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Market Intelligence Program Services
External factors can dramatically impact an organization's ability to achieve its goals and objectives. Being able to monitor key sources, gather relevant data and use that data to drive decision making is key to working smarter, rather than harder and dramatically reduces the potential for being caught off-guard and reacting to factors you did not expect.
Our market intelligence program collects and analyzes information relevant to your organization's markets for the purpose of providing your with accurate and confident information to assist you in decision-making and determining strategy in areas such as market opportunity, market penetration strategy, and market development.
We establish a process for gathering data about your organization's external environment. You can then use this data into your business planning process to provide decision makers with a more "complete picture" of ongoing organization performance in given market conditions
As part of the process, we establish what external environmental factors you want to track on a periodic basis. This may include looking at both online and offline sources of data. Depending on your business model, industry and customer audiences, we may gather information by conducting surveys, interviews, visiting and monitoring competitors or gathering and buying data from different sources.
Before the project begins, we provide you with an outline of the factors and data that we recommend we collect and analyze. Once you've approved the outline, and we've decided on the frequency of reporting required, we decide which tools (on or offline) that we should use for the program. The project plan will include a budget including any additional expenses required to collect and analyze the data.
The analysis will include information about the composition of your target markets, gaps in the market, new market trends and where new market opportunities may lie. The industry and market environment may cover:
- Business regulations
- Market demographic changes
- Market size and trend changes
- Market channels
- Market needs and expectation changes
- Sociographic data changes including beliefs, attitudes, interests, and life style factors.
- Environmental changes and environmental regulation changes.
- International political and governmental changes that may impact your business
Note: The market intelligence program will also include a scan of competitors activities, but will not go into the detail of the competitive intelligence program. You can opt include that level of detail by combining the two programs.
DWS Associates offers you two paths – we help you develop your own internal market intelligence function, or we provide customized market intelligence services that fit your budget and needs.
Option A: Build Your Own MI Function Workshop
This hands-on workshop walks you through the process of developing your own market intelligence function, including creating the vision for this function, goals, objectives, strategies, tactics, and processes. Also included is defining roles and responsibilities for personnel so that your team clearly understands who does what, when, how, and why.
Option B: Outsource Your MI Function to DWS Associates
We design and manage your market intelligence function based on your goals, objectives and budget – performing all the required duties for capturing, storing, and analyzing data as well as providing you with recommendations. You will receive timely updates that vary from immediate to weekly, monthly, quarterly – based on agreed upon service levels – so you are on top of external developments that can impact your organization.