Thursday, February 1, 2018
Note: This blog was written by Ellie Mirman, CMO at Crayon, a market and competitive intelligence company that provides insights and inspiration for marketers.
Businesses today have great internal visibility – into their funnels, websites, and roadmaps – and many tools and data to evaluate those internal efforts. But when it comes to understanding and acting on what’s happening externally – with competitors, customers, and partners – most companies are radically underinvested.
How are competitors shifting messaging and positioning? What are the most meaningful product and pricing changes in your market? Are companies in your space shifting marketing investment to new platforms? What’s their hiring plan? What’s their partner strategy? Are they winning or losing customers at an accelerated rate? What content strategies are working for them? Most companies can’t answer these fundamental questions.
What is Market Intelligence?
Market intelligence (MI) is information relevant to a company’s market – specific industry or product area – for use in strategic and tactical decision-making to achieve the company’s goals. Market intelligence includes data on one’s competitors, customers, partners, thought leaders, and other variables that can influence market success.
This intel is hidden everywhere – across a company’s website, online forum threads, review sites, and job boards. There’s an incredible wealth of information available online that can be used to get insight into competitors’ strategies and programs.
Increasing Adoption of Market Intelligence
More and more companies are committing resources to market intelligence – in fact, 94% of large companies are doing some market intelligence and 80% have whole teams dedicated to it. At the same time, we’re still in the early stages of companies learning how to build out effective MI programs — 40% of these programs have been in place for less than one year and only 22% have goals.
How to Build a Market Intelligence Program
If your business, like many out there, is just getting started with market intelligence, here are some key questions to answer to build out this new program.
The vast majority of companies haven’t awakened to the market intelligence opportunity yet. That’s great news for you! You can be first in your market to use actionable market intelligence to build a sustainable competitive advantage.
There’s a good chance if you don’t make the investment soon, someone else in your market will beat you to the punch. By the time you see their case study, you’ll be playing catch-up. Instead, you could have your rivals read a case study about how you won with market intelligence.
Crayon is a market intelligence platform that enables businesses to track, analyze, and act on everything happening outside their four walls. Tens of thousands of teams use Crayon’s software to capture and analyze complete market intelligence, pulling from more than seven million sources. Crayon was founded in 2014 by former HubSpot and AdMob executives who believe that millions of businesses have yet to take advantage of the intelligence data available today to drive actionable insights and opportunities. To learn more about Crayon, visit www.crayon.co.