Effective decision-making is at the core of every successful business. Management decisions impact every level of the organization – from investments to customer service. And well-informed decisions – ones that are supported by comprehensive market intelligence – can mitigate costly mistakes. However, gathering insights for specific needs calls for specific market intelligence studies that implement the right market research techniques.
Here are seven market intelligence studies that every leader responsible for making strategic business decisions should consider.
Rapidly evolving technologies are disrupting almost every industry. In order to survive, business leaders need to constantly assess the technology landscape to identify:
- new developments and innovations relevant to their industry,
- potentially disruptive technologies and understand their impact on the business ecosystem,
- how they can leverage emerging technologies to gain a competitive advantage, and
- new technologies to invest in.
Gauging the effects of new and emerging technologies on the operations of the firm is important and need to be assessed for the use, results of their use and their benefits. To be considered for long-term use, their strengths and weaknesses need to be assessed as well.
To gain comprehensive and accurate technology insights, decision makers should carry out a detailed analysis of patents published at a global and local level, in addition to qualitative and quantitative research techniques.
Concept testing is a key element to a customer-centric marketing strategy. By testing a concept, product, or idea in the target market, you can make well-informed decisions on what consumers prefer, as well as the key benefits that should be addressed in marketing campaigns. Concept testing can also help you understand the commercial viability of the product or service by providing an understanding the market readiness, purchasing power, and consumer perception towards a proposed product or service before it hits the market.
Concept tests are typically done using quantitative and qualitative approaches, including surveys and interviews.
Looking to enter a new market or expand your product line? Then a market entry study is a must.
Carrying out a market entry study can bolster the odds of succeeding in a new market by providing a sense of direction. While a concept test helps evaluate consumer acceptance, a market entry study provides a path for navigating the perilous business environment. It can reveal the knowns and unknowns of the market, highlight issues which you should focus, and provide ideas to plan your go-to-market strategy better.
A market entry study should provide a detailed analysis of the current market dynamics (including the competitive forces, barriers of entry, trade environment, etc.), growth forecast, customers that will comprise your target market, and the best-suited business model (for example, independent or franchise). Based on the insights from the study, you’ll be able to plan the launch and distribution of goods into the target market and identify an effective value proposition.
A brand is a perception. A strong brand lives on in the consumer’s mind and can command a premium price. Gaining an accurate picture of your brand’s health can give insight into how aware consumers are of the brand, what they expect from it, whether they intend to purchase, and how it stacks up against competitors. It also maps out how well your brand is doing in helping to achieve your business goals.
Brand reputation, brand equity, brand awareness, brand delivery, brand positioning, and employee engagement are all elements that contribute to brand health in their own way. It provides an indication of where the brand’s strengths and weaknesses lie. Apart from customer feedback, which is by far the best way gauge brand health, social listening, focus groups, and surveys are some of the tools that can be applied to get an understanding into how the brand is performing.
Competitive landscaping or a competitive analysis can provide a clear picture of who your competitors are, their strengths and weaknesses, customer segments, positioning, and more. In a hypercompetitive business landscape, carrying out a competitive landscape study is paramount to inform better decisions within marketing, product development, and overall operations.
A competitive landscape study helps to find out where a company stands, the advantages it has over rivals, or help decision-makers identify where they need to up their game.
Customer experience goes a long way in building customer loyalty and attracting new customers. In the digital age, the ease with which your website can be accessed and used by consumers significantly impacts customer acquisition and loyalty.
Some of the factors affecting a website’s usability include the presentation of information, responsiveness, quality of content, and ease of finding information. Website usability studies can reveal gaps in your website structure, design, and content, to help marketers make informed modifications.
Understanding and responding to the current trends and dynamics of the market is essential to the growth and success of any business. A market assessment study can highlight whether the market is growing or not, the opportunities and risk it poses, and the competitive positioning of your rivals. Based on the insights from a market assessment study, decision-makers can craft an effective game plan for besting rivals in the marketplace.
In summary, carrying out the right market intelligence study for achieving specific objectives can provide a lucid vision of the steps you need to take and avert mistakes. Netscribes provides continuous market and competitive intelligence to help you discover opportunities to grow the business more profitably. To know more, contact [email protected].