Identifying new markets and opportunities for growth has never been easier thanks to RigDig BI. Using the prospecting tools and search features of our data product, you can uncover new areas for your business to invest in and quality prospects to contact about your products and services. See why identifying growth opportunities is crucial to the success of your company and how to do so using RigDig BI.
Why Is Identifying Growth Opportunities Crucial To Your Success?
There are a number of reasons to focus on finding and utilizing opportunities for growth. Here are some ways to identify those opportunities with RigDig Business Intelligence data:
- Find New Selling Opportunities: The most important reason you should start identifying new markets is because it can provide you new opportunities to increase your sales and revenue. Finding emerging markets and opportunities for growth often means finding new prospects to connect with and pitch your products and services to.
- Get Ahead of the Competition: It’s likely that your competition is currently looking for new market opportunities themselves. If you jump into market research today, you can create a competitive advantage and find new opportunities before your competitors do. That can help you get into those markets first and start building relationships with those prospects sooner.
- Grow Your Business: As you uncover new markets to sell your products and services, you provide ways for your business to grow in its market share and overall profitability. In turn, this can position you to enter even more markets and create more opportunities for revenue and growth.
How To Find Opportunities for Growth with RigDig BI
Here are some of the best ways to find growth opportunities with RigDig BI:
By analyzing data on equipment purchases, you can identify trends and opportunities to gain market share. Using RigDig BI’s Equipment Search feature, you can locate businesses in your AOR and find opportunities you might not have known about previously. For instance, let’s say you’re a long-haul truck dealer. You might use the Equipment Search tool to narrow down your search based on the location you want to target and a specific brand of truck or trailer you sell.
Then, you can use RigDig BI’s Heat Map to see which regions in your targeted area currently own that brand and which areas own more trucks of that brand than others. Once you’ve narrowed down the area even further with the Heat Map, you can transition to the Pin Map to locate the specific businesses in that region and develop a list of quality prospects for your sales team.
You can also find new market opportunities with RigDig BI’s Activity Search. This function allows you to see and filter the results of prospects based on various activity information. That includes how active businesses are in different regions, how many inspection violations they incur, and their current safety rating.
Let’s say you’re an OEM or you’re in aftermarkets. You might use the Activity Search feature to see if any businesses or prospects travel through your AOR and what type of violations they receive. If they receive vehicle maintenance violations for certain parts, such as lighting, brakes, or suspension, you could reach out to those businesses and offer your parts and maintenance services to repair the vehicles when they pass through your region. You could even pair that data and information with marketing and advertising campaigns, like geofence marketing, to notify those trucks about your business as they pass through.