Market Intelligence is defined as the process of collecting, cleansing, organizing, and analyzing information on the external environment with the purpose of delivering objective insights for strategic decision making.
A market intelligence program allows you to look at the world outside your own four walls and understand things like emerging market trends, how market leaders are doing things, how are your customers’ choices changing or how do you stack up against your competitors. This allows an organization to stay ahead of the curve and position itself more advantageously.
Market Intelligence has emerged as one of the most important functions over the past decade due to the ever-changing external environment, increasing competitor intensity, greater customer expectations, and proliferation of partial or sometime conflicting data.
Can we know how industry peers are remotely engaging with HCPs during the COVID-19 pandemic?
(We did it for a leading healthcare company, take a look)
Can extracting relevant information from thousands of documents be automated?
(We did it for a client’s research team, take a look)
Can target identification for acquisitions be made a painless task?
(We did it for a pharmaceutical giant, take a look)
“Why is our product better than the competition for customers in this market?”
Every organization is trying to answer questions like these. Each of the below forms the crux of Market Intelligence.
The objective is to acquire an understanding of the market, industry, or sub-industry an organization operates in or wishes to enter. It may involve understanding and analyzing different features of the market such as market size, market trends, major offerings, top competitors, market shares, geographic analysis, various revenue models, among others.
Studies Conducted By Aspect Ratio : Market Assessment, Market Penetration, Market Expansion, Market Monitoring, Technology Solutions, Business Consulting Solutions, Market Overview, Technology Adoption, Need-Gaps Analysis to assess new market opportunities, and understanding the regulatory landscape.
Example : Market research revealed a shortage in memory microchips. This allowed a smartphone manufacturer to capitalize on a possible market disruption scenario by procuring large stocks of the memory microchip, eventually leaving competitors with acute shortages.
Customers are always poached by competitors, which is why building an accurate customer profile/persona and using the same to better target and serve each customer is invaluable. The goal is to always achieve more loyalists than detractors.
Deciphering customer segments, understanding customer preferences, their buying patterns and mental models, reviewing buying cycles, and analyzing other collected information is a cornerstone of Market Intelligence.
Studies Conducted By Aspect Ratio : Customer Segmentation, Customer Profiling, and Needs Assessment.
Example : Armed with deeper insights into their customers, an electronic equipment brand added Twitter and WhatsApp/Telegram chat to their existing phone and email support. This increased customer satisfaction, and in the process led to more loyal advocates of the brand.
There’s no reason why an organization itself cannot be a predator. Understanding the competition’s product/service offerings, stakeholders, launch schedules, business models, customer demographics, market strategies, and investments among many other data points can give an organization a powerful competitive edge.
Studies Conducted By Aspect Ratio : Competitor Segmentation Analysis, Competitor Benchmarking, Competitor Profiling, Competitor Landscapes, and Promotional Content Audits.
The goal is to acquire an understanding of the perception of client products and to benchmark them against competition. It extends beyond the actual product to also include metrics on intangible elements such as brand perception, current and upcoming trends, etc.
Studies Conducted By Aspect Ratio : Volume Vs. Value of Sales Analysis, Attribute Analysis, and Commercial Opportunity Assessment among others.
Example : A laptop manufacturer through its product insights learned of an imminent sudden price drop on a competitor’s laptop range. This indicated the competitor was most likely refreshing its range or launching a new range of laptops. The brand was able to undercut the competitor by launching its new line early with an attractive launch offer.
Transforming Information to Intelligence to Insights.
Identify data sources, define timelines and milestones, and set up QC processes
Collect, cleanse, and segment pertinent data from diverse sources
Analyze information to obtain relevant insights
Recommendations that help strategic decision-making to gain competitive advantage
“Aspect Ratio has been an invaluable thought partner in supporting many of my projects. Their ability to empathize with the stakeholders, understand the business question and provide actionable recommendations sets them apart from others. I really appreciate their efforts to create customized approaches for each project to ensure comprehensive coverage. The team has been a pleasure to work with and they always deliver exceptionally high-quality work.”
– Director
Strategic Planning, Top 10 US Pharma
“Aspect Ratio stands for ‘keen for market-demand and opportunities’ with a very customer-driven approach. Aspect Ratio has time upon time surprised me with ‘ahead-of-extreme-deadline-delivery.”
– Bram Steller
Executive Vice President, Jet Airways (Commercial, India)
A perfect blend of energetic professionals handpicked from premier B-Schools and Engineering Institutes that are focused on value-driven results, and thought leaders seasoned in optimization and rapid expansion.
Data is collected from diverse sources, following stringent ethical and legal guidelines.
Proficiency across industries over decades allows Aspect Ratio to not only fortify your market position, but even reveal oversights in competitor strategies that may be exploited to capture their market share.
Being authority figures on Process Automation Aspect Ratio can set up scrapers to 24/7 monitor for changes in data sources, trigger alerts when unanticipated conditions are realized, and periodically generate department-specific email newsletter reports. All this and many other manual tasks that may be easily accomplished through automation.
Let’s open a conversation on how Aspect Ratio can give your organization a competitive edge.
