Marketing Tips for Commercial Real Estate, http://www.commercial-realestate-training.com/, Commercial Property Agents - Questions to Ask a Seller Before You List and Sell, How to Use Commercial Real Estate Change for Sales Listing Growth, Goal Setting in Commercial Real Estate Agency Today, Commercial Property Management Handover Tips, Commercial Real Estate Agents - Negotiation Tips for Commercial Sales and Leasing, Reputations Really Matter in Commercial Real Estate Brokerage, Handling Objections in Commercial Real Estate Sales or Leasing, Commercial Property Agents - How to Get Comparable Market Evidence, Follow Commercial Real Estate Online on WordPress.com, Commercial Real Estate Agents and Managers, Online Commercial Real Estate Training Programs, Other property listings and the time that they take to sell or lease, Signboards placed on properties denoting market share and coverage, Zoning and demographic changes in the local property market, Buyer and tenant activity by property type, Feedback from parties as they inspect properties, Competitors activities with the listing property. The Society of Strategic and Competitive Intelligence Professionals (SCIP) even provides a code of ethics for its members. Use the questions from both your site and your competitors’ sites to understand pain points, product problems, and common market questions. To understand how to embed the lifecycle into your function, request more information here, © Procurement Leaders Limited and its contributors. Most companies have a Twitter account, and many have one specifically dedicated to support. In fact, when it comes to social media, review boards, or support threads, you can arm your marketing team with intel and have them enter the conversations to give valuable insight. Looking at help sites, support pages, and even social media support accounts can give you the intel you need. How do customers perceive their quality? In so many ways, social media makes market intelligence more relevant and vigorous. Targeting companies Sources of market intelligence 2. They gain this information by attending scientific conferences and taking advantage of public records. The pharmaceutical industry is one of CI's biggest fans. If, in some odd case, you do have access to your rivals' data, take a long, hard look at their sales funnels, website conversions, and product-specific conversion rates. All rights reserved. With so much data out there, it's difficult at times to identify the critical information. But a victory isn't just in the players' hands. You can explore review sites to discover how customers feel about your product, as well as your competitors’ products. In today world, only a deep customer understanding can drive your sales and revenue. Market intelligence is collected data that provides a broad view of the company’s existing market. Once the intel is gathered from these sources, the next step is to effectively communicate the intel to key stakeholders. 50 Big Ideas, Predictions and Trends for Small Business in 2015, 13 Ways to Prepare Your Small Business for Holiday Sales, How to Start a Business: A Step-by-Step Guide, 9 Big Data Solutions for Small Businesses, Market Research Guide for Business Owners, Building a Business Website: A Small Business Guide, Everything You Need to Know About E-Commerce. How to Choose the Best Live Chat Software Solution. What are the biggest technology providers (such as universities, research institutes, national labs, etc) in your industry? What are your competitors doing in technical aspect? For competitive intelligence to be useful, companies need to focus on the details and the bigger picture. Business News Daily was founded in 2010 as a resource for small business owners at all stages of their entrepreneurial journey. Are their customers satisfied? What are their customer service level and skills? Silvia Valcheva is a digital marketer with over a decade of experience creating content for the tech industry. Analyzing information involves activities such as using appropriate software systems, dashboards, data visualization tools, BI reporting tools, different types of graphs and charts and etc. In rapidly developing industries such as the tech sector, companies gain significant advantages by learning what their rivals are improving or developing and using that intelligence to inform their own future products. At its core, market intelligence uses multiple sources of information to create a broad picture of the company's existing market, customers, problems, competition, and growth potential for … Examine this information to see what's working for your competitors and what isn't. What do they offer, and how has it evolved over time? © Examples of topics and points that your geopolitical intelligence should contain: Geopolitical intelligence helps businesses to understand the dimensions of global markets and environments so that they can identify opportunities and avoid risks. It also includes case studies of organisations across the consumer packaged goods, industrial and energy sectors that have used market intelligence to achieve multimillion-dollar savings, identify the most strategic suppliers and negotiate more favourable terms with incumbents. Currently you have JavaScript disabled. It’s based on the ethical gathering of different types of information, including government records (that are openly available). Whether it be among prospects or among current customers, conducting surveys can be beneficial to your product marketing strategy. Enter your email address to follow this blog and receive notifications of new posts by email. Selecting companies • Commercial databases • Business newspapers • Chamber of commerce directories • Lists of fairs / exhibitions participants • Up/downstream industry companies • Networking This contributed article has been written by a guest writer at the invitation of Procurement Leaders. You will be logged out in 60 seconds. Examples of topics and points that your customer profile should contain: Customer Intelligence is a must-needed approach that provides actionable business insight. The good technology intelligence can provide you with a solid knowledge and support to plan and create your innovation path. Please try again. How high is their quality? All rights reserved. What are their available resources (both internal and external)? Take what you know about your consumers' behaviors -- like the finding that consumers tend to comparison shop and visit up to five websites per search -- and modify your pricing and SEO strategy to optimize your marketing initiatives. The form collects name and email so that we can add you to our newsletter list for project updates. Hosting small group discussions can give you an inside look at what customers think about your product and how they talk about it with their peers. It is the leasing knowledge that makes them exceptionally good at packaging a sales deal. The six characteristics of great market intelligence – and where to source it, The right market intelligence can play a key role in procurement’s elevation to a strategic function. E-commerce is booming during the pandemic, presenting a big... 12 Features to Look for in a CRM Solution. Keeping track of all the information included in market intelligence can quickly become time-consuming for small companies. You can compare solutions on websites like G2 Crowd, Software Advice and our sister site Business.com. SMI gives you deep insights into how your consumers perceive your company, products or brands. Social media has transformed the way people communicate and interact with each other. But not all market intelligence is created equal and the information on which category managers rely may not lead to the best decisions for the business. What updates or changes could be made to your products to make it better? Social media intelligence goes far beyond just looking at and monitoring conversations that go online (including ‘likes’ and ‘retweets’). So, where can you gather all of this intel? What are your customers biggest problems and pain points? Geopolitical intelligence is more common for multinational and global enterprises that operate on several countries and need data and insights into different markets and locations. That says that the salespeople, agents, and property valuers working on commercial property should be sharing information regards property deals. Depending on the sources of the data to be gathered and analyzed and on the nature of your industry and market, there are many types of marketing intelligence. Sankaran says Internet research, insights from sales and delivery teams, industry associations, and government bodies are also potential sources of good information. Internal resources include: The other option – and one that’s increasing in popularity as procurement seeks to play a more strategic role – is to work with a specialist external partner. Saul Dobney, CEO of research consultancy group Dobney.com, says it is easy for small companies to get started with a common-sense approach.Â, "It can be as simple as visiting your competitors' websites or store, finding published information about the number and type of potential customers, [and] keeping up to date with developments in your area from magazines, journals or business associations," Dobney told Business News Daily.