Market Intelligence-Analyze and formulate the data which helps in developing business

Market Intelligence-Analyze and formulate the data which helps in developing business

Market Intelligence can be the name of the department that performs both the market intelligence and competitor analysis roles. describes the broader discipline of researching, analyzing and formulating data and information from the entire competitive environment of any organization.

Much marketing intelligence information can come from making better use of existing information. For instance by carrying outon orders taken it may be possible to understand where you have cross-sale and up-sale opportunities, or to understand what type of customers are your most profitable.

Database information is not the only source of market data. Your website may also include a high degree of valuable information about who is looking for your products and services. can help you understand what customers are looking for and why.

Finally, don't overlook knowledge about customers, markets and competitors that comes from your staff. Often this is a poorly tapped source of information. Collecting and disseminating such information falls into the realms ofmanagement and making better use of this customer knowledge can help businesses focus far more on what the customer wants and says.

An effective market intelligence effort requires the market team to:

1.Know what you need. Often this step is taken for granted given the team ongoing discussions; however it is critical to understand what the intelligence is to be use for, to identify what is needed. Based on "what it takes to win," develop strategy options and challenges that need to be addressed. From this work they can easily describe what they needed to know to transform hypotheses into market strategy.

2.Know what information to capture. Here it is best to start with a blank slate. With the strategic objectives in mind, a list of key issues needs to be addressed. These include competitive positioning, importance of factors, key outcomes, pricing, customer attitudes, and issues. Some of the elements of these should already been known, but some may still be hidden.

3.Design your knowledge capture approach. The three critical steps here are:

Think 'outcomes' or what the specifies in the market may want to happen as a result of an interaction with you. They buy products and services to help them get their jobs done.

Do a qualitative market assessment to identify the hidden elements and validate that the list of potential outcomes are correct. The key here is to discover what specifies' value and the criteria they use to measure supplier performance.

Design your quantitative market study in a way that you can both measure the market and test concepts. A good quantitative design employs exercises in which the respondent is asked to make choices on what is important to them and identifies the difficulty a respondent is having in achieving their most important outcomes. The design should capture the respondents' beliefs and attitudes about the primary topic, competitive behavior, and willingness to act as desired.

4.Compile the learning's -- and get the complete story. A well-designed market intelligence study should provide you with 'causal' or prescriptive view of the market. These learning's should be translated into actionable implications. A key benefit to this approach is models that enable your team to do 'What if' analyses.

Conseil Inde | Sourcing India Europe

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