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In 2021, a McKinsey survey revealed that 80% of organizations were prioritizing new business building to better adapt to disruption and shifts in demand. Market intelligence metrics play a crucial role in enabling business expansion. Ongoing turbulence—in economies, markets, and elsewhere—has only increased the value of timely, relevant market intelligence (MI).
Like setting sail on the vast ocean, your success hinges on your ability to read the ever-changing winds and waves of market trends and economic fluctuations which can either propel you forward or challenge your course. Just as a seasoned ship’s crew uses deep knowledge of sea and weather patterns to adjust the ship’s sails and navigate toward a specific destination, decision makers across your organization rely on market intelligence metrics to fine-tune strategies.
By carefully tracking six crucial metrics – from market share to regulatory changes and their impacts – you can optimize performance with precise, strategic moves that speed your journey to success.
The following metrics not only provide a snapshot of where your company stands but also offer insights that can drive strategic decisions and foster growth. Let's delve into these pivotal metrics and explore how third-party data contributes to robust market intelligence.
Market share helps you gauge your competitive stance and market dominance, offering a clear lens through which to view your position in the market. By complementing your internal sales data against consumer trends, industry and market reports, competitors’ financial filings, and other relevant third-party data, you are better positioned to make strategic decisions around growth or diversification.
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Another key metric relates to the health of customer relationships and the potential for market expansion. Customer satisfaction and loyalty metrics, derived from surveys, net promoter scores (NPS), and retention rates, underscores how well your products or services meet or surpass customer expectations. However, internal data often lacks the context needed to anticipate customers’ changing expectations. Integrating news and other relevant third-party data supports trend and sentiment analysis, allowing you to fine-tune strategies to bolster loyalty and satisfaction.
Brand awareness measures the level of market recognition your company and its brands, products or services have achieved, a good indicator of both marketing effectiveness and market penetration. News, social commentary, and market/industry data allow you to analyze awareness and reach. Sharing such MI insights can inform branding and marketing strategies, helping to ensure that your message resonates with your intended audience.
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The market growth rate metric provides a backdrop for setting realistic growth targets by indicating how quickly your industry is expanding or contracting. Utilizing industry reports, economic indicators, and government data helps with forecasting and long-term planning, making it easier for you to align current strategies with market realities.
Gaining insights into prospect and customer demographics, as well as their buying behaviors, is crucial for driving product development and targeted marketing strategies. By understanding your customers and how they make purchasing decisions, you can effectively target them through segmentation and personalized marketing efforts. Analyzing news, industry and market reports, intellectual property data, and internal customer data in tandem can help you tailor offerings that meet the specific needs and preferences of your target customers.
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Staying informed about regulatory changes and impacts is another critical market intelligence metric. In addition to being critical for risk management, regulations can signal changes in market conditions, emerging trends, or evolving government priorities. Regulatory insights—like recent laws related to environmental, social and governance (ESG) expectations—can be used as a basis for aligning your operations and market entry strategies with the regulatory landscape. Similarly, ESG ratings and news can strengthen market intelligence, inspiring innovation.
By integrating diverse sources of external data with internal data, you can develop a more well-rounded view of the market. It also helps ensure that strategic decisions are data-driven and aligned with market dynamics. In the end, the depth and breadth of your market intelligence can significantly influence your organization’s capacity to innovate, compete, and thrive in today's business environment.
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Market intelligence loses its potency when it doesn’t reach the right people at the right time. But delivery still doesn’t ensure uptake. That’s because sharing market intelligence is not just about presenting numbers. As data strategy consultant and author Brent Dykes explains, “The skill of data storytelling is removing the noise and focusing people’s attention on the key insights.”
For the C-suite, condense market intelligence into strategic insights that impact the bottom line. Use dashboards that integrate diverse data points—market share trends, economic forecasts, regulatory changes—into a coherent narrative that supports high-level decision-making. The focus should be on long-term implications and strategic opportunities. Concise reports and data visualizations make your market intelligence easy to scan, ideal for busy executives who need to quickly understand market dynamics.
In-the-trenches teams require actionable intelligence that they can immediately apply to their specific domains. For sales and marketing, present competitive pricing analyses, consumer trends, and brand awareness metrics through alerts, regular briefings or newsletters or interactive dashboards. R&D teams, on the other hand, would benefit from deep dives into innovation trends, consumer feedback on existing products, and emerging customer needs. Utilizing visual analytics and segment-specific insights ensures that these teams can quickly adapt strategies in response to market dynamics.
When sharing insights with clients or external stakeholders, customize the intelligence to highlight how market trends affect their interests or operations. Regular newsletters, case studies, impact forecasts, and industry overviews can demonstrate your company’s expertise and strategic value to these audiences.
Presenting MI tailored to your audience not only makes the information more accessible but also transforms it into actionable insights. The art of harnessing MI lies not only in expanding the data you rely on and analyzing the right metrics but also in effectively communicating the insights you uncover. By doing so, your organization can foster a culture of informed decision-making, agility, and competitive advantage in today’s dynamic market landscape.
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Having solid market intelligence metrics and effectively sharing insights with decision-makers are crucial for navigating market volatility. Incorporating timely updates on news, company financials, legal data, and regulatory changes enriches the key metrics you monitor, empowering you to gain a competitive advantage.
That’s where LexisNexis can help. By tapping into our extensive source universe, the information you need for better market and competitive intelligence is at your fingertips. Whether you want to conduct searches with a user-friendly interface or ingest data directly into your own analytics tools, LexisNexis stands ready to meet your needs.
To get you started on optimizing your market and competitive intelligence strategy, download the “5 Essential Data Sets for Market and Competitive Intelligence” Checklist.
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