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Market insight and intelligence: 3 key design factors and 8 top tips

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Three key design factors and eight top tips for designing and running a market intelligence function. These slides are based on our long experience of helping technology organisations to design, build and run a market insight and market intelligence function.

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Market insight and intelligence: 3 key design factors and 8 top tips

  1. 1. © Innovation Observatory Ltd 2013Market insight andintelligence: 3 key designfactors and 8 top tipsJanuary 2013Danny Dicks Market insight and intelligence: 3 key design factors and 8 top tips 1
  2. 2. © Innovation Observatory Ltd 2013Innovation Observatory advises and supportscompanies on many aspects of MI• Platform and process design • Outsourced management (of data consultancy and training entry and information – Workshops with, or surveys of, dissemination) users, and creation of – Populating databases (including recommendations continuous desk research, profiling), email briefings,• Platform development and hosting webinars, presentations, – Web-based MI portal, database- workshops driven online service advice • Off-the-shelf analysis• Bespoke data and analysis – Reports on aspects of the – Market forecasting, market share telecoms, IT and smart grids analysis, value chain analysis, markets; reusable market models scenario planning and databases Market insight and intelligence: 3 key design factors and 8 top tips 2
  3. 3. © Innovation Observatory Ltd 2013 A market intelligence function serves multiple users, and has two-way interactions with them• Different users want different types of intelligence, delivered in different formats: Board People – News + analysis Strategy – Insight into market trends, customer needs, perceptions Processes Sales – Market numerical data (size, share) Marketing / – Competitor intelligence (strategy, capability, marcoms pricing) Platforms Operations – Online / PowerPoint / Excel etc• They want it in different ways, e.g., Market Users – Regular (briefings, newsletters etc) intelligence function – Rapid on-demand (by phone, email, meeting / workshop) – Medium-term on-demand (project-based) Some intelligence is pushed to users; users also pull intelligence from the MI team Market insight and intelligence: 3 key design factors and 8 top tips 3 3
  4. 4. © Innovation Observatory Ltd 2013 Intelligence is obtained from multiple providers, and there is two-way interaction here too • Meetings, workshops Staff (sales, marketing, People • Briefings (face-to-face or remote) strategists) • Subscriptions (reports, data sets / Analyst houses, databases, company and market agencies, profiles) consultancies Processes • Ad hoc reports / data setsCustomers / potential customers • Projects (market and customer research, Internal systems consultancy, marketing-oriented white Platforms (CRM, ad hoc, papers) etc) • Multi-client studies, benchmarking etc Providers Market intelligence • Conferences and exhibitions (internal function and external) Not all interaction is commercial : e.g., there is some overlap with the analyst relations function Market insight and intelligence: 3 key design factors and 8 top tips 4
  5. 5. © Innovation Observatory Ltd 2013The best MI teams complement expertiseelsewhere (internally and externally) • As a minimum they must People – Design and continuously evolve processes for MI gathering, delivery, request handling and platform provision – including mapping needs to deliverablesProcesses – Match resources to purpose: is MI a library of data, or is it intended to challenge and critique strategy?Platforms – Select and manage providers of core news, analysis and data, and facilitate delivery (but can be light touch only) – Provide a point of contact for providers, users and other teams – Be aware of what intelligence is “out there” • They may also fulfil or support additional functions : – News gathering / analysis, market / competitor analysis, market forecasting, market research (including customer research) – Procurement (of reports, services, projects etc) – IT platform build / management – Support analyst relations Market insight and intelligence: 3 key design factors and 8 top tips 5
  6. 6. © Innovation Observatory Ltd 2013MI process design requires appreciation of existingprocesses in other areas • Handling requests / commissioning People – Cycles for buying reports / subscriptions and commissioning projects should link to budget cycles: all buyers must be aware of these; a separate budget toProcesses meet urgent, small-scale or strategically important requests for intelligence will be neededPlatforms – “Rosters” of approved suppliers may reduce complexity in very large organisations but rarely deliver optimum value (niche specialist suppliers may have greater expertise and focus, and be cheaper) • Processes for delivery – Continuous services and subscriptions must meet diverse needs: utilitarianism (the greatest good for the greatest number of people) needs coupling with tactical purchasing of reports and data sets – Rapid response can involve in-house MI staff and internal resources, or access to “analysts on call” (through informal or formal services) – The MI role in projects may be limited to advice and procurement – but should include dissemination and storage of deliverables Market insight and intelligence: 3 key design factors and 8 top tips 6
