Every organization consists of an intricate network of stakeholders to be managed with a large amount of data. Market and competitive intelligence (M/CI) drive a successful business and shapes business decisions.
Organizations working on M/CI need to get an overall view of their surrounding ecosystems, competitors, and their market segments. Hence to keep track of all the aspects, businesses need a M/CI team that will deliver insights to the organization and will help them to take crucial decisions. But this program brings in a few challenges at the same time. Here are the top challenges that business faces while implementing a M/CI program.
Third-Party Service Vendor Operations
Organizations often administer third-party vendors to utilize M/CI on the company’s behalf. Handing over complex outsourced data and top-notch work to a team of expert consultants seems good, but at the same time, this aspect might lead to new challenges. An apt scoping document, relevant prospects, and an excellent onboarding process should be deployed before the M/CI is handed over to the vendors.
Operating a third-party service vendor is costly and consumes organizational resources, hence managing the vendor, keeping them updated on the organizational priorities, and establishing a solid way to impart knowledge and resources to the vendors that should be worked upon once the process is on track.
Inadequate Funding for M/CI
An excellent M/CI team needs the right tools to operate. Lack of funding restricts the team from utilizing the right tools and will handicap their value affecting the organization. Better investments are crucial for the long run and keep the organizations abreast of developments in the market, their competitor activities, and the latest industry trends.
Insufficient Internal Resources
Efficient allocation of the right resources is crucial in order for the team to be effective. A multitude of intangible resources like data visibility across the organization and access to leadership is vital for the team to function successfully. Executive stakeholders ensure appropriate allocation, and very importantly, the senior management team of the organization can make a major difference by effectively promoting the role of M/CI in the organization.
Also Read: Practices that Sabotage the Impact of B2B Influencer