Identifying ideal customers
In the past, Midea analyzed data using spreadsheets, but those not experienced with data analytics found the results hard to comprehend. The company turned to Tableau to make it easier for employees to understand their data, regardless of their previous experience or understanding of data and analytics. In particular, Midea wanted to identify opportunities to expand its retail footprint.It also wanted more insight into customer and competitor trends so that it could improve its product line and better cater to customer needs.
Midea partnered with Oak Consulting to implement Tableau and leveraged their expertise to build dashboards and visualize data in the best way possible. Some of the dashboards created help Midea visualize the data received from retail stores so that it can understand market penetration rates and make better decisions about where to expand. Midea has also used Tableau to create a target list of ideal customers and monitor the progress made by the sales team.
The ability to prioritize high potential customers has been especially important during the pandemic, given the difficulty in traveling and the need to ensure there are no wasted trips.
The strategy has proved successful as well with Midea gaining more than US$10 million in sales in three months, all from new accounts on its target list.