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A quick presentation on 20 Tips, Tricks and Tools that you can use to better understanding your existing markets or to learn new ones. Designed for small businesses and start-up companies, this presentation includes tools that can be implemented today by businesses of all sizes for little or no money. Audience: Entrepreneurs, Product Managers, Product Marketers, Market Researchers, Market Analysts, Corporate Librarians Custom presentations also available.
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• Affordable Tricks and Tools for Learning Markets
Market Intelligence
Steve Thomsonwww.thomsonconsulting.ca
Rob Duncanwww.greatcapes.com
3
The Benefits of Increased Transparency
Markets
Better position your company and products
Competitors
React faster
Outflank competitors
Key Accounts
Deliver more appropriate
products
Triage accounts for better resource
management
4
Tip#1 – Don‟t Horde, Share!
Share Your Intelligence
• Information needs to be available to be actioned
5
Tip#2 – Scope It!
Focus your data collection
• Define „Actionable‟ Requirements
• Avoid Analysis Paralysis
• Need to Have vs. Nice to Have
6
Tip#3 – SWAG
Scientific Wild-Ass Guess
• Ask yourself – “If I‟m 10%, 20% or 50% out, does it change my recommendation?”
Don‟t Waste Time Trying to Get Too Accurate
• Try to get to the same estimate from 2 or 3 directions.
Triangulate Your Results
7
Tip#4 – Remember the Five Ws
Who
What
WhereWhen
How
Why
8
Tip#5 – Know Thyself First
• Where can you find information on your company?• directories, associations, conferences, partner
sites
Information Sources
• Where have your people come from?• competitors, clients, suppliers, academia
Internal Resources
• Understand your own metrics so you can benchmark others.• business model, delivery channels, key ratios
Performance
9
Tip#6 – You‟re Not the Only Company
in Your Market
Search Out Industry Resources
• Industry associations
• Conferences
• Standards bodies
• Market analysts and consultants
Tip#7 – Understand Your Industry
Value Chain/Ecosystem
Telcos Retailers Consumers
You
TechnologyPartners
Distributors
Integration Partners
Standards Bodies/
Regulators
Legacy System
Suppliers
StandardsBodies
DeviceManufacturer
Operating Systems
EnterpriseSoftware
HandsetSoftware
System Integrators
Value Chain Ecosystem
11
Tip#8 – Create a Key Account Profile
for Key Prospects
Make it Easy to Share/Update Information
Corporate Description
• Profile
• Contact info
• “Pain”
Technology Profile
• Legacy systems
• Integration partners
Competitive Profile
• Who
• What
• Why
• How
12
Tip#9 – Create Organization Charts
for Key Prospects
Fred, CEO
(Decision Maker)
VP, Line of Business
Joe
(Recommender)
CIO
Al(IT Influencer)
CFO
Bob
(ROI Influencer)
• Understand who you need to talk to and their
motivations
13
Tip#10 – Love Your Library
– University and Public
• UBC, SFU, BCIT, Vancouver Public Library
Usually Provide Free Access to Premium Information Sources
i.e., Hoover‟s, Factiva, online trade journals
• VPL InfoAction
Sometimes Provide Fee-for-Service Research Services
14
Tip#11 – Talk to People
Often 80% of the Information You Seek Is Close to You
Your Company
Management Sales Team
Partners Suppliers
Customers Investors
15
Tip#12 – Google Is Your Friend…
But Not Your Only Friend
Learn Advanced Search Techniques
• Use at least 3 words
• Go beyond the first results page
• Try phone numbers, email addresses and given names
Try Other Search Engines and Tools
• Yahoo, Zoominfo, LinkedIn, Jigsaw, Facebook
16
Tip#13-1: Favourite Tools
www.zoominfo.com
Aggregates
information
on people
and
companies
(on Internet)
Export
contact and
profile
information
17
Tip#13-2: Favourite Tools
www.linkedin.com
Leverage your
network
Ask questions
of “experts”
Find “hidden”
resources
Better
understand
your prospects
The bigger your network, the more effective this tool becomes
18
Tip#13-3: Favourite Tools
www.jigsaw.com
Business card
exchange
Find direct
contacts and
avoid the
gatekeepers
Use to update
your CRM files
19
Tip#13-4: Favourite Tools
www.archive.org
Understand
where your
client/competitor
has come from
Compare
historical
snapshots to
establish trending
Watch market
positioning,
language,
products, staff
turnover
20
Tip#13-5: Favourite Tools
www.watchthatpage.com
Track Changes on
Target Pages
Watch changes
in company
news,market
positioning,
language,
products, staff
turnover
21
Tip#13-6: Favourite Tools
www.monster.com
Set up alert
emails to
monitor job
postings in your
industry
22
Tip#13-7: Favourite Tools
www.freepatentsonline.com
Search your
industry for
recent patent
filings
Understand the
people behind
the technologies
for strategic
recruiting
23
Tip#14 – Think Big Fish, Small Pond
• Local newspapers
•Trade journals
•Associations to which they belong
Look for Information in Places Where Your Target Is
a Big Fish
24
Tip#15 – Follow the Money
Where $ Changes Hands, So Does Information
M&A and Financing
Events
Hirings and Layoffs
Large Purchases
• Customerpurchase orders
• Real estate
PatentAssignments
25
Tip#16 – Enjoy Public Filings
Rich source of information
• Management discussion and analysis
• Key announcements
• Key metrics
View over time to provide a sense of direction
26
Tip#17 – Change Is Good
• New management team or board members
• New partners and clientsPeople
• New language
• New products and product directionsPositioning
• M&A events, new plants and offices
• Corporate realignmentsStructure
• Gross margins, EBITDA, key ratios
• FundingFinancials
Always look for changes; they suggest something is in play
27
Tip#18 – Watch Trademarks
and Patents
Great Source for Early Warning
•Often outline intent long before it becomes reality
28
Tip#19 – Share with Others
in a Similar Boat
Talk to Others Working with the Same Clients (not direct competitors)
•How long do sales take?
•What is the process?
•Who are the gatekeepers and decision makers?
29
Tip#20 – Develop a CI Matrix
Factor
1
Factor
2
Factor
3
Factor
4
Factor
5
Threat
Assessment
Counter-
attack
Strategy
Our Company N/A N/A
Competitor A
Competitor B
Competitor C
30
Tip#21 – Learn Porter‟s Five Forces
Thre
at of
New
Ent
rant
s
Bargaining Power of Customers
Sub
stitute
Pro
ducts o
r Service
s
Bargaining Power of Suppliers
Jockeying For Position
Among Competitors
31
Tip#22 – When in Doubt,
Hire a Professional
•Manage your resources wisely
•Some work is better done by external experts
Don‟t Be Shy
32
For More Information
Steve Thomson
• 778-371-8963
Rob Duncan
• 604-431-4956