This article discusses how to start a Market Intelligence project. A Market Intelligence project may be a lot of work. The rewards you can get are worth the effort.
Consistent analysis allows you to stay updated on your industry trends. And the ever changing customer expectations. And those other crucial areas of need which aren’t met by any of your competitors.
All successful entrepreneurs thrive under competitive pressure. So don’t see competition as a stressful hurdle. See it as the most significant opportunity to take your business to another level.
Start by targeting specific concerns and then compile those concerns to provide insight.
It’s all about asking the right questions
It’s always best to spend time to define the questions you want to ask. The better the question, the better the answer. It’s all about asking the right questions.
Basic questions such as these maybe?:
- How to find competitors of a company?
- Then, what are our competitors’ weaknesses?
- Competitor price monitoring, how can we do this?
To develop the questions you need to answer, you should take the following into account:
- Avoid yes/no questions.
- Would a non-expert understand the question?
- Try and summarise the question in one sentence of no more than three lines.
- Ensure the question is broad enough to cover what you think you will need to cover. But narrow enough to provide a useful answer.
- Do the questions meet the decision maker’s needs?
Firstly, to answer these questions, it’s advisable to ask these sort of questions?
- What’s really the problem?
- Who’s the decision-maker?
- What’s the decision-maker trying to accomplish?
- Also, what’s their goal?
- How can we limit uncertainty for the decision-maker?
Your Mission, should you choose to accept it…
You know the Mission Impossible’s film franchise’s classic line “Your mission, should you choose to accept it”? It’s an excellent example of providing a clear, simple understanding of what they want Ethan Hunt to do.
Basically, a mission is structured like this. We are here, and we want to be here. We have a problem with, and we want to know what to do about.
So to ensure a clear understanding of your needs breaks the project down as follows:
Our Mission is to
We will answer the following intelligence questions to create valuable intelligence, insight and recommendations:
If this happens or if this is found, we will do this.
Include a deadline.
Suppose you’re looking for industry trends or competitor information. Start by collecting as much accurate information as possible to answer your questions. Then you should sort through the information. And then extract vital pieces of insight that will help you in the next step.
The final step is action. Now that you’ve got the most critical pieces of information, you start to create a map. So you can see where to go to close isolated performance gaps. Repair those pain points while growing and developing your business.
How to start a Market Intelligence project
This article discusses how to start a Market Intelligence project. Remember having this sort of information can mean the difference between success and failure, especially in today’s competitive market.