Market and Sales Intelligence: a combination for better results!

 

Gone are the days when just having a good product or service and a large potential market was enough to be successful in sales.

Today, the equation for closing deals has become much more complex:

  • large volume of direct and indirect competitors;
  • different business models;
  • fast moving economy; and
  • Technological advances driving innovation daily.

In such a complex scenario, companies need to constantly identify opportunities for their growth or even risks for their performance. And there is no better way to do this than investing in the Market Intelligence strategy in sales and marketing.

What is Market Intelligence?

Market Intelligence or Competitive Intelligence is a marketing strategy that uses data collection and analysis for decision making.

In practice, it is an area or function usually connected to the Marketing or Sales teams and that plays a fundamental role in guiding the commercial focus of a company.

This is because the deliverables related to Market Intelligence have a high impact on sales operations:

  • Monitor the market and the economy;
  • Identify trends;
  • Help define prospecting focuses;
  • Support business planning;
  • Deeper understanding of customers and potential customers.

And why has Market Intelligence gained momentum in recent years, if these activities have been around for a long time? The main reason is technology!

Currently, a Market Intelligence area is capable of analyzing a much larger volume of information and in a much faster way, also ensuring speed for decision making.

All this thanks to tools related to Big Data, Machine Learning and Artificial Intelligence, which gather, classify and interpret a large volume of data in a short time.

Thus, it became easier to understand who the company competes with, what are the differentials it offers and the best sales models you can bet on!

Why invest in Market Intelligence in sales?

Increasingly, Market Intelligence becomes a mandatory strategy for companies – even small ones. To understand why, just know the main advantages of carrying out structured work in this field:

Efficiency in approaches

Companies that bet on Market Intelligence in sales optimize their approaches with a focus on Outbound Sales.

By identifying hotter opportunities, sectors that are more receptive to contact and business profiles with the most urgent demand for the solution, it is possible to significantly increase the use of cold contacts.

And you already know what that means, don’t you? Optimization of team time, savings on resources, higher conversion rates and of course…more sales!

Reduction of corporate risks

A well thought out Competitive Intelligence work also reduces the risks for the company.

After all, when looking at trends, economic movements and competition, this area is able to warn in advance of possible losses, allowing, in many cases, adaptation for survival.

Market Intelligence is what drives companies to transform their products and services and to innovate towards new markets to remain relevant.

Want an example?

Brastemp identified an “as a service” consumption model and started not only selling water purifiers, but also renting them in a subscription model.

Competitiveness

It is also the role of Market Intelligence to maintain the company’s competitiveness over time, looking at itself and its competition. Thus, it is possible to monitor changes and keep services and products attractive to the target audience.

Innovation

And, since we are talking about keeping up with changes, innovation needs to be fully related to the work of Market Intelligence.

Otherwise, the chances of becoming a risk to the organization are high. Data-based innovation ensures security and assertiveness!

What does Market Intelligence do?

Now that you know what Sales Market Intelligence is and what its main benefits are for a company, it is worth detailing what its main activities are.

Check it out below:

1. Market studies

Competitive Intelligence has as one of its main functions to monitor the market, based on internal and external indicators, and carry out studies based on this.

The studies can be about the economy, a specific market, a company solution, a specific place of activity, among others.

It is common for Sales, Marketing and Product areas to demand these analyzes for Market Intelligence, in order to assist in decision making.

2. Competition studies

Every company has direct and indirect competitors, on which Competitive Intelligence must keep an eye out.

This area should monitor competitors, both from tools and from surveys, to understand how much they can be a risk to the organization.

3. Evaluation of the business model

Likewise, it is the role of Market Intelligence to understand how attractive the company’s business model remains, directly assisting in pricing and promotion policies. Or even identifying the need to make new forms of payment or installment payments available to customers.

4. Studies with clients and potential clients

Finally, another Competitive Intelligence macro function is to deepen the profile of customers and potential customers. Knowing your challenges and motivators for buying is the first step, but you can make the sale even more strategic by understanding interests and behaviors.

Best Market Intelligence Practices

Now, we want to share with you some tips to put this strategy into practice in your company, based on our experience and the experience of the customers we have followed throughout our history!

1. Have employees who reconcile data analysis with market insight

The profile of people working in Market Intelligence is quite specific, so be very careful when hiring!

While it is necessary to find professionals capable of analyzing data quickly, with an affinity for mathematics and statistics and skills in Analytics and Big Data tools, they must also have a good business vision. In other words, a profile with excellent analytical and systemic vision at the same time.

2. Reconcile activities that give results in the short to long term

A mistake when starting activities in this area is to expect results in the very short term, which is not usually the case.

Therefore, when defining the key activities, include those capable of impacting in the short to long term. From surveying lists to analyzing opportunities for new products, for example.

3. Have regular reviews with clear objectives

Knowing what information you want and for what purpose is a key to success in Market Intelligence. We’ve seen many companies gather data and then put the analytics in a drawer. Make sure it doesn’t happen!

Also, keep the recurrence of studies. If the objective is to follow market movements and trends, it is essential that this be measured over time.

4. Have internal and external data collection sources

Data are the basis of Market Intelligence work.

Therefore, it is necessary to have a strong data culture in the company to ensure that internal sources (such as the CRM system, for example) are correctly supplied.

In addition, external sources are also critical. Many of them are open to the public (such as Government data), but there are many studies or databases that may require some investment.

5. Invest in technology

And, if the subject is to put your hand in your pocket, it is also necessary to invest in appropriate technologies to make the Market Intelligence work feasible – especially for the automation of processes related to data interpretation.

CRM systems, Big Data and Analytics tools and automated dashboards are among the most important features!

6. Train sales team

It is common to use data for decision making and later forget that it exists. Few companies take advantage of information to accelerate sales at the end, through Sales Enablement.

Training sellers on trends, market and public profile helps to have a more objective and seller speech, in addition to applying the most appropriate sales triggers.

Market Intelligence is one of the best ways to sell more!

Market Intelligence is a strategy that brings many benefits to an organization, especially in the sales area. It is also capable of performing different activities, depending on the business profile, its size and its market position.

What all companies have in common, however, is relying on data analytics to guide their decisions towards a more successful and less risky future.

Even if it is not possible to structure an area with this focus, it is worth investigating service providers that might start the work. From this, we believe that your company will be able to follow a path of better results!