What Do we mean by Market Intelligence and how to apply it to our business?
As Market Intelligence professionals, we are asked what Market Intelligence means and how to apply it to our business. Over the past couple of years, this question has been getting asked less and less. Especially within major corporations and increasingly middle-market players. And even those who achieved investment 3 to 5 years or so ago have found new major stumbling blocks. Blocks reduced their growth potential long before COVID did its thing to the world.
This article shows how market intelligence can be applied practically in business. It covers methods for gathering insights and applying them to shape marketing, product or strategy decisions. It speaks plainly about use and benefit in everyday business terms.
Some companies don’t really understand who their competitors are. Know very little about them and assume their offering is superior. Based on what? Absolutely nothing. There are many frameworks, models, and software offerings available. And some of them are useful. Still, here are some questions to help you advance your Competitive intelligence activities. The first place to start is a realisation. If you don’t know your competition, how can you plan to beat them and stand out from the crowd?
Questions
So the questions to ask yourself and your teams include:
- Who are our competitors, and why are you different? Research and analysis will help you stand out from the competition. Providing more benefits, better services and superior customer care. All of which will back up your marketing and win more clients.
- What are your competitors doing, and how will they react to what we do. Will they respond to your strategy? Observing your competitors’ activities will help you stay ahead of the game. Surveillance will also allow you to respond to what they are doing. Even better, you can anticipate what they are going to do next.
- What do you expect them to do in response to your growth strategy? Look for opportunities and threats in their reactions and actions. And once you have a good handle on the situation, you can test their responses. By “leaking” your future “potential” plans. And other stuff like that.
- So you are now looking at your competitors, and the next question is, “how will I know something is happening?” Create some triggers which could reveal a competitor doing something. An activity that could be a threat or an opportunity to exploit. The most fundamental triggers could include: If our competitor reduces its price to X, then… If our competitor recruits these sorts of engineers in this region, then…
- Moving onto the “then” at the end of the above sentence triggered. What can you do about it? What actions could you take to reduce potential risks and make the most of any opportunity? Preparation and planning allow a rapid and effective response. And the quicker you are, the more rewards you will reap.
Know who they are
Therefore, identify your current and future competitors. And how they could behave and understand how you will learn more about them? Hopefully, you will have a competitive strategy already. And you are in a great place. Either way, we can help.
What is Market Intelligence?
Market intelligence is the finding, sorting and critical analysis of information. To make sense of what’s happening and why. Predict what’s going to happen and give the options to help you control the outcome. Market intelligence offers certainty, competitive advantage, insight, growth & security.
Some of the Market Intelligence software is excellent. But, learn how to manually do Market Intelligence before investing in a platform. Why? As we speak, we have two choices when selecting a car: manual gearbox or automatic. The Market Intelligence software is excellent. But if you want to learn to drive, we are sure you’ll agree that it’s best to take lessons. And pass your test using a manual geared vehicle. Same with Market Intelligence.
However, with Market Intelligence, an automatic car doesn’t come with a steering wheel. It has no Sat Nav, either. And someone has painted the windscreen over. You need to work on the software, understand where you want to take it, and the questions you need to answer. Get that right, then you will have a brilliant piece of software.
How to use market intelligence for business growth
Market intelligence for business growth refers to gathering and analysing data about your customers, competitors and market trends. It helps you uncover new opportunities and refine your strategies. Instead of guessing, you work from real insights that guide product development, pricing and marketing decisions. Applying this intelligence can lead to smarter choices and lasting improvements.
Finally, what do we mean by Market Intelligence
What’s meant by Market Intelligence and how to apply it to our business are questions we still get asked. However, over the past few years, it has become less and less—especially within corporations and among increasingly middle-market players. We offered five questions to help you see how Market Intelligence can be used in your business.
We are Octopus. The Global People-Powered Competitive Intelligence Agency.
Outsmart your competition. Make the unknown known. Octopus helps you gain clarity in complex markets. With clients and tentacles around the world, we deliver sharp, actionable competitive intelligence through a blend of deep primary (HUMINT) and secondary research. If you’re looking to make smarter decisions, beat the competition, and reduce uncertainty, we’re the partner you want on your side.
