How your business can use market intelligence to get ahead, stay competitive and prosper

2

How your business can use market intelligence to get ahead, stay

competitive and prosper

ETAG conference - 25th January 2011Edinburgh

3

Market intelligence

• Market intelligence enables you to understand your sector, your customers and your future potential.

• Market analysis gives insight into the trends and consumer behaviour that will shape tomorrows’ markets.

...to get ahead, stay competitive and prosper

4

Why is it important for you?

• Market and customer orientation – promote external focus • Customer retention• Better visitor interaction – improve the visitor experience• Identification of new opportunities and markets – e.g. identify

new trends before competitors • Early warning of competitor moves – enable counter measures • Better market selection & positioning • Improves ROI: marketing, capex and more broadly.• Fuels innovation and improved decision making

5

• Visitor and staff feedback - guest book, UGC, SurveyMonkey- team meetings – ask when staff say “No, sorry”

• Visitor profiling- ask your visitors: origin, motivation

e.g. www.pitmilly.co.uk- published data

Types of Market Intelligence and sources 1

6

• Trends: - business networks, internal, Google analytics, Insights, TIS etc.

• Markets and opportunities• Bigger picture – volume and value• News items and world events

Types of Market Intelligence and sources 2

7

Are you using intelligence?

8

9

• Kingsfield Golf Centre

• Carnoustie Golf Hotel – Chinese market

Who is using it?

10

• Using seasonal/local produce

• Dubh Prais • Amber at Scotch Whisky

Experience• Shetland wildlife

So What…?

11

Practical tips - using intelligence

• Brainstorm with staff on issues• How do you react to trends of healthy

eating, localism • Do you look at your competitors and

comparators• Read about budget airline route, or

the pandas- what does that mean to me?

• Raise trend at industry meeting to investigate collaborative opportunities

• Capital Group, Business Opportunities

12

Other resources

• TIS workshop April 2011• Tourism Innovation Fund• Tourism Innovation Workshop• Listening to our Visitors workshops• ETAG Business Opportunities series

13

Register Now!

www.tourism-intelligence.co.uk