Using market intelligence to help your business
Businesses (should) know all about their internal activities, including product and people. BUT, they are often not so assured about the marketplace in which they operate. This means that they regularly make decisions based on their own instinct and experience. We find that this usually leads to an unsatisfactory outcome. USE MARKET INTELLIGENCE!
There have been huge strides in the amount of accessible information available over the last 30 years due to technology. As a result, organisations should be well placed to utilise it for the advancement of their businesses.
But people can stick to their comfort zones. According to Albert Einstein, “if we knew what it was we were doing, it would not be called research, would it?”
Even IBM - number five in Forbes’ recent list of the world’s most valuable brands – has failed to adapt sufficiently to a changing marketplace. Their 2014/2015 financial performance has been described by IBM’s CEO as “disappointing”.
According to an article by Katherine Arline in Business New Daily, “Successful market intelligence answers concrete questions about current and potential customers and competitors, and helps the company determine internal goals”.
Dependent on the precise scope, the benefits of conducting well-run market research include:
- An objective assessment of the marketplace now and in the future
- Current and prospective market share
- Sizing the potential in new markets (at minimal cost and risk)
- An understanding of what your customers REALLY think of you
- Identification of further opportunities with them (and others)
- The best routes to market for your specific business
- Analysis of your competitors and learning points
We have been working with senior management teams to help them make informed decisions across a number of sectors for many years. Particularly strong in B2B, our scope is international. If you would like more information about our Market Intelligence services, CLICK HERE