Market Intelligence focuses on collecting and analyzing data about your competitors. To some extent, this may involve surveying customers to place competitive activities into context. However, the ultimate goal is to uncover the actions of competitors. One type of analysis commonly employed is the SWOT approach, which examines strengths, weaknesses, opportunities and threats.
In many instances, the SWOT approach can be refined by using a “Five Forces” analysis, which assesses the profitability of an industry. Developed by Harvard professor Michael Porter, renowned for his work on competitive strategy, the “Five Forces Framework” examines five factors: ease of entry to the industry, the threat of substitute products, the bargaining power of suppliers, the bargaining power of customers and threats from established rivals.
For many companies or brands, the difficulty lies in setting up an organizational and operational structure to collect, analyze and disseminate information on competitors. As the sources of data multiply, it is becoming increasingly difficult to filter out the “noise” and pay attention to the information that’s relevant.
SeriousTraders can provide guidance on the approach to marketing intelligence you should be taking, as well as how the approach is best organized. The SeriousTraders team features professionals with decades of combined experience in market intelligence and strategic application. Market intelligence takes vigorous research, insightful analysis and an incredible amount of time, and SeriousTraders has all three, as well as the resources to execute a plan of action.
First, we work with the management team to gain an understanding of your brand and the short- and long-term goals planned for it. We then take this information and weigh it against competitive and consumer trends. These insights are then used to develop the promotional strategy that best defines your brand and where you want to be.
Here are some Market Intelligence solutions we can provide:
- Consulting and advisory services
- Internal, competition and market analysis
- Creation of relevant marketing materials
- Development of intelligence best practices
Give us a call; we’ll be happy to talk about your brand and the information you require to position it for future growth.
