Market Intelligence is essential to the survival and growth of a business, explains Jake Spence, Sales Operations Director at business performance company durhamlane.
Market Intelligence enables companies to gain insight into their business and explore the merit of expanding into other sectors. It can also provide warning signs and proof that a change in direction is more than a gut-feel. We like to think our market intelligence service blends market research with a sales edge, says Jake, highlighting where the best-fit opportunities can be found and identifying the best ways to approach potential customers with a solution that is both required and affordable.
In our fast-paced economic climate, businesses can’t afford to waste time, money or effort speaking to people who have no need or interest in what they have to offer. When exploring and creating new growth opportunities it is critical to identify the right market, the right person at the right business and get in front of them at the right time. To do this fundamental strategic thinking is required along with accurate data.
Guidance for business decisions
Market Intelligence is not just an accumulation of information and data, it's a combination of information, analysis and insight that enables businesses to make accurate and confident decisions. It can assist with guaging market size, examining customers’ needs, analysing competitors and evaluating the need for and response to a type of product or service.
The decisions which Market Intelligence can influence are undoubtedly as varied as the businesses which make them. Some examples are:
- Which markets should a company look to target next?
- Is it the right time to expand into other sectors?
- What does the company’s ‘ideal customer’ look like and are there any trends to how they buy?
- Are there seasonal trends to when certain products are in demand or decline?
- What products could be cross-marketed to existing customers?
- Are there any demographic segments a company could push new and existing products into?
- How are the company viewed in their existing market?
- Is there a dominating product / company in a chosen sector?
- Who are the main competitors in a chosen sector / geographical area?
Once a company has an understanding of their chosen sector the next step is to contact potential customers, this is when data is extremely valuable.
Leveraging sales performance
According to the TAS Group, on average 2 out of 3 of sales teams miss their sales quota. Jake is convinced that the main reason is outdated data which sales teams often have to work with.
Having accurate and rich data available means sales teams can qualify and prioritise leads more quickly. Accurate data provides important information like industry trends, company news, competitive landscape, and other more contextual intelligence, to have valuable business conversations. A database can either enable selling success, or cripple it.
The majority of organisations struggle with maintaining accurate and relevant data. The main reason for this is that data cleansing is not being performed often enough to keep track of current or new contacts. As people change roles, leave or join companies on a regular basis the task of keeping data up to date is constant but imperative.
For more information on durhamlane's Market Intelligence solutions visit www.durhamlane.co.uk or call for a free consultation on 0191 481 3800. You can also follow durhamlane on LinkedIn and on twitter @durhamlane.
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