Doing Market & Competitive Research "Inside the Box", Is OK!

"...I used to think that stressing our team's military and governmental intelligence background might benefit our professional and competitive positioning. But I learned that it was not like that at all..."

This article is personal, but it addresses a wide phenomenon related to my industry, the market research and competition research industry, and its so-called disruptions because, nowadays, you cannot be "cool" if you do not do "disruption."?

Initially, I would like to explain the conceptual landscape for consuming the market & competitive research services (hence, M&CRS).?

The need for M&CRS derives from information gaps. There is no universe where there would be one person, at least, who knows everything. Information gaps are all around us in our day-to-day life, and we accept that we do not know everything. We sometimes rely on the old saying that if you give a problem enough time, it will solve itself. It might fit when referring to information gaps.?

But there are some areas where information gaps, not dealt with immediately, can cause harm. For starters, when people's lives are at stake, known and unknown risks that are open and might cause a meaningful crisis, ending with the need to operate as a business in a hectic and competitive market. ?

In the case of a company running a business, it does not matter whether it is a new startup company, a slow or fast-growing SMB, or a large-big company. They all suffer from the same lack of information regarding their ecosystem. Ecosystems tend to be predictable, but that changed in the last decade, and companies struggle to adapt to this fact.?

Being aware of this business nature made it easy for companies to cope with the information gaps and build an inclusive company strategy taking information gaps as a risk factor to reduce as the company operates. Here comes the need for M&CRS as one of the solutions.?

The company's strategic approach incorporates the competitive strategy factor forged from specific missions dedicated to reducing risks and information gaps.?

In light of this conceptual landscape, companies with the M&CRS approach need to decide on the framework in which these services can cost-effectively benefit their needs. Let us understand what stands behind the business information gaps. I argue that there is a virtual matrix to consider. On one axis lays out generic questions management teams ask, and on the next axis, there is the level of analysis or the analysis layer. ?

Management Questions

• Who are our?competitors?- direct and indirect
• Who are our?buyers?(Buyer Persona) - current and prospective
• Who?leads our competitors?- top management profiling
• What?characterizes our market?- current and prospective
• Technology?and patents
• Logistics?- supply chains, etc.
• Regulations?and Gov disruption
• Social & Environmental aspects?of our industry - ESG, etc.
• Distribution?and marketing channels
• Financial structure?- what might influence our equity
• Trends?and innovative ideas

Analysis Layers

• #1 layer - What? Who? Where? When? How much? How many?
• #2 layer - Why? What does it mean? What might happen? What might we do??

Companies decide whether to develop their research resources and build an inner M&CRS function by hiring and training analysts, purchasing the right technology, applying the fittest analysis models, etc. Or use the services of external M&CRS providers and outsource their needs. Each option has its pros and cons. In the end, M&CRS reduces information gaps and leverages the capabilities of the top management to make educated decisions. It stands for DSS element.?

I do not have anything negative to say about innovation if it serves a particular purpose, usually as an accelerator for improving efficiency and technology or creating new solutions using novel approaches. I do not believe in innovation when showcasing new methods, allegedly giving new and better solutions for issues that already have a successful and traditional legacy and proven results.?

I am not for innovation in M&CRS. But let me be clear, there is always a place for new and sophisticated software helping us gather information more quickly, find all sources in no time, and even analyze some of it semantically. There is much room for innovation here. However, you cannot trust any M&CRS provider that promises you a unique method for producing operational insights or presenting the answers to your questions because, in the end, it is what it is. The report must deliver its most coherent explanation and answer the management's questions. There is no other way to look at it. Some innovative M&CRS stress the visualization of the presentation, but where are the answers? You know I am right.?

So, why don't we keep it simple then.? From our experience in Webintelligency, we found out that there is a generic format in which M&CRS reports contribute best to the company's needs. The format's sections reflect the management's question as indicated above. Working through a formatted M&CRS process makes it easier for companies to define their questions. For us, M&CRS providers, it assists with choosing the correct sources and helping with the total fee estimation.?

What is the difference between M&CRS providers? It is not the formation of the report but the ability to shift Data into meaningful and operational insights. You should know that most M&CRS providers avoid making suggestions and allow you to infer them yourself. Why? Because it is risky. The risk is that if they take the chance and suggest something that fails, you might sue them for misleading you. ?

Can you blame them? No. That is why most reports have the last section with small font letters claiming that the content is as accurate as can be, but it has its limits because its validity is not 100%. Whoever dares to add operative suggestions, as for what you can do due to the information brought in the report, need to make it clear that any action taken due to these suggestions is under the reader's responsibility. I have learned from extensive experience that making data-based suggestions with the needed full disclosure makes the report complete and positions us, as M&CRS providers, in a better place.?

Report Format - Layer #1

• Executive Summary
• Conceptual Landscape
• Competition - companies and leaders
• Demand Curve - Buyers
• Market Attributes - Technology, etc. (as mentioned above)
• Conclusions?

Report Format - Layer #2

• Executive Summary
• Conceptual Landscape
• Competition - companies and leaders
• Demand Curve - Buyers
• Market Attributes - Technology, etc. (as mentioned above)
• Two-way analysis - applying two analysis methods to shift from Data to information?

Notice the difference between the two formats. The management decides on the level of analysis as the project starts and gets its green light.

When a company wishes to outsource a market or competitive research project, it often gets confused about the right questions to ask and how they expect the report to look. The M&CRS matrix report, with its two analysis optional layers, makes it easy for them to approach this issue with an elevated level of certainty of what to expect and how it would look in the end.?

I think that the innovation here is by not being innovative when it is not necessary. M&CRS providers are usually clever, and their goal is to sell a vision of something that is not more than a research report based on two possible analysis layers. I am not shooting inside the tank, but I dislike the misleading elements in my industry.

I used to think that stressing our team's military and governmental intelligence background might benefit our professional and competitive positioning. But I learned that it was not like that at all.?

Whoever defines the company's need for M&CRS and whoever asks the questions and pays for the project does not care if our team has military or governmental intelligence experience. They only care about our ability to understand their questions, gather accurate data, transfer it to valid information and give operational insights and action items. ?

Our Webintelligency team indeed has strong intelligence work background. However, I believe that working with a sustainable methodology, using the fittest models, and gathering data effectively, is sometimes all it takes to deliver a comprehensive, high-quality M&CRS report.

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Webintelligency is an M&CRS provider. We believe in sharing our experiences and values with the world. We do not promise things we cannot deliver.

For more information, contact us at: [email protected]