A rapidly growing number of food & beverage distributors are implementing account-based data platforms to gain a greater understanding and sophistication in their sales and marketing efforts. These platforms provide valuable insights for driving sales, marketing initiatives, and enabling rapid expansion. While the implementation of an account-based data platform carries tremendous opportunity, the decision to do so for a distributor is not one made lightly. Before taking the plunge, it is important to weigh the pros and cons of an account-based data platform against the cost, complexity, and technical considerations of implementation.
At the most basic level, an account-based data platform is a system that collects, stores, and analyzes datasets to provide insight into the operations and performance of sales and marketing efforts. A primary benefit of an account-based data platform is the ability to uncover granular insights that are not available from conventional data sources. These insights can be invaluable for driving sales and marketing efforts with greater accuracy and success. For example, an account-based data platform could be used to identify segments that are underserved or untapped, enabling the head of sales or marketing to focus their efforts on closing those gaps to deliver valuable growth.
In addition, account-based data platforms offer forecasting capabilities that can help a distributor better project and plan for the future. With advanced forecasting, it is possible to better anticipate market trends, assess risks, and allocate resources more strategically. This can help to minimize potential losses from unanticipated changes in market dynamics.
Account-based data platforms also offer a variety of other benefits, such as insights into local customer preferences and custom dashboards that can quickly display performance metrics. Additionally, these systems are engineered to be user friendly and intuitive, making it easy for businesses to start using the platform with minimal effort and training.
While the benefits of an account-based data platform are clear, there are certain considerations that must be taken into account before investing in such a platform. First and foremost, a comprehensive understanding of the technical capabilities of the platform must be achieved. Furthermore, an analysis of the cost, complexity, and necessary resources of implementation must be carefully evaluated.
Additionally, many account-based data platforms require large datasets and frequent updates in order to remain relevant and effective. As a result, these platforms typically have a high maintenance cost that can be seen as a financial burden. This cost is compounded by the team or staff required to monitor and administer the platform on an ongoing basis. In short, it takes time and money to run an account-based data platform—and a distributor needs to consider these factors carefully before taking the plunge.
The decision to implement an account-based data platform is one that is not to be taken lightly, and the pros and cons need to be carefully weighed before proceeding. By understanding the technical capabilities of the platform, the cost, complexity, and necessary resources of implementation, and any ongoing maintenance costs, a distributor can better decide if investing in an account-based data platform is the right move for their business.
