Transcript: "Market Intelligence"
Today I am going to talk about Market Intelligence and the importance of really understanding how your market might have changed over the last four to eight weeks.
We have seen in the markets that we work in, a lot of change, a lot of competitors moving into spaces they weren’t before. People are pivoting their businesses and doing different things. The tip here, is to really try and understand if anything’s happened in your market.
Certainly, look out for your market share, really trying to understand that that could have shifted. There could be a new opportunity in your market, or you might need to re approach things slightly differently than before. You certainly could have some competitors you didn’t have before. There’s a lot of disruptive players out there at the moment and certainly worth the time for you to invest in that and research that before you start putting too many change levers in your business and adjusting your strategy or whatever the case may be.
For help in this topic, there are lots of materials online. sniffing around on Google could certainly help you. There are some professional bodies out there, platforms for instance, like Ibis World, that have all the access to company details around the world. You have to pay a fee to access the platform of course, but then you can keep up to date from there.
Consultants such as ourselves carry out Market Research, we do quite a lot of work in this space that can help you get deeper insights.
The tip here, is regardless of how you do it, take the time yourself or delegate to somebody to really understand your markets in a bit of depth as you start to reengage.
That’s all I’m going to talk about today, but if you have any questions on the topic, by all means just visit our website, www.bizdrivers.biz or drop us an email at [email protected] and we can certainly point you in the right direction.
Next week I am going to talk about the importance around Strategic Growth and Profit Planning, some tips on how to do that and some things to look out for.
You can always call me personally, free of charge, to ask any questions about topics I have discussed, just grab a time that suits you at: