This article describes why the Market Intelligence framework is important to your business. Offering our thoughts on how to structure a Market and Competitive Intelligence project.
What do you need to know?
It’s simple. You can’t get the better of your competitors and market if you don’t know where or who they are. So, many do not know their market well enough and are missing out on business. Also, some dismiss competitors as irrelevant and not as good as them.
It is a dangerous game to play
And that’s why Market intelligence gives you the absolute confidence you need to act decisively. Armed with meaningful real-world knowledge.
Based on specific questions you need to ask. Market Intelligence builds a picture to give you a birds-eye view of your market. To allow us to draw a very detailed map of your competitors and tech. And suppliers, regulators, products and many other things which could impact your business. Market Intelligence helps to identify and isolate weaknesses in your competitor’s defences. And reveal their strengths to tackle.
Competitive Intelligence allows you to play to your strengths and defend your weaknesses. But, beware, though. Focusing only on shortcomings can result in very little differentiation from your competition.
Build an accurate picture of your competition
So dig deep into your competitor’s minds. Build a profile of their characteristics and behaviour. Not only revealing the basics of their personality but also dig deeper into their mindset. To help you predict their future actions.
Start by drilling down
Drilling down to find out what you really need to know by agreeing on a set of questions. Specifically, the best questions give you answers you can act on. This framework enables you to build a bespoke strategy. A strategy to find the information be that online and by talking to people.
Analyse the information
Now onto the secret sauce. Without analysis, all you will have is information. So use various analysis tools to deliver useable Market Intelligence. Think about what’s going on, what could happen and what the future will look like. Then once you have done this, you report findings. Via a standard report, presentations or regular bulletins.
The Market Intelligence framework
This is the Market intelligence framework. This article described why the Market Intelligence framework is important to your business.
