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The Handbook of Market Intelligence: Understand, Compete and Grow in Global Markets, 2nd Edition by Hans Hedin, Irmeli Hirvensalo, Markko Vaarnas

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Chapter 3Key Success Factors of World Class Market Intelligence

THE WORLD CLASS MARKET INTELLIGENCE ROADMAP

In Chapter 1, we concluded that organizations should invest in generating such collective understanding about their operating environment that can be leveraged for competitiveness and growth. Market Intelligence (MI) as a program contributes to this goal through enabling:

  • Better and faster decisions
  • Time and cost savings
  • Organizational learning and new ideas

A properly designed and implemented MI program yields benefits that far exceed the cost of developing and maintaining the activity. Yet many companies have found it troublesome to orchestrate their efforts around MI once the decision has been made to invest in the activity. Lack of structure, in turn results in many challenges over time: how to demonstrate value right from the start, how to prioritize the development efforts, how to move to the next level once the basic MI setup has been implemented, how to measure success, and, ultimately, how to win the continued support by top management to the investments in MI?

As a response to the need of companies to structure their MI development efforts, we have designed a World Class MI Development Roadmap that captures the essential elements of MI development:

  • Defining why the program exists and whom it will serve.
  • Addressing the various “how?” questions:
    • How to design and implement the process of collecting, refining and delivering information
    • How to assist the process ...

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