Empower Your competitor intelligence tools

thesereasonsandmore,planning,strategyandmarketintelligencetoolsareessentialtoyour success

What is market intelligence?

First,let’sestablishwhatwemeanby“marketintelligence”

Gartnerdefinesmarketintelligenceas“theinformation,processesandtoolsusedtogatherand analyzedatatodeterminemarketopportunities,marketpenetrationstrategyandmarket developmentmetrics.”

Putanotherway,marketintelligencereferstothecollectionandanalysisofalltherelevant researchandinformationthatcanhelpyoutodevelopmarketintelligenceandinsightsand informdecision makingwithinyourorganization.Itincludesmarketresearch(dataaboutyour consumers,products,industry,etc.),internaldataandknowledge(customer,financeandother dataownedbyyourorganization),andcompetitiveintelligence(datarelatedtoyour competitors’businesses).

A strategic approach to market intelligence considers a broader landscape

Therealityisthatmarketsconstantlychange,andyourorganizationneedsastrategicapproach thathelpsprovideafullerperspective Toachievethis,youmusttrackthecompetition, understandthebroaderlandscape,assessnewdevelopmentsandemergingtrends,andmonitor opportunitiesandthreatsinordertoanticipatewhat’scoming Theaimistostayaheadofthe curve,collectingandusingdata proactively ratherthanreactively.Notsurprisingly,arecent DeloittereportconfirmsthatCEOswhomakedata drivendecisionsare77%morelikelyto reachtheirgoalsthanthosewhodon’t

Sohowcanyoucontinuouslyacquireinformationanddevelopandsharetheinsightsyouneed toinformawinningstrategy?Oneoftheprimarymeansisbywayoftechnology.

Technology and planning are key

Twentyyearsago,aconversationaboutmarketintelligencewouldhavesoundedmuchdifferent thanitdoestoday Thesheervolumeofdataproducedandsharedonlineisoverwhelming,and thisvolumemultipliesdramaticallyonadailybasis.Thankfully,asthevolumeandvelocityof informationhaveincreased,ouraccessandabilitytoprocessthatinformationandaggregate contenthavelikewiseimprovedduetoadvancesintechnology includingmachinelearningand artificialintelligence.Butthebesttoolsintheworldcan’thelpyouifyoudon’tbeginwitha planorknowhowyouintendtousethedatagathered.

Creating or expanding your market intelligence program doesn’t have to be overwhelming

Ifyou’veneverhadastructuredmarketintelligenceprogrambeforebutyouwanttocreateone, youmayfindthewholeprospectformidable.And,ifyoustartbythinkingaboutallthecontent youCANcollect,it’sfranklytoomuchandquiteparalyzing It’ssortofadouble edgedsword really:ononehandthere’samassiveuniverseofdatafromwhichtogleaninsight,butonthe otherhand,it’sfairtosaythat98%ofthatdataisn’tsignificanttoyou.Thatiswhyoneelement ofyourmarketintelligenceprogramneedstoincludeemployingtherighttechnologytofilter outthenoise. Findingandfilteringisonlyonefacetofsecondarymarketresearch,though.Youalsoneedto organize,collaborate,andmakesenseoftherelevantdatayoufind.It’snowondermost companiesturntosmarttechnologytoolstohelpthemsortthroughthemountainsofdata In fact,in2020themarketforintelligence(includingtoolsandservices)wasestimatedat$23.1 billion,andit’sprojectedtoreach$333billionby2025

Start with the end in mind

Afarbetterapproachtoplanningyourmarketintelligenceprogramisbyfirstdefiningthe

organizationalgoalsthatcanbesupportedbydata.Forstarters,considerfocusingyourinitial marketresearcheffortsongainingacompetitiveadvantageandpositioningyourself advantageouslywithinyourindustry.Countlessotherinternaldecisionsareimpactedbyyour positioninthemarket,sostartingwithconsumertrendsandcompetitiveintelligencejustmakes sense Thebodyofdatayoucollectherecanhelpyourcompanymoreeffectivelyfocus resourcesandpositionyourbrandandproductsinwaysthatsupporttheabilitytogainmarket share,enternewmarketsandlaunchnewproducts

