The importance of Market Data Coverage
Understanding your market is crucial for success in today’s competitive business landscape. Accurately assessing the size of your potential market, identifying customer needs and desires, and monitoring competitor activities are crucial elements in developing a winning customer strategy. Failing to do so can lead to missed opportunities and potential downfall, as exemplified by the story of Blockbuster, a once-dominant player in the US video rental industry.
This blog post highlights the significance of market data coverage and the risks associated with misjudging market size. We will explore how companies can utilise local market knowledge and expertise to validate their vision and projections. Additionally, we’ll examine the case of X5 Group, a prominent supermarket chain, to illustrate the importance of staying informed about market dynamics.