Staying competitive in today’s business world requires the ability to identify emerging trends and adapt to change. Often, though, new patterns are difficult to “see,” and gut feelings can be wrong. That is when data is most helpful. Data analysis, especially comparative analysis involving fellow manufacturers, gives rare insight as to strengths and weaknesses and reveals paths to success.
In the past, we’ve blogged about ShopIQ™, our competitive analysis tool that helps suppliers and manufacturers benchmark their MFG.com bid activity against other shops. Over the years, we’ve refined the tool – and its output – several times in order to offer you the most meaningful market analysis data. Just this month, we unveiled an entirely new version of the tool with a different analytical approach. We believe the latest version offers metrics that will help our subscribers grow sales and expand business.
Data from the new ShopIQ reveals some interesting overall findings. On average, our most successful suppliers quote 50 percent more often than their competitors. They also win bigger awards – seven to eight times higher in value. Of course, frequency increases the odds of winning, but more bidding also may lead to better bids and greater familiarity with what buyers seek in quotes for custom manufactured parts.
And, there is a distinct correlation between platform success and frequency of logins. The top 10 percent of suppliers log onto the platform about 50 times a month. Given that the available RFQs change completely every eight days, shops that only access the platform every two weeks will miss 50 percent of the work opportunities. If these RFQs involved your optimal process-material combinations, then the impact on revenue is real.
The data doesn’t lie. Top-performers log in at least once a day –sometimes more – and they quote 50 percent more. The question for individual suppliers then becomes: Where do you fall on this spectrum?
Against this backdrop, the new ShopIQ tool offers
- Macro-level data that compares an individual supplier to our top-performers, supported by micro-level data down to the individual RFQ.
- The ability to compare the number of logins each month, the number of quotes offered, the annual awarded value and the average quoted price.
- A supplier’s quote activity by application, listing the most quoted combinations of process and material.
- A list of relative competitiveness of a supplier’s bids in each process-material category.
- Functionality to easily create and save search parameters that align with a supplier’s bidding success, coupled with automatic email notifications when searches identify similar manufacturing opportunities.
We think many companies will be surprised by the findings the ShopIQ analyses reveal about them. Yet, given this knowledge, they can elect to focus on RFQs involving their optimal process-material combination, test new marketing strategies and gauge each tactic’s impact by limiting data to the test period.
We are proud to bring this incredible business solution to our subscribers. We encourage you to try out the new ShopIQ today and see what your shop’s data reveals.