Market intelligence takes you beyond

SWOT

RemembertraditionalSWOTanalysistablesandsalesplaybooks?Thesehelptomapouteach competitor’sStrengths,Weaknesses,Opportunities,andThreatsandleadtoabetter understandingofhowyoucanwinagainstthecompetition You’velikelyalreadybegun analyzingyourprimarycompetitors,andhaveprobablycollectedagoodamountofinformation foryourteamstoleverageincludingyourcompetitors’productfeatures,servicesandadd ons, pricing,partnershipsandintegrations,messagingandpositioning,andsoon Asyour competitionandmarketevolve,monitoringandupdatingthisinformationisvital. AnAI powered,all in onemarketintelligenceplatformlikeCronycleworksforyou24/7/365to scouravailablesourcesincludingthemorethan30millionpiecesofcontentcreatedandshared bytopexpertsandinfluencersinthefieldeachday You’llhavetheabilitytoaggregatecontent fromthemosttrusted,relevantandemergingsourcesonlineandcombinethemwithother informationyou’vegatheredtocontinuallyupdateandevolveyourteam’sunderstanding;giving youtheclearestandmostcurrentpictureofthemarket

Get a 360-degree perspective

Understandingthatyou’renotonaracetrackbutinadynamic,andsometimescomplexarena, you’llwanttostructureyourmarketintelligenceprogramsoitdoesmoreforyou. Whatyou’ll needisa360­degreeviewincludingthelatestdevelopmentsandemergingtrends

Considerthisshortlistofcategoriestomonitor:

Directcompetitors,brands,andproductsandtheirmarketing,socialmediapostsand videos,blogsandpodcasts,newsletterspressreleases,productlaunches,partnerships,and soon

Indirectcompetitorswhoserveanoverlappingoradjacentcustomerandprospectbase andtheirmarketing,news,andsoon

Currentcustomersandtheirmarketing,news,etc

Targetedprospectsandtheirmarketing,news,etc. Partners,distributors,agents,providers,suppliersandsimilarplayersupstreamand downstreamofyourcurrentandprospectivetargetmarkets

Trendsanddevelopmentsasreportedbyindustryexperts,consultants,journalists, industryassociations,andotherinfluencersinyour

Primary market

Adjacent markets thatcouldimpactyourprimarymarket

Prospective markets withpotentialgrowthandexpansionopportunities

Broader potential impact markets,bothlocalandglobal(thinkmedicine,science, engineering,politics,etc.)

Thislistisbynomeansexhaustive,butitoffersastartingpointforyourmarketintelligenceand researchefforts There’strulynolimittothescopeofinsightsyoucanproduce,butwhen combinedwithyourdefinedfocus,you’llbeabletodeveloptrulyactionableandpertinent insights

Keep the big picture in mind when choosing your toolset

Asyoubegintoaggregatecontentandcollectintelligence,makesureyouhaveagoodsystem fororganizing,makingsenseofandsharingtheinsightsyousurface.Asingleplatformfor discovery,harvestingandsharinginformationcansaveyourteammassivetimeandheadaches (whilehelpingtopreventknowledgesilosacrossyourorganization).Sincedistributingand publishinginsightsisoftenthepointofcollection,it’sessentialthattheplatformis fullyintegratedintotheinternalsystemsusedbyotherdepartmentswithinyourorganization Establishingtheseintegrationstoshareintelligenceandaggregatedcontentwithintheflowof

workwillallowyourgo to marketteamstoquicklyandeasilydistributeinformationacross variouschannelsforuseindecisionmaking

Withathoughtfulplanandtherighttechnology,you’llcreateamarketintelligenceprogramfor yourcompanythatwillgarnervaluableintelligencethatcanbeleveragedbyteamsacrossyour organizationandyou’llhelpyourorganizationmakedecisionsfromaplaceofdeepinsight, enhancingitsabilitytosucceedinthemarketplace

Discover the power of Cronycle for Teams Meetwithus

What to read next

Best practices for creating a secondary source strategy that works

DawnHoefferleMay11,2022

5 common mistakes when creating a secondary source strategy

DawnHoefferleMay3,2022

Secondary source strategies: use cases for M&CI and GTM teams

DawnHoefferleApril21,2022

The bene몭ts of an inclusive source strategy

DawnHoefferleApril14,2022