Many Organizations see market intelligence as a cost rather than an investment and therefore the bitter truth that so much remains to be done on market intelligence in regards to strategizing one’s marketing & sales plan. Strongly advocate continuous Investment in MI, as this guide will show the value that you get and advantages that accrue far outweigh your costs incurred. Additionally, it proves beyond doubt that MI is really an investment instead of cost. Define MI as a systematic manner of consistently collecting data, through different sources, on all aspects that affect in some way or another the way you do business and then analyzing this data into meaningful information which helps pertinent employees make effective strategies that raises lucrative sales.
MI comprises of monitoring your Competitors-both direct and indirect, new entrants, new expectations/needs of consumers, new trends/technology growth, government laws and changes, new emerging markets, providers business practices and today technological advancement, especially analytical applications.
And now coming into the important Core of the article…
How does MI help?
Advantages of MI
- Benchmark yourself:
When you collect MI data and Convert it into meaningful data through investigation has repeated many times in order to emphasize – information… analysis… data it provides a clearer picture of where your organization stands with regard to other people on your playing area. This typically spurs organizations on to sprint and try catching up with the leader. On the other hand it enables the leader to understand the precise lead over others and try to increase it to safer space. Getting to know their strengths And weaknesses enables your organization to learn from their strengths whilst exploiting their weaknesses.
Learn new ideas, methods or systems that others have successfully implemented and used to beat you up with. This also brings home the ideas, methods or systems that are unique to your organization, yet allowing action plan to maintain this USP’s longer with you. Become aware of new regions, Applications and business sectors where your products can be released. Develop new providers or adopt new methods for better leveraging your buying activity. Helps business planning and forecasting become more focused and realistic.
- Internal HR benefits:
My experience with most of my Clients has been that information when efficiently analyzed into meaningful information brings about a transformation in people. Notably mro industry, sales and related back-office staff, by reducing complacent mindset and increasing disciplined strategy, better team-play, greater awareness of lives and let live attitude, because attempt however you can you cannot wish others out of your way. And last but not the least, makes everybody always strive to improve.