NEWS RELEASE June 2018
Forecasting your Sales Opportunity for Each Customer, Large or Small
Thanks to digital technology it is now economically possible to forecast the market opportunity for each potential customer for each type of combust, flow and treat product. Traditionally the market program has been based on sales leads. If the customer is interested in a general performance product such as small valves for a fresh water line, the order may be placed by a contractor and the lead time from project inception to sale could be a matter of weeks. The purchasing agent or project manager may be the sole decision maker. Here is how marketing programs are set up around sales leads.
High performance products such as a severe service valve or a cross flow membrane filter are purchased as a result of initiatives which will span months or years. There is often a preferred bidders list. Decisions are made based on total cost of ownership more than on initial price. Most purchases are to replace existing products or by owners who have products of this type in operation.
Some general performance products are now being purchased as if they were high performance. For example if a supplier of small fresh water valves offers a package which includes remote monitoring and replacement of all the valves in the corporation, his offering will need the time and scrutiny that high performance products receive.
For high performance products, the most valuable estimate is the yearly purchase opportunity for a product at each plant and for the total corporation. Since there may be 100,000 plants who are potential customers this would have been an impossible quest before the digital age. Now it is economically attractive to make these determinations. With the Industrial Internet of Wisdom and a number of services available from McIlvaine product forecasts can be made for each plant
McIlvaine has many market reports each of which projects revenues for each type of product in each industry. The purchases for the top 100 customers are also included. Details on each report are shown at http://home.mcilvainecompany.com/index.php/markets.
Forecasts for all the plants are created based on McIlvaine databases. Plant databases and corporate profiles as well as tracking systems for individual projects are included in a number of services described at http://home.mcilvainecompany.com/index.php/databases.
The ability to accurately forecast the opportunities for specific products is contingent on understanding the processes and potential changes to those processes. This data is extracted from Decision Systems at http://home.mcilvainecompany.com/index.php/decisions
It is possible to purchase just product forecasts for each plant without purchasing the support services. So there is an economical option for each combust, flow and treat supplier. Details are contained in the 5 step business program described at www.mcilvainecompany.com.