THE EXPLORATION OF SALES
The world of work is changing. Artificial intelligence, automation, and robotics will make this shift as significant as the mechanisation of agriculture and manufacturing in prior generations. While some jobs will be lost, and many others created, almost all will change.
Imagine you just developed a new product or service line in the age of intelligence, and you are preparing to launch. Or, perhaps you have your sights set on expanding into the European market; your competitors are, so why aren’t you?
But before you set the wheels in motion and place an order for next year’s flagship trade show, or sign on the dotted line for an extensive marketing campaign, ask yourself: “Have I done my homework?” If asked, could you confidently answer questions such as:
“How big is my market?” or,
“Who are my competitors?” or even,
“what’s the best route to market for my product?”
Whilst these may appear like sound and rational questions that all businesses both large and small should have answers to, alarmingly it is not always the case. Many businesses have yet to adopt a strategic approach to decision making. Whether it’s down to a lack of time, money or perhaps their product or service is poorly placed, businesses don’t always take the necessary steps to fully understand
MARKET INTELLIGENCE: THE POWER OF DATA
Market intelligence can provide the key to unlocking this information. It arms forward-thinking businesses with accurate and informed knowledge. This in turn supports the development of market opportunity, market penetration and market development strategies.
Put simply, market intelligence* is used to explore the external business environment. This includes industries, markets and other competitive factors and applies to any business. When carried out correctly, market intelligence yields a significant return on investment either through increased revenue or by simply avoiding a bad investment decision or both.
Targeting growth whilst reducing risk
As many of us continue to battle budget and resource constraints, decision-makers – perhaps now more than ever – need to demonstrate that planned investments are both reasoned and well informed. Market intelligence provides a robust evidence base that strategically targets growth. This helps to reduce the risks and uncertainties associated with investments.
- Market size and share – Understanding the true size of your particular market is a crucial benchmark, helping you to assess your success in relation to the competition. For example, whilst knowing the total value of the UK’s information technology sector can be a useful starting point, this figure quickly becomes meaningless if you are unable to uncover the finer details.
- Market availability – Understanding the market that is realistically available to your business helps you to validate your market position and develop informed growth strategies. Done correctly, market availability should be calculated with an understanding of the size and maturity of your business, as well as taking into consideration standard factors such as competition, geography and capacity constraints.
- Multi-national consultancy – Investigating opportunities to increase market share and to enter new country markets.
- Growth trends – Whether it’s the introduction (or removal) of policies, or fluctuating commodity prices, market conditions will change and you need to be prepared for this.
- Exports/imports – Understanding both export and import data not only allows you to identify potential threats to your domestic market from foreign imports, it can be a useful tool to understand the global marketplace. Export and import data helps answer questions such as “what is the total value of exports for my product?” or “where are my competitors exporting to?” and “what are the top 10 destinations for service?”.
- Competitors – It can be easy to forget about the competition. Many of us are so focused on driving sales, growing profits and increasing market share that we forget to look over our shoulder. Understanding the competitive landscape helps to stay one step ahead, ensuring that you don’t lose your position in the marketplace.
Who can benefit from marketing intelligence?
The short answer to this is everyone. All businesses need robust market intelligence on a routine basis, regardless of whether it relates to existing or new products, and existing or new markets. This is true of spinouts, start-ups, corporations or enterprises. Typical examples of how market intelligence can assist a company’s development include:
- Industry data for capital investments. For example, a large technology company looking to attract £100m investment in new a nanotechnology.
- Manufacturing industries looking to identify new international markets for existing products.
- Professional service firms assisting companies to validate new sources of funding and new markets.
- New services and products focused on niche research areas (e.g. carbon, environmental, sustainable etc.) wishing to validate business plans and secure funding.
Specialising in market intelligence solely for B2B companies uniquely places MarketAI to determine where best to invest for maximum ROI
Joining the dots Sourcing reliable data for sales intelligence:
For many of us, knowing where to source reliable data can be a daunting task, but it doesn’t need to be. More and more big data is becoming available. This is more important now than ever with changes and external factors from the environment, economics and politics impacting businesses.
Our exclusive partner for intelligence data services enables us to rapidly evaluate markets for sales during these challenging times. This includes the national statistical approach, the trade/ industry approach and a multi-sourced approach.
Trade associations, chambers and business support organisations can provide higher levels of accuracy, usually drawn from in-house data collection and surveys (the trade/industry approach). However, this can take many years to develop and may be limited by the size and spread of the membership.
Once again, this approach can fall short in measuring international markets. This is why MarketAI brings datasets together for unprecedented sales experiences.
All market information can be invaluable and the sources for this information are increasing daily. While you may not be basing your decisions on market intelligence, your competitors may be. Whilst market information is not difficult to find, analysing it can be. Critically, reliable market intelligence is worth seeking out.
MarketAI unifies sales intelligence, including technologies, applications, and practices. We collect, integrate and analyse data to present to salespeople. This sales intelligence data provides insights into clients and prospects. The data used in systems and solutions are based on either internal data, behavioural data, or open data. Companies use these types of intelligence software to improve