|For businesses today, more than ever before, gathering intelligence about their environment (markets, regulation, customers, competitors, technologies, etc.) is no longer about nice to know, but must know. All organizations – big or small; irrespective of whether they’re from the engineering, FMCG, Fintech or healthcare sector – need competitive intelligence (CI) to make better strategic decisions.
|Selling the idea of building competitive intelligence capabilities within an organisation is often extremely difficult. This has been (and continues to be) one of the fundamental challenges for CI professionals and strategy teams. CI teams cannot be efficient, effective or successful without getting a buy-in from their co-workers at all levels – senior, middle and junior.
|Related to this is the difficulty of determining return on investments in competitive intelligence or research. When there is lack of clarity in terms of what decisions will be made using the intelligence, it becomes impossible to measure or define ROI. This often means that CI and research budgets are usually slashed during a recession – probably the most crucial time to leverage the benefits of CI. Interestingly, companies often realise the benefits only when not doing CI results in a loss in market share or some other calamity. Since benefits are hard to quantify, another way to look at the problem may be to try and measure the cost (risk) of not doing competitive intelligence.
|ValueNotes helps a global printer company increase their market share
A leading global printer company wanted to revisit their market strategy for India. The company was losing market share in the country and was not able to address the problem in the absence of actionable market analysis.
The company wanted to understand the dynamics of the micro printer market – to determine the causes of fall in its market share, establish ways to further increase its footprint in the country, and get insights into the market dynamics.
Find out how our market intelligence helped the client address their falling market share.