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Intelligence collection

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Importance of Market Research Services

By | Intelligence collection

Introduction

In this article, we discuss the importance of Market Research services. These services assist in gathering information about your industry, market trends, target customers and key competitors. 

Perspective

Market Research brings a better market perspective and strengthen your market position. And as your industry sector fragments further and bigger players enter, you will face increasing pressures to remain competitive.  Market research helps you gain robust insights into the market strategies and competitor technologies. To ensure you are not left behind or at very least able to keep up with industry innovation and processes.

Sort the information

The importance of Market Research services becomes apparent when looking for a sustainable competitive advantage by:

  • Firstly, gathering and sorting  relevant industry information
  • Then, validating your own internal research
  • Gain an impartial view of your market
  • Finally, make better-informed decisions

Also, if you are looking to strengthen your presence in a market, then you must to be on top of all market developments. So, market Research will help you by gathering information about your industry, defining current market trends, targeting customer segments and isolating key competitors.

Perspective of the market

Therefore, by gaining a perspective of the market you can strengthen your position in the market, identify potential threats and isolate competitor strengths and weaknesses. So, allowing you to take advantage, establish a market presence and reputation. 

Key questions

  • What is the long term viability of your industry, what trends could change the rules of the game and what developments could allow a rival to change the rules of the game?
  • And who are the industry leaders? What are they doing and why? What are the key success factors in your industry?
  • Finally, what is the reward (and cost) of being a winner/loser within your industry and in five years from now, what will the industry winners look and act?

Summary

The importance of Market Research services depends on how accurate your information is on competitors and potential customers. Therefore, with some digging around, you will be able to develop an excellent strategic marketing plan. Market research gathers information on you market, competitors, and potential customers. So it is clear, the importance of Market research is simply to arm yourself with the information you need to make better decisions.

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Be powerful! Get intelligence by monitoring competitors

By | Intelligence collection

Here’s a story that perfectly demonstrates the value of monitoring your competitors.

During the cold war, the Western military monitored Soviet Morse code operators. It may seem a little pointless as they encoded important intelligence. However, Western interceptors recorded as much as possible.

Then human nature took over. After all, it’s the same whichever side of the Wall you were born. The result was that Soviet operators became bored and lazy, especially in the small hours.

The Western monitors discovered every Soviet Morse operator had a certain way of using their Morse code machine. Length, weighting, accuracy and speed of all those dots and dashes became a unique signature. It was called their Fist.

A fist

This signature enabled Western Military Intelligence to get to know their habits and patterns, with direction-finding equipment revealing their location.

Soon the personalities of bored radio operators were revealed as conversations turned to the weather, girlfriends, family and football teams. One famous Soviet division in the Caucasus used to offer local football scores every Saturday.

They started to build up a great picture of someone and their team without even meeting them. Not only was breaking their call signs relatively easy but they built a picture of the people and, more importantly, when and where their units moved to another part of the Soviet Union.

Suddenly, the Western military could track troop, military exercises, meanings of code words and moves to the border. They could predict what they were going to do next and how they were going to do it. This very real early warning system certainly helped prevent war.

So what’s the significance of this for you?

octopus can do the same for your business. We can look at your competitors’ communications – PR, press releases, marketing and see what they say on Linkedin, social media, CVs and adverts – to find their habits and patterns. We can see when they start a new project, move to a new office or make any other change that may affect you.

Then, if a member of your competitors’ team moves on to another rival, it is human nature to repeat what was successful at their previous company.

We can also monitor them, looking at their habits to reveal what they are likely to do next.

Please feel free to get in touch with us today

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Also, for more information on Intelligence ethics click here
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Competitive data in silos is not good

By | Intelligence collection

Data in silos. Your data has hidden depths

So it’s time to stop keeping data in silos.

The key to your next brand-rocking campaign could lie within your powerful competitive intelligence but unless you know how to turn that information and intelligence into inspiring marketing messages. And then get these messages out there to the right audience in the real world.  So you’ve still only explored the tip of the iceberg.

You could be doing more with your intelligence.

Turn insight into action and outcomes. Avoid just having data in silos.

Put your marketing brains on.

The benefits of combining intelligence and marketing could include:

    • Improved customer relationships and customer retention
    • Wider or more profitable customer attraction
    • Also, damage limitation and brand clarity – and more.

Don’t let your Intelligence end with the report. Use it to improve marketing by driving insight-led campaigns to show the rest of the world how amazing you really are, compared to your competitors.

The facts are at your fingertips.
Use them.

It’s not about data in silos. So. if you are interested in knowing more?

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Why Are Data Silos Bad? – From Hubspot.

Whatever the cause may be for your organization, it’s clear that data silos aren’t good, but what is truly so wrong with them?

1. They give an incomplete view of the business.

C-level executives have the task to consolidate all the company’s data. If you are that executive making the calls, you know your sales teams will talk about new clients, marketing will share the number of leads and traffic, and the accounting team can give you a report of expenses and profit. But what links all that information together?
Trying to manage a business with isolated data is like trying to put together a jigsaw puzzle without the picture on the box. Data silos stop you from having a 360-degree view of your business.

2. They create a less collaborative environment.

Each team ends up working independently in the presence of data silos. They only have access to their own data, so that is the only data they work with. This creates a divided organization. Teams do not collaborate with each other on projects, which makes it near impossible for the company to share a common vision.
We’ve said that managers want to make decisions based on data. But if the leaders of each team can’t see the big picture and only have access to their own fragment of the data, their individual decisions will rarely be aligned towards global business goals.
In environments where data silos are the norm, a culture of transparency and trust is very difficult to maintain. Instead, you might be creating rivalry and competition between teams focusing on their own micro-goals.

3. They lead to bad customer experience.

In most businesses, there are multiple customer touch points. These interactions happen through a variety of channels and during different stages of the buyer’s journey. That means that you’ll have members of several teams like support, billing, sales, or marketing interacting with the same customer or buyer.
When data is isolated, you can easily lose track of your customer’s story with your company — and nothing is more frustrating for a customer than having to repeat their story over and over again to different people.

4. They slow the pace of your organization.

It’s a waste of time to have data silos. Rather than being able to automatically streamline data across teams, data is isolated within teams. This means teams have to wait until they realize they need data they don’t have, find where the data lies within the organization, manually gain access to it, and then analyze it for their own purposes. By the time you collect the data, it may no longer be valid.

5. They waste storage space.

If every single employee who needs the same data saves it to their company storage folder, that wastes precious storage space. This, in return, wastes your budget on storing data that you neither need nor want. It would consume a lot less space if the data were streamlined onto one platform that was accessible by all employees within that organization.

6. They threaten the accuracy of your data.

Data is one of the most valuable assets of your business. Having several tools collecting information about your prospects, customers and partners increases your company’s value. But when that data is outdated, incomplete or missing, the value that you could get from it goes down significantly.
As mentioned above, the longer the isolated data sits around, the more likely that it becomes outdated and, thus, inaccurate and unusable. In addition, every team may have access to their own set of the same data. This leads to objectivity in data that skews in favor of the team that owns them.
Working with data silos results in poor-quality data because these fragmented pieces of information are difficult to assemble. If your data is not integrated or in sync, you’ll surely see conflicting data when you try to cross-check the information from different sources.