Market KnowledgeJul 25, 2021
What are the Key Parts of Developing Market Knowledge
"Business Intelligence" success comes form effective assessment of business lines and market segments to assure a positive match.
Market research is a critical function within any organization. Today the terms have broadened to "business intelligence". To succeed, every business should endeavor to learn "What it needs to know" and figure out how to acquire that information in a timely manner.
Information on markets or market segments should initially answer the following questions:
1. How big is the pie? (What is the estimate of the market size in $ and key potential customers?)
2. How big is the current slice of the pie held by your company? ($ or # of key customers)
3. Who has the biggest slice of the pie? (Who is the market segment leader in $ terms?)
4. What is the current market leader doing right?
5. What might this market leader be doing wrong?
6. Who has the second largest slice of the pie? (Answer questions 4 and 5 for them also.)
7. What are the strategies that have been adopted by these top two market segment leaders?
8. How does your company measure up, in terms of $, # key customers, strategy execution, etc.?
9. What can your company strategically do next to become the leader in the market segment?
10. How long will it take to become the market segment leader as you define leadership?
As information is developed and organized on any market segment, it should become very clear:
1. Who are the key customers in the market segment?
2. Who are the actual "end-users" of the products provided by these customers?
3. Who are the decision-makers in these companies?
4. Who are the key influencers in each of these companies?
5. Are there other critical supporters of decisions inside these companies? Who are they?
6. What do these end-users, decision-makers, influencers, and critical decision supporters value most?
7. Who is currently providing this value for them? Is this supplier providing the desired level of value (benefits)?
8. How are the key customers current suppliers assuring the delivery of value? (i.e. What are their strategies and tactics?)
The development of business intelligence is a process that should have the highest priority within any company. Every employee can contribute to the collective market knowledge. Little bits of information add up and help to complete the picture of "What is happening" and "Why is it happening in a certain way" each day in the market place. Armed with superior knowledge, your business can effectively develop strategies and tactics to meet or exceed customer expectations and out-market the competition.