributor information, is the foundation of the MDP and can be used by C-suite executives, marketing and sales staff, and data analysts to help inform and drive on better business decisions.
How can I use national or state level market data?
Benchmarking market performance on a national, regional, and state level can give you clues into what customers are purchasing and if the market is up or down. Even if you are looking at national-level numbers, the data can help you answer critical questions within your own market such as:
- Are the market growth changes I am seeing in my sales also occurring in the overall market?
- In terms of geography, customer segments and product categories, where are my sales over-performing or under-performing?
- Are the sales, marketing, purchasing strategies I made producing the expected result in sales performance?
- Where might I want to concentrate my new/upcoming efforts for sales/marketing?
As an example, the above chart shows the sales by top-level customer segment for 2018. When reviewing this kind of information, some questions to consider could be:
- How does this breakdown compare to your customer mix?
- Where are your marketing expenditures yielding higher ROI?
- Are there key segments or “sweet spots” where you can concentrate efforts for easy wins?
- What are those customers purchasing, and what products and supply partners will I need to engage with to meet anticipated growth in demand?
Get your data now!
As the light at the end of the tunnel grows brighter, we are all preparing for new shifts in the market. Where will those shifts occur, and how will you use the data from NAED’s MDP to get ready?
Please join NAED and Dan Vida for a virtual session on the current state of the electric wholesale market through mid 2020. The session will cover both public information on the market, as well as early information from NAED Market Data Program.
Time and Date: September 10, 2020 at 12 PM Central Time