A deep understanding of market and competitive intelligence is at the foundation of everything we do. We know growth is determined by the markets you choose to compete in, so it’s necessary to understand those markets inside and out with the right market research data.
Where are the smartest, most innovative investors and organizations placing their bets and why? What’s happening in the market so we can build digitally innovative strategies and business models that drive growth and scale?
Asking these questions and leveraging the access to quality research data at the start of your business planning will help to take a market-in approach. If you have that clear picture of the broader market and competitive landscape, it will show you authentic differentiators and brand opportunity.
What is Market Research Data?
Market research data fuses economic trends with consumer behavior by gathering information that helps businesses understand their marketplace holistically, so strategies can be built that will allow the business to grow and outshine its competitors. It’s a digestible market and competitive intelligence for the busy operator or investor.
The aim is to collect unique data sets that can be used to improve all aspects of the business. That’s because market research data feeds into multiple areas of the business plan, like determining the sales potential, and attracting and selling to the right customers.
For entrepreneurs, a business plan is everything. But planning takes preparation, and preparation requires research. Proprietary market data can be a major factor in:
- Pinpointing and preparing for industry and economic shifts
- Identifying growth opportunities and areas to increase profits
- Identifying and keeping watch over competition
- Mitigating risk in business decisions and practices
Outshine, Outsmart, Out-research
The best strategists continuously track, follow, study, and immerse themselves in every high-level trend and understated market move. They look at the companies that are just starting out (like they are), operating similar budgets without brand notoriety. They drive end-to-end strategies and are always thinking about what’s coming next with the hope that it will help them outperform their closest rivals in tactics.
When you learn about a company, its product, and the market they operate within, you also begin to understand the go-to-market capabilities due to its activity in these various data sets.
If you have access to this type of public or private company data, the greater the competitive advantage—one that not only gives instant credibility but prepares you to cultivate meaningful conversations with prospects.
Whether you’re looking for financial performance metrics, valuation modeling, risk assessments—or curious about funding rounds, shared owned content, and more—putting energy toward this upfront analysis is vital for keeping tabs on current market leaders and rising newcomers.
You would never buy a house without looking at the comps first (well, maybe not in this market). If you bear this in mind when deciding whether to look at market research data you’ll realize investing time and energy in this analysis at the beginning will help you stand on stronger ground for the long haul. Getting early predictive intelligence into emerging company momentum helps you identify the leaders of tomorrow.