There are many different ways to define market intelligence, but the 1st Resource Social Intelligence Method takes a slightly different approach. We believe that considering the “human factors” of how people make decisions puts more meaning behind the findings. This type of analysis becomes essential market intelligence – or simply put, more meaningful research that makes an essential difference to the way you do business.
In our system, there are 5 key drivers behind essential market intelligence. These include:
- Isolating the Critical Business Decision/Initiative
- Examining Decision Factors
- Gathering Relevant Facts and Insights
- Performing Comprehensive Research
- Analyzing Psychological and Behavioral Elements
Step 1: Isolating the Critical Business Decision/Initiative
This step isolates the true questions locked inside a pending business decision or initiative. It’s not simply a matter of looking at the situation with fresh eyes; it’s about recognizing how all the pieces fit together. Understanding the situation architecture is key – it takes a great collaboration to make this work.
Step 2: Examining Decision Factors
A decision is not made without many factors going into it. These factors may be conscious or unconscious. In fact, more might be going into your decision-making process than you initially realize. We recognize it’s your decision; what we’re great at is truly understanding all those factors that impact the decision itself.
Step 3: Gathering Relevant Facts and Insights
Once we have isolated the problem and dissected which key factors went into the business decision, we go to work. It’s our job to gather the relevant facts and insights necessary to intelligently deliver market research to your business. It’s not enough to do qualitative research, we combine qualitative with quantitative through our proprietary process to yield results that are valuable.
Step 4: Performing Internal vs. External Research
Throughout the research process, we keep in mind the importance of internal versus external research and the multidimensional nature of these. While many companies rely heavily on internally gathered information (BI), we believe they may be missing out. There are many external variables that go into strategic decisions that must also be considered. Our method blends your internal knowledge base with two levels of external research: the macro environment and customer/target market research. It makes a lot of sense to combine internal and external research methodologies to yield optimal results.
Step 5: Analyzing Psychological and Behavioral Elements
Behavioral economists recognize that people are affected by hidden dynamics. These dynamics cause them to interpret information, and act, in irrational ways. 1st Resource reveals these hidden factors throughout our process, bringing clarity to how your target customers make decisions and where there is room for improvement through findings that account for these important perspectives that arise from social psychology and behavioral economics.
Market intelligence is essential when your business is at a critical crossroad around a decision or strategic direction. 1st Resource specializes in understanding your business decisions through the lens of psychology as an applied science.
Put a proven Market Intelligence System to work for your business.
About the Author
