Strategies for effective market intelligence engagement

Introduction

In today’s rapidly evolving business landscape, organizations must adapt to constant change and disruption. The ability to leverage market and competitive intelligence effectively can provide a significant competitive advantage. Recently, Infodesk hosted the second installment of our Market Intelligence Forum, where industry leaders gathered to discuss how market intelligence teams can transform surveillance into strategic advantage. This article explores the key strategies shared during the forum, focusing on how to turn market intelligence into actionable insights that drive impactful decision-making.

The importance of market intelligence

Market intelligence is no longer about static data sitting in silos or dashboards. Organizations are recognizing the need for dynamic, actionable intelligence that informs decision-making. The webinar, “Turn Market Intelligence into Action: From Insights to Impact,” hosted by Guy Eggers and Adrienne Kreger, emphasized the importance of transforming intelligence into action.

Meet the Experts

Guy Eggers: A Senior Account Executive at Infodesk, Guy has over 15 years of experience in market intelligence for global firms.

Adrienne Kreger: An Information Specialist with 14 years of cross-industry experience, including a decade at a Fortune 500 insurance company.

Key steps to enhance market intelligence engagement

Many intelligence teams excel in information monitoring but struggle to translate that analysis into actionable insights. Guy and Adrienne outlined three key steps to enhance engagement and demonstrate the measurable value of intelligence activation:

Step 1: Build strong internal relationships and identify key champions

Know your stakeholders

Understanding your stakeholders is crucial. Who are they? What do they do? What information do they need to make informed decisions? Engaging with them directly ensures that you meet their needs effectively.

Focus for success

Information professionals often face the challenge of wanting to deliver everything to everyone. By narrowing your focus to specific audiences, you can provide more value and maximize resources. Identify your primary audience, whether it’s the executive team, a specific line of business, or individual team members.

Identify your champions

Find individuals within your organization who are receptive to your information solutions. Building close relationships with these champions allows you to understand their problems better and create meaningful solutions.

Walk before you can run

Recognize that stakeholders may not always see their information needs clearly. Start small by targeting specific teams or executives, listening to their challenges, and gradually building your insights from there.

Real-life example: health insurance

In a health insurance organization, Guy focused on the executive team, who were primarily interested in financial data. By integrating Tableau and Power BI dashboards, he provided them with interactive financial insights, leading to widespread advocacy for the platform across the organization.

Step 2: design solutions that solve core customer problems

Choose the right data sources

Selecting the appropriate data sources is critical. Identify which sources will provide the most valuable insights for your organization. For instance, in the insurance sector, sources like LIMRA, AM Best, and NAIC are essential.

Find common themes

As you engage with different business units, look for common themes in their concerns. This will help you identify the most relevant data sources and streamline your information dissemination.

Become a trusted advisor

As you gather insights and build relationships, position yourself as a trusted advisor. Stakeholders will rely on you for critical insights, enhancing your value within the organization.

Timely insights, not just information

Leverage technology to provide timely insights. By identifying trends and anomalies that others may overlook, you can significantly increase your value to stakeholders.

Ask clarifying questions

Probing questions help clarify stakeholder needs and ensure that your solutions align with their requirements. Continuous engagement will also help you identify additional needs over time.

AI as part of your solution

While AI can enhance efficiency, it cannot replace the nuanced understanding that comes from human expertise. Use AI as a tool to support your insights, but maintain the human element in your analysis. Use the time you save to focus more on value-added insights to make your intelligence intelligent, not artificial, and your stakeholders will value your human-in-the-loop solution.

Step 3: strategically increase your value and influence business decisions

Identify your metrics and KPIs from the start

Establish clear metrics for measuring success. This includes identifying problems, implementing solutions, and tracking how these efforts save time and resources.

Trackable source references

Always ensure that you can trace your data back to credible sources. This builds trust and credibility with stakeholders.

Continuous feedback cycle

Engage stakeholders regularly to gather feedback and adjust your strategies as needed. This ongoing dialogue will help you stay aligned with their evolving needs.

Overcoming common blockers to seeing value

1. Perception of non-essentiality: Some departments may believe they do not need your services. Regular communication can help dispel this misconception.
2. Political reasons: Misunderstandings about roles can create barriers. Clear communication of goals and alignment can help bridge these gaps.
3. Time constraints: Stakeholders may feel they’re too busy or over time may forget about your services if they perceive them as non-essential. Regular updates and reminders can keep your value top-of-mind.
4. Organizational changes: Stay informed about changes within the organization to identify new contacts and opportunities for engagement.

Summary

To enhance market intelligence engagement, organizations should focus on:

• Identifying internal champions and building strong partnerships.
• Concentrating on delivering the most value.
• Solving problems through tailored solutions.
• Re-engaging and recalibrating strategies to expand expertise and influence.

By implementing these strategies, organizations can transform their market intelligence efforts into impactful decision-making and strategic advantage.