By Joe Levy
The unforeseen can make decision makers tremble with uncertainty, but surprises found when gathering market intelligence can actually bring promising opportunities that bring in the cheese.
Are you surprised?
At clearCi, we’re huge advocates of using marketing intelligence software to minimize uncertainty to maximize awarenessand reduce risk. Important cues when gathering market intelligence can lead decision makers to new opportunities to launch a new product/ service, develop new promotions or enter a completely new market segment untapped and ready for growth--- wouldn't that be nice!
Decision makers always contemplate the idea of entering new markets because the more market share a brand obtains, the more revenue streams it can generate. However, entering a new market is easier said than done. It requires consistent oversight and an opportunistic mind. To turn opportunities into a reality, it requires a lot of market intelligence gathering and meticulous operational planning to actually deliver value to potential customers.
Let’s revisit the definition of market intelligence. To read full article: click here.
Mar-ket- In-tel-li-gence (noun) - on Wikipedia, is referred to as a “branch of market research, involving collation and analysis of available and relevant information and data on specific markets. Market intelligence typically involves collation of data from various sources such as company accounts, official statistics, data from trade bodies, interviews with business contacts, and research on consumer attitudes.”
clearCi found that you also need the four cornerstones of market intelligence in order to enter a new market:
1) Market Intelligence: Competitive Awareness
Competitive intelligence is used to track competitors triggering potential threats to your market. It includes understanding what products they’re are offering to discover how your own products or services can become a substitute. A great example is the company Zipcar, a car-sharing provider. Zipcar offers a service that allows its members to save the world by sharing fun, energy-efficient cars. This can change the transportation and car leasing industry, while creating a whole new market of car-sharing services. Who would have thought?
The car service is now an attractive alternative to car leasing and city travel in the United States, Canada, the United Kingdom, Spain and Austria, with more than 777,000 members.
In this case, Zipcar spotted the opportunity in Cambridge, Massachusetts, but used effective market intelligence to capture opportunities overseas.
Market intelligence software gives companies the right information signals for decision makers to clearly see opportunities and gain a competitive advantage in a timely matter.
2 ) Market Intelligence: Product Intelligence
Knowing the details of the product in your market or the market you are trying to enter is crucial.
You might not be able to find everything about the rival product, like the secret recipe for Coca-Cola for example. But, you can find public records about what problems the product or service solves, the features and benefits it offers, and pricing history, among other important data needed before entering a new market. The more market intelligence your company has about the products in the market, the more prepared you’ll be to launch a product with a competitive advantage. Developing competitive pricing options also fall into this category to effectively compete.
3) Market Intelligence: Market Understanding
Gathering information from public records, financial reports, and media sources about the ins-and-outs of a new market and its customers is vital to determining if the market is worth entering. Becoming an expert on the market will not only allow decision makers to make strategic moves, but it also allows them to answer the question, “Do we really want to enter this market?“ with confidence. They key word is confidence. Being informed leads to confident decision making, so that’s where market intelligence softwarecomes in.
4) Market Intelligence: Customer Understanding
Doing market research also determines whether or not potential customers will be receptive to the new product or service to redefine marketing opportunities, potential problems and market performances. This should be ongoing and social media intelligence does a great job to generate the kind of primary research needed to get better customer understanding. Before, focus groups were the only way to really get insight from customers, but social media brings this information to the
forefront now with much ease.
Expanding into a new market involves doing a lot of market analysis to position your product or service in a way that it will attract and retain customers. Gathering market intelligence allows decision makers to views trends and changing customer behaviors since markets shift rapidly, creating new opportunities and ideas--- here, there, and across the pond to emerging markets.
Surprisingly, even bad news can become big opportunities. It’s a matter of either seeing the glass half empty or half full. So the next time something catches you by surprise, ask yourself: “Is this a threat or a potential opportunity?"
Joe Levy is the founder and CEO of clearCi, a Fort Lauderdale-based tech startup that empowers knowledge workers to compete effectively in today's digital era. He is also co-chair of SCIP's first South Florida chapter. For more ideas and tips to improve your competitive potential with technology, visit clearCi's blog at ideastocompete.com.
See an earlier guest post by clearCi here and a Startup Spotlight here.