NEWS RELEASE MARCH 2016
Knowledge Beats Muscle in Gaining Market Share in Flow Control and Treatment Industries
The economic progress of the world can be characterized by the increasing market share of knowledge over muscle. In the flow control and treatment industry this knowledge to muscle ratio will change more rapidly in the next decade than at any time in the past.
Increasing market share in the flow control industry can be likened to a treasure hunt. Knowledge will determine the flow control treasure hunt winners in the future. The lone hunter who understands each clue better will win out over the aggregate muscle of multiple hunters engaged in unfocused searching.
The value proposition is the first clue. Why will the product reduce the total cost of ownership more than the competitor’s product in each specific industry and process within that industry? Muscle is a big promotional investment claiming superiority. Knowledge is creditable facts and research which is organized and available to those who can best use it.
The second clue is the specific market potential in each geography, industry and process. Muscle is top down guesstimates based on a myriad of statistics and assumptions. Knowledge is the bottoms up analysis of each industry and process
The third clue is the identification of projects and customers. Large customers and large projects represent a major portion of the market. They need to be identified long before the typical sales lead would be received. Within the purchasing entity there are behind-the-scene decision makers who are very important. To increase market share it is important to reach these individuals.
The fourth clue is a coordination. Management, engineering and sales should all be involved in creating value propositions for each product in each industry. Market forecasts should be in sufficient detail to create quotas or targets for each sales territory. Feedback from these sales people should be part of a continuous effort. Many opportunities involve multiple geographies and products. Voluntary bottoms up rather than top down program using the KOC strategy (Knowledge, Organization and Collaboration) will pay big dividends.