Utilizing Market Data to Build Your Business

EFC logo 2018 400

August 5, 2022

By Tom Mason, VP of Marketing and Channel Development, EFC

Data, data, and more data are all available at our fingertips. Today we are more informed than ever, with detailed market data available in various forms. So, the question remains, how are we utilizing market data to build our brands and gain more insight into customer needs, wants, and behaviours? Creating a business plan based on solid market data is critical to identifying new markets, customers, and trends. 

The past two years have been challenging, and the historical benchmarks and traditional datasets have all been disrupted. The question expands to how one develops innovative products, finds new customers, or grows the business when the market financial foundation is no longer stable. The year-over-year data on which we have built our models has become unreliable or uncertain. 

Finding or developing accurate electrical industry market data is no easy task. What sources should be used? Can the information be trusted for accuracy and reliability? Will the industry data be provided only one time as a single point of dispatch or continue to be available in the future to understand trends? 

Before starting to build your electrical industry financial model, understand where, when, and from whom your data is sourced. Canada has many data sources available to electrical marketing professionals from government agencies, financial institutions, and many research firms. The data they provide is typically more generic in nature, but it is timely and accurate. 

How do you use this data to drive your business in a specific market or introduce a new product? The answer:

  1. Conduct detailed research on where to access data for your specific industry or vertical market.
  2. Do not settle for a generic approach to data with limited information.
  3. Find economists working in your industry with a track record and history that reaches well past our current situation, such as Maureen Farrow or Alex Carrick, who will be speaking at this year’s Economic Forecast event (hosted by EFC).
  4. Work with industry media sources such as Kerrwil, who for decades have gathered considerable amounts of data through their newsletter subscriptions and produced the annual Pathfinder Report. Other media sources like EBMAG and Electrical Line Magazine may offer data research.
  5. Get involved with your electrical industry association to determine if they produce the specific market data you require, such as Electro Federation Canada (EFC), BC Electrical Association (BCEA), and Alberta Electrical Alliance (AEA). NAED, NEMRA, NEMA, and the like could offer data insights for US-specific data.

Reach out and learn how this information can become the foundation of your next business plan and future growth. 

EFC market data sources and events:

Related Articles

Changing Scene

  • EFC Quebec Region “Personality of the Year” for 2022, Awarded to Denis Ricard, Agence Ricard

    EFC Quebec Region “Personality of the Year” for 2022, Awarded to Denis Ricard, Agence Ricard

    Each year, the Quebec region members present the Personality of the Year award to a deserving member in good standing, to recognize an individual who has been a significant contributor to the industry in the Quebec region, demonstrating strong leadership through personal and professional contributions. On August 31st, 2023, during the annual EFC Quebec Region… Read More…

  • Mersen Canada Toronto Inc. Presented With Prestigious Imark Award

    Mersen Canada Toronto Inc. Presented With Prestigious Imark Award

    IMARK supplier partners and electrical distributor members gathered in Ottawa for the annual members meeting that culminated with the Recognition Awards dinner, where Mersen was excited to be awarded IMARK Canada Supplier of the Year. This award program recognizes and rewards members and suppliers for their superior participation in IMARK Canada programs and utilization of… Read More…

Peers & Profiles

  • Taken from Graybar Canada Linkedin Post Enjoy a glimpse of the wonderful moments from Graybar Canada’s recent customer appreciation BBQs! The company was grateful for the smiles and connections made with our amazing customers and vendors. They are looking forward to the next gathering! Source Read More…

  • Article taken from Linkedin Post Electrozad is thrilled to spotlight their Chatham Branch and recognize their exceptional efforts in cleaning up their community. The team took time to coordinate a community clean-up around their branch. This is a commendable initiative that not only helps maintain the cleanliness and hygiene around the branch but also contributes… Read More…