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Dana Stanley
Greenbook’s Chief Revenue Officer
Categories
The Integration of Market Research & Competitive Intelligence
Presented by SIS International Research
This content is also embedded as a presentation at the bottom of this page.
Market Research
- Tells you what you want and need to know
- "Is a science"
Business Intelligence
- May tell you what you don't want to know
- "Is an art"
The Evolution and the "Era" of Market Research
Market research evolved during the post World War II period, driven by the rapidly growing US consumer market.
During the 1950's - the 1970's, application of scientific and analytical methods were employed for:
- market segmentation
- market projection
- development of consumer profiles
- attitudes and usage studies
- new product concept testing
- tracking and performance/measurement studies of retail products
- customer satisfaction studies
The "Era of Competition" - The Emergence of Competitive Intelligence (CI)
During the 1980's, the US economy experienced intense competition from Japan, followed by other Asian countries, in the automotive and manufacturing segments. Out of "defensive" measures to protect their domestic market shares, US firms started to monitor their domestic and foreign competition. CI Research methods primarily consisted of scanning the literature and primary research.
1986 - The emergence of SCIP; professional organization.
In the Post Communist period of the 1990s, the world began to "go global."
Market research "went global" to the developing countries, e.g. China, India, Russia, Latin America, etc.
- primarily quantitative
On the other hand, CI was most developed in the US.
- primarily qualitative
The problem: Most firms knew how to use market research data and findings but did not know how to use BI/CI studies.
The challenge remains: how to turn CI into actionable information.
Contrast in Research Methods:
In the 21st Century - The Integration of Market Research and Competitive Intelligence
Corporate downsizing has forced strategic planning, market research, and competitive intelligence to become "more efficient," and in some firms, to merge into one department. The results of market research studies are comparitively easier to track than CI studies. The integration of both of these methods generates a "powerful cocktail" of intelligence for the organization if they know how to utilize the information for strategic and tactical decision making.
Examples of how to integrate market research and competitive intelligence:
Summary & Conclusions
- Opportunity exists to integrate business intelligence with market research to achieve maximum "intelligence yield"
- Caution: monitor the projects to avoid duplication
- Remember: market research and BI/CI employ different skill sets. Do not assume that the research executives can be "cross functional."
- A database should be created which catalogues these "hybrid" projects to enable your firm to track the success of this functional area.
This article was provided by SIS International Research. Visit their website at www.sismarketresearch.com.
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