Easy, Accurate Intelligence
Market research is vital.
It enables organisations of all sizes to estimate future profitability, plan new products, services and determine what competitors are doing today.
If only getting accurate, timely intelligence was that easy.
Until recently the quality of information was determined by the resources or cash an organisation could commit to the activity. And this created a number of problems:
1. Classic market research is extremely labour intensive: it requires a lot of people and a lot of time.
2. Because of the resources committed, traditional research is carefully planned and organised.
3. Cost and time constraints imposed by complexity limit the scope and frequency of research.
4. Smaller organisations’ research is constrained by budget.
So not only are the results of traditional research compromised by natural errors: survey errors, scope, collection and interpretation. Their ‘up to date’ assessments are always slightly out of date (and expensive).
On the pulse
Waiting for research next month to tell you what the market is doing this month is hardly pro-active. Indeed many organisations feel that they spend most of their time reacting to events rather than initiating them.
Most organisations recognise that being close to their markets delivers success. And being close requires regular dialogue. It is during the course of these discussions that real time, useful information is obtained. Co-ordinating digital activity enables organisations to maintain multiple dialogues but it may require changes in the way an organisation thinks about and implements its digital strategy.
Business cannot be run from behind a desk. Yet most corporate websites take this approach. The organisation’s ‘wares’ are duly displayed and ‘search engine optimised’. Whilst these sites might create some demand, their ability to provide market intelligence is limited.
Active websites
Sites built to communicate provide a wealth of real-time market intelligence (in addition to new customer and revenue). Regular articles published and distributed by social and direct means give immediate real-time information on the state of the market: demand can be measured through the interest for particular subjects.
With social or blogging technology integrated, company websites become more visible to search engines. Thought leadership content may be tagged, bookmarked and get distributed widely amongst interested groups. The professional networking sites you connect with: LinkedIn, Ecadamy, Yorz, Xing will be dependent upon your market, your customers and where they interact on the web.
Gated communities
Organisations have commercially sensitive projects. It would be inappropriate to post comments publicly or have a ‘product development facebook page’. An increasing number of commercial, government and professional organisations are beginning to host their own closed communities.
Leveraging social media technology, closed communities look and behave like a facebook group. But the information they share is secure. Many companies are using these technologies to prepare complex, high value bids with partner organisations. Information is kept secure as individuals are given specific permissions and authority. So sub-contractors can contribute to their part of the bid and submit costs. But they will not be able to see final pricing.
The potential customer (government department of corporation) has access to the bid as it is being developed, but not the ‘nuts and bolts’ of the bid preparation.
Gated communities are also useful for developing new products and services. Invited customers become an ‘always on’ customer focus group. Whilst never completely replacing the customer day, the gated community means you do not have to wait for an annual event to get feedback!
Implementation
Most company websites cannot provide market intelligence; they are simple ‘information sites’. This is not competitive today. To be visible on the Internet, information has to be regularly updated (at least once a week) and the site has to be interactive (enables comment and links to professional networking groups).
If you have a traditional company website: change your strategy! Not only will your web presence be enhanced, you will get good, timely, market intelligence and more revenue.
Posted: February 10th, 2010 / 2 Comments /
2 Comments to Easy, Accurate Intelligence
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Good post, would like to know a little more about measurement and how to manage the information obtained.
Biggles Dunlop on
February 10th, 2010
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Fantastic post full of useful tips! My site is fairly new and I am having a hard time getting my subscribers to leave comments. They are coming to the web site but I have the impression that “nobody wants to be first”.
Domain Guidebook on
April 3rd, 2010