Business owners and leaders rely on data and statistics to run their companies—top-line sales, bottom-line profits, raw material costs, labor hours, etc. The data is helpful to a degree; it can measure productivity and efficiency quite well… That is to say, past productivity and efficiency. Even more limiting, this data is internal to one’s own company and, thus, useless for measuring the company’s position in the marketplace.
The challenge is to use the rear-looking data for what it is while pursuing forward-looking data that can make a real difference in the trajectory of the business.
An Industry Barometer Report combines the instincts of owners and leaders within one industry to accurately predict where the industry is heading in the coming months.
By nature, associations serve one specific industry, and some have attempted launching this type of predictive business tool. The inevitable outcome is low participation due to misplaced concerns over confidentiality regarding sensitive business information. The logical solution is a third-party firm with the experience to deliver.
Industry Barometer Reports LLC empowers associations by confidentially gathering specific business information from members and converting it into a customized Industry Barometer Report. Its quick reading measures and user-friendly format provide a snapshot of that industry now and into the coming months.
A third-party firm garners a higher response rate—in our case, greater than 20%—making for more a more accurate representation of the state of the industry.
In an uncertain economy, the Industry Barometer Report is the perfect new benefit to introduce to members.
