How Global Moto uses data and insight to give them a competitive advantage
Current market conditions might seem volatile and fluctuations in the market can occur daily. Right now, demand is down year-on-year due to unprecedented conditions in 2021. We had emerged from multiple lockdowns which caused the release of pent-up demand, as opposed to today where consumer confidence is dipping due to the increased cost of living.
Keeping on top of the market and knowing how to react to different conditions can be hard. Market Insight makes that easier by presenting you with supply and demand trends, as well as average market prices.
We recently spoke to the team at Global Moto, a 122 year old family-run business with five bike sites, to find out how they use the tool to improve their business processes.
"We’ve been using Market Insight for the past couple of months,” explained James Hogben, Sales Manager, “we use it to check trends in demand and which models are shown to be the most popular, and which models might be best to avoid, to help inform our sourcing decisions.”
“We also use it to help price vehicles, looking at the average retail prices in Market Insight. It makes jobs around the business like this much simpler, where we used to have to spend more time researching pricing and looking into demand trends ourselves.”
Ellie Ludlow, Market Executive at Global Moto went on to explain how she uses it to make operational and marketing decisions on the current forecourt.
“We definitely see it’s potential and will be using it a lot more going forward. Over the past few weeks, I've been using AT analytics to identify adverts that are performing badly. Using this information in combination with Market Insight helps me to make decisions on our current stock. We can investigate why bikes on our forecourt aren't moving as fast as others and look at what next steps we need to take to improve the performance of the advert".
Both agreed the tool is straightforward to use and provides easy access to very useful insight, which is needed to run their business effectively, helping them to stay on top, maximise profits and sell more stock, quicker.
From sourcing the right stock to setting the right price, our data is your competitive advantage, so you never leave profit on the table. Find out how you can use the Market Insight tool to your competitive advantage in our RPM video.