5 ways Market Intelligence gives you more chance of winning. A well thought out Market Intelligence program will make you more competitive. It’s as simple as that. Correct use of the information found and associated robust analysis will allow you to:
1. Learn from their mistakes
Making excellent decisions is not just about luck or your excellent judgement. Decisions can also be based on others mistakes. Their mistakes can put thousands and perhaps millions on your bottom line. At the same time, the competitor reels and tries to recover from a wrong move. Or a poor launch of a lousy product, you can continue growing. Growth by looking in the right places, and conducting insightful research, benchmarking the results with your business. They could become part of your R&D department without the associated overheads.
2. Think slow and act fast
With Market Intelligence, you will be able to predict more market changes. Allowing you to understand how they will affect you. So acting fact on credible Intelligence ensures you don’t fall behind your competitors. If you know what’s going on with your competitor, you will not be surprised if they launch something new. Market Intelligence done correctly could even predict the release of new products. When you just need to know about what your competitor is or about to do, you can prepare and get your response in early. Always be one step ahead of them.
3. Identify opportunities
Market Intelligence, appropriately done, will answer questions around what’s missing in your market. And what are current and future customers pain points and needs? Who is offering a solution to these customers, and are they getting it right?
Are there other companies in different markets with ideas that could work in yours? What trends are these companies are latching onto that could be an opportunity for you?
4. Be innovative
Unless you rely on luck, if you are just doing the same things year in year out, you will not create new offerings. Products or services your customers and market will love.
Constantly look for market trends and new technologies. Look at other markets, talk to other people from different sectors and get their view. Use a Market Intelligence agency to expand your thinking, techniques and network. Remember, it’s not just about new products and services. It’s also about how you do what you do now in your:
- Sales and marketing
- Branding etc
It’s unlikely that your customers will want more of the same. If they do, they will purely select their supplier based on price. The cheaper, the better buying strategy is never a good outcome for suppliers. However, if you are predicting trends, creating new strategies, following patterns, you will get ahead of the game. Using Market Intelligence provides the tools and desire to stand out. And be seen as different. A game-changer who creates a great experience your customers really need.
5 ways Market Intelligence gives you more chance of winning
These 5 ways Market Intelligence gives you more chance of winning need to be adopted throughout the company. Not just the leadership team, marketing and the insight manager. Everyone in your business can play a fundamental part in the exercise.
Sales, marketing, front of house, security, product, customer success, and human resources all have a part to play. By contributing and then using Competitive Intelligence to make smarter decisions.
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