July 6, 2021

The ideal circumstances to carry out a market intelligence

ideal circumstances for market intelligence

Setting up a monitoring system can seem like a tedious operation for many managers, not always knowing who to involve and in what order. However, there are certain circumstances that can facilitate the creation of an effective watch.

Here are some examples:

You have just conducted market research.

All market research, whether it is conducted locally or internationally, requires identifying and consulting electronic sources (professional magazines, statistics, etc.) and human sources (leaders of an industry association, intermediaries, prospects, etc.).

Among these sources, some can be used as part of a monitoring system, especially if they produce quality information on your sector of activity on a recurring basis.

Indeed, a decision-maker must not lose sight of the fact that a market study provides a one-time overview of a sector or territory and that it is necessary to maintain a view over time (appearance of new competitors, changes in standards, etc.).

You are starting a strategic planning process.

During their annual planning, companies can define specific orientations in terms of growth. Often, these orientations can be translated into monitoring axes (clientele, competition, research and development, operations & production, etc.).

Indeed, these axes are all themes that allow you to clearly orient your monitoring system. Our recommendation here is to choose a particular axis (such as competition) to begin your monitoring.

Also, if you use your monitoring system effectively, it will feed your next planning without any additional research effort. Since your environment is already "tuned in", the stakeholders of your strategic planning will already have a basic raw material in their hands.

Beyond these specific circumstances, don't forget that your employees often monitor their business environment without really sharing it internally. At any time, a company can take advantage of these dispersed efforts by implementing an adequate monitoring system.