Executives, including those in the shooting sports industry, have the opportunity to lead their business into a more data-driven culture. One Harvard Business Review study, which surveyed 646 executives, managers and professionals from all industries around the globe, found many corporations are integrating data capture and analysis into their decision-making processes. In fact, many business executives are enhancing their skills to allow them to integrate analytical tools into their business decision-making practices.
Now, let’s get one thing straight. Intuition and the knowledge that comes with experience are still incredibly important in decision-making. But data has proven to be yet another tool to substantiate those decisions and help executives move forward with objective information in mind. And when you go to present your plans to investors and other stakeholders, you’ll have the data to back it up.
SCOPE, the one-of-a-kind data platform developed by the National Association of Sporting Goods Wholesalers (NASGW), offers the kind of industry-specific data executives need to make important decisions. Here’s how.
What’s In the Next Strategic Business Plan?
Strategic business planning is all about identifying weak points and opportunities. The right data sets can help you find those in the most objective way possible, allowing you to put your own feelings and ego aside and get down to the numbers. For manufacturing executives in the shooting sports industry, SCOPE allows you to see how much of your product is being shipped by distributors through DLX (Distributor Link Exchange) and how much is then sold in retail stores through CLX (Customer Link Exchange). By studying the flow of your products, you can locate your weak points in the chain and allocate more effort and resources to solving those problems in next year’s plan.
SCOPE DLX also helps you understand which of your products perform the strongest or weakest in the market, with market share percentages by category of product. Maybe your shotgun is underperforming, but your handgun is dominating the market. You might consider improving your shotgun design in next year’s strategy, or lose it and put your resources toward a more worthy product.
Where Should We Expand Our Reach?
When the time is right to begin expanding your business, SCOPE data can help executives decide where and how. With geographic data visualizations in SCOPE DLX, you can easily see where distributors are sending your products throughout the country. With SCOPE CLX, you can see how your products are selling to consumers in different regions of the country, down to the zip code. This data can inform you on markets your product hasn’t touched yet, and where you have a good shot at being profitable. For example, you might have a rifle that’s doing really well in Arizona, but you haven’t tapped into Nevada yet – a state with a similar buyer demographic. This is a starting point for research and conversations with distributors that may confirm your next move into a new market.
Should We Be Producing More or Less?
Supply and demand affects every element of your business, no matter what step of the distribution model you work in. A smart executive can keep his or her business in balance by adjusting to the market. To help your company maintain its financial equilibrium, you need to stay on top of how much you’re producing vs. how much is moving through distribution. In 2020, for example, companies couldn’t create shooting sports products to keep up with the demand. As the tides change, however, executives can use SCOPE to stay ahead of the trends, advising teams to slow production and limit resources as sales return to a more normal level. With SCOPE, you can do more than simply respond – you can be proactive.
What’s Our Next Product?
Similar to determining where to expand, SCOPE can help you answer questions about what product to develop next. You probably have a hunch about what you’re best positioned to move into. When you look at the data, it may confirm that and give you confidence, or present you with some insights that make you reconsider. Either way, you’ll be better informed in your decision. SCOPE offers data to inform concept testing and market potential (or lack of potential). Lean on more than $6 billion in shipment transactions to create or expand winning product lines and create profitable distributor programs. SCOPE also collects the largest amount of inventory data of any analytics platform. Before launching a new line, consider current inventory and sell-through trends for the product’s segment.
Data is helping nearly every industry make better decisions for companies and their customers. Shooting sports industry executives are no exception. As the most accurate data set in the industry, developed in partnership with industry leaders, SCOPE is something you should have in your toolbox to help you make the smartest decisions.
Want to learn more about SCOPE? Set up a free tutorial and start tapping into this invaluable NASGW member benefit.