As part of my MP project this semester, I am focused on learning how to conduct competitive intelligence market research and tips and tricks on how my work team and I can to do this more effectively and efficiently. On About.com, I came across a 7-step, detailed breakdown of how to conduct Market Intelligence Research. See below.
- Determine Your Research Objectives
- First you must determine your primary and end goal based on audiences who will be utilizing the information
- Evaluate Existing CI Data Collection Strategies
- This includes evaluating existing known research strategies
- For example, for us in MP, this could utilizing research through the Business Library or other known research sources.
- Determine CI Data Collection Strategies
- Competitive intelligence research design must consider the feasibility of collecting desirable data
- Set Up Access and Integration Systems
- Create a system to house CI information, which can be critical for establishing a pattern or profile of a rival’s strategic tendencies
- Establish Analysis and Reporting Processes
- Plan Dissemination
Planning
- Planning for getting your information to the correct audiences – for example, how often will you report?
- Write the Story
- Most market research is best presented to audiences in the form of a story and to do so, your CI audiences should understand how the data was collected and be made confident of that data through corroboration processes.
These were some good tips that I have already started and will continue implementing with my team at work as we continue conducting market research.