How Data Pooling Can Benefit Trade Associations
How to map the market
According to the latest listing from the Association Management Company, there are more than 1,250 trade associations in the UK; but despite operating across a range of different industries and representing thousands of products and brands, they all have one thing in common: data.
No matter what industry they are representing, trade associations are seen as an authority and source of market data and intelligence, including market sizing and trends. Having access to and understanding this information is vital for members. This is especially the case for those now selling their products directly to consumers where market share data may be hard to come by. Without data and insights, manufacturers and brands are unable to determine what their position in the market is as well as recognize, adapt and respond to latest market trends.
Historically, trade associations may have managed market data in a number of different ways; for some, data is collected via members, while others opt to purchase market statistics or conduct their own research. In certain market sectors, however, data – particularly that of e-POS (Electronic Point of Sale) – may be incomplete or absent. To say this can make things difficult for businesses to understand the marketplaces they operate in – let alone evaluate their market share – would be an understatement. The task may almost seem impossible.
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