In any business, it’s important to know where you stand. Not only does this give you a chance to look back at how you’re going, it also gives you a road map for places where you can grow.
This quick article is going to teach you how you could be using EstimateOne to determine your business’ share of market, and your share of wallet with particular architects.
How to work out share of market with EstimateOne:
The first thing you’re going to want to do is use the filters to define the market you want to look into.
For example, if you wanted to look into the Queensland Education sector, you’d set up your filters like in the photo below:
Once we’ve sized the market, now it’s just a matter of seeing how big your share is.
To do this we’re going to utilise the spec-search feature – this tool allows us to input a phrase for the system to search for within projects architectural drawings.
To do this we’re going to utilise the spec-search feature – this tool searches all the architectural drawings on EstimateOne for mentions of a particular word or phrase.
Keeping the filters you set up earlier, all you need to do is type in the name of your brand or a product you supply – we’ll then show you a list of every project where it’s been mentioned within the documentation.
Working out your share of market is as simply as dividing the amount of projects you’ve been mentioned in, over the total projects.
Those with an upgraded licence can also check past performance by hitting the Awarded tab above. To select a time period for reporting, head to the ‘more filters’ bubble. For this example we’ve chosen 12 months, where 242 projects were marked awarded.
Pro tip: head to the awarded section and use the “more filters” bubble to determine your share of market over a specific time period.