If you could improve any single area of your market intelligence, what would it be?
At M-Brain, we speak with many successful, global enterprises about their greatest market intelligence challenges and successes. We find it fascinating and a privilege to be able to study the global MI markets from micro and macro viewpoints and understand developing trends before and as they evolve.
If there is one challenge that we see customers facing more than others, it is this: How to turn information into insights to deliver greatest business impact.
Of course, a subject as complex as this carries hundreds, possibly thousands, of intricate facets, each unique and specific to both team and organisation. If the answer to this question was simple enough to write in a blog post, or even a book, or even a chapter of books, then no doubt every MI team would be delivering ultimate impact to their organisation every day.
Which, of course, is unlikely to happen any time soon.
We all know the key function of market intelligence impact is in accurately defining needs, correctly understanding insights from intelligence and delivering those insights to key people, at the right time and in the right manner.
Sounds so simple when written in a single sentence.
I was fortunate to be present in M-Brain’s webinar last week and witnessed Lee West and Joost Drieman explore the key success factors that make the crucial difference in building world class market intelligence programs. Of particular significance for my own development and in answering the above question was the key success factors that Joost touched on.
He explained 6 key areas that make all the difference in building world class intelligence:
– Scope (broadly defined as breadth, depth, strategy & stakeholder alignment, and forward looking approach) - Processes (Integration with decision making) – Deliverables (Services areas and product types) – Tools (with over 150 to select from) – Organization (Intelligence methods and resources) – Culture (MI internal awareness, acceptance and assistance)
Arranging these 6 success factors within a framework and monitoring each area in terms of performance and impact has enabled M-Brain to identify the organisations delivering world class market intelligence impact and the processes those organisations do differently to achieve superior results.
The framework has also supported the creation of a valuable model that offers a benchmarking self-assessment tool to organisations, enabling participants to identify for themselves the gaps within their MI processes and what they need to do to reach next-level results.
If you have any questions on the session or it’s contents that you would like to ask Joost or Lee, please feel free to send me an email on firstname.lastname@example.org and I will be pleased to liaise the response.
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