Making decisions can be difficult at the best of times. When you’re making decisions for a business that can affect employees, shareholders and customers as well as yourself, the pressure to succeed can make it almost impossible. What you need is some expert input to give you context for your decision-making and data to base your choices on. Without data and context to guide you, you’re making decisions in a void, with no way to feel confident that they’re going to lead to success.
What you need is market intelligence.
Different Kinds of Decision
There are lots of different kinds of decisions that a source of market intelligence can help you with. It can help to inform your choices to enter a new market, telling you how much demand there is for businesses in your niche, how much potential you have to grow, and the sort of competition you can expect to face. With the opening of a new branch, office, or opening your online retail business up to another country being resource-intensive and risky, anything that helps you make decisions tend toward success is invaluable.
Market intelligence is a vital component of your decision-making toolset for when you’re designing and launching a new product. If you don’t get data on what your customers want, what they already have and what they’re prepared to pay, then your ability to design a product that will find success rests purely on luck!
Finding Market Intelligence
For market intelligence insights you can rely on, you really need to be working with a market research agency: it’s a significant undertaking, and it rests on regular surveys of consumers from across the market – not just your customers, but people who’ve never spent money with you! The questions the market researchers are trying to answer are always ‘why’: why did they buy your products, why didn’t they buy your products?
Insights and Data
The aim of a market research programme is not just to provide a lot of raw data, but to interpret into ‘insights’ – results and conclusions that you can action easily to boost the success of your business. This is another reason why it’s an advantage to work with a market research firm, rather than generating your own intelligence: you’re not an expert in statistics and research and don’t have the skills to interpret the data and make it valuable to your business.