  7. 7. © Innovation Observatory Ltd 2013There are difficult decisions to be taken ondesign/choice, control and use of platforms • Control over relevant platforms can be a fraught area People – Customer data is often jealously guarded by sales teams and stored in a haphazard wayProcesses – Company intranets may be controlled by marketing, marcoms, internal comms, IT, or HR departments – or worse, may be anarchic and unstructured, withPlatforms data on usage hard to pin down – Individual divisions and teams may build their own portals / platforms tailored to their own needs, leading to duplication of effort and fragmentation of insight / intelligence • It is dangerously easy to build / buy too many platforms ... but a mistake to persevere with those that are no longer fit for purpose – IT projects, and new bespoke or off-the-shelf knowledge management systems can be expensive, may not be used and may not replace current ways of working – New ways of indexing, storing and presenting knowledge are often more flexible and powerful than old ways – use the technology! Market insight and intelligence: 3 key design factors and 8 top tips 7
  8. 8. © Innovation Observatory Ltd 2013Eight top tips for designing and running an MIfunction [1]Share and re-use data and knowledge Analyse news events properly• A single knowledge management • Collation, filtering and analysis of news system for market reports, data, stories is essential project deliverables and other forms of – News sources, even when pushed qualitative and quantitative insight, (e.g., through email, RSS feed etc) with a powerful search function, will generally lack relevant analysis and can quickly be used across a company overwhelm busy users – This may require knowledge to be – In-house or external providers with a moved from existing systems – or good grasp of user priorities can meta-systems to be developed deliver much more relevant intelligence in flexible delivery formats – Indexing and search applications can help – Generally, the more frequent, detailed and tailored the analysis of events, the – Rules on use of the system and the more time-consuming and expensive it data structure must be simple to grasp, is to deliver: finding the right balance and be enforced is important Market insight and intelligence: 3 key design factors and 8 top tips 8
  9. 9. © Innovation Observatory Ltd 2013Eight top tips for designing and running an MIfunction [1]Use links with analyst relations Be aware of what research can deliver• Companies that build long-term • Controlling project scope can ensure relationships with specific expert useful synergy market analysts get a lot from them – Commissioning primary market and – Regular (annual) analyst conferences customer research can be justified can be used both to promote a more easily if budgets and objectives company to opinion formers, but also are pooled to gather a critique on strategy, view – Take agency advice on the appropriate on market direction, etc place to stop: research can become – Analysts are generally more willing to less effective as questions are added to provide informal advice and opinion to quantitative or qualitative surveys companies that subscribe to their – Don’t push the data too hard: sub- services or commission work from samples may be too small to deliver them: it’s a natural commercial instinct robust results – take care with research design Market insight and intelligence: 3 key design factors and 8 top tips 9
  10. 10. © Innovation Observatory Ltd 2013Eight top tips for designing and running an MIfunction [1]Mine existing data and knowledge Don’t rely on single sources and beware of incompatible datasets• Many projects benefit from the use of • Choose and use providers wisely existing knowledge – A single analyst house view of a – Kick off projects with a workshop to market may not be robust; if budgets collate knowledge from all relevant allow, source multiple comparable data parties sets – Allow providers access to internal data; – Be careful to make like-for-like protect with confidentiality agreements comparisons, particularly with value as necessary. Don’t pay analysts to chains and market forecast data. recreate data you already have and the Analyst houses and consultancies can thinking you have done, but rather to normalise / harmonise / synthesise critique it. Be clear you expect justified multiple data sets as a project to suit conclusions so you don’t get your own your specific requirements analysis presented back – Don’t reinvent the wheel, but recognise when fresh work is needed Market insight and intelligence: 3 key design factors and 8 top tips 10
  11. 11. © Innovation Observatory Ltd 2013Eight top tips for designing and running an MIfunction [1]There are multiple approaches to Focus hard on who the audience is andcompetitor and pricing research how to reach them• Competitor intelligence in non- • Deliver the right thing at the right regulated business service markets is time, to the right place using the right hard to find medium – A “mystery shopper” approach is high – Consider the frequency and detail risk, and some research and analyst required, and make sure intelligence is companies will not provide it up-to-date and refreshed – Market surveys can deliver much useful – Use existing behaviour to your intelligence, but careful research advantage – if users always visit design is essential specific intranet pages, put links to your information on them – Establishing a likely market price for a new service needs special techniques: – Understand whether your role is to ask providers for examples of deliver data only, or to challenge and successful projects support strategy development, and match platforms and people to purpose Market insight and intelligence: 3 key design factors and 8 top tips 11
  12. 12. © Innovation Observatory Ltd 2013Contact us to find out more about what we canoffer corporate market intelligence managers Innovation Observatory Ltd Silvaco Technology Centre Compass Point Business Park St Ives, Cambridgeshire PE27 5JL UK Tel: +44 1480 309341 www.innovationobservatory.com enquiries@innovationobservatory.com Market insight and intelligence: 3 key design factors and 8 top tips 12

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