In Shakespeare’s play, Measure for Measure, Vincento, the Duke of Vienna, has to weigh up the options for sentencing the civilians in his city that have wronged. Ultimately he makes life and death decisions based on the observations he made when disguised as a Friar and the comments of fellow civilians.
Some would argue that this was not a particularly robust decision-making process but was maybe the only option available back in the 1600’s. Thankfully, business decisions and choices about the life and death of products today can be based on hard evidence and solid facts.
Temptation to repeat what has worked in the past
Nevertheless, getting to grips with what’s going on in a market can be a challenge, especially if you are new to the industry. In addition, the fast paced, uncertain nature of the world, makes it difficult to develop the appropriate strategies and tactics which deliver value to the business, customers and stakeholders. There is a temptation to repeat what has worked in the past if you have been in the industry for some time and this may not always deliver the best results.
Measure and control activities more effectively
Business today is all about keeping ‘a finger on the pulse’ with timely, focused measurement and accountability high on the agenda. This has never been more important than at a time when the economy is in recession. Organisations need to assess whether marketing and sales activities are aligned with the overall corporate strategy and are helping to meet short term and long term objectives and deliver a return on investment. There is also a need to determine whether the organisation has clear ownership of the customer or whether the competition is gaining hold. Many organisations will want to understand whether there is a gap in the market for a new product or service and identify the areas with growth potential.
Make better decisions
This is why statistical data is so important and in many cases central to survival. Analysing results of market research into customer attitudes and purchasing behaviours could provide guidance on where to focus investment and marketing activity and may even highlight the need to re-think objectives and priorities. Although it is important to be aware of the danger of spending too much time on spreadsheets at the expense of customer insights or on evading radical ideas because they are more risky.
Save time and money
Statistics assist the decision-making process and help faster and better decisions to be made. So whilst there is a temptation to argue that there isn’t time to look at and use data, there are in fact time saving benefits to be gained. It can also help you save money if you avoid making the wrong investment decision.
Statistics for BDTA members
The BDTA recognises the importance of accurate data and invests substantial resources in commissioning, gathering, collating and presenting data and research results to members on an on-going basis. The BDTA statistics Committee is tasked with deciding which areas should be researched to assist members operating in all sectors of the market. The BDTA compiles an annual statistical publication, Spotlight, which gathers together all the information obtained throughout the course of the year. Spotlight contains data which members may not have the budget to collect on an individual level.
The report gives an overview of the market and contains a wide range of information, including data on:
- The dental laboratory market
- Surgery consumables
- Attitudes towards new technologies and training amongst the dental team
- Retail sales of oral hygiene products
- Readership of dental publications
- Exhibitions and Showcase
If you are a BDTA member and would like a copy of the current Spotlight report (2008/09) for you and your team, please contact rebeccaevans@bdta.org.uk (subject to availability). You can also download a full copy of the report from the members area of the BDTA website. The 2009/10 version of Spotlight will be available in September 2010.
There will be an open forum at the BDTA Annual Conference 2010 for members to provide feedback on BDTA statistics provision and suggest new areas of research. We hope you can join us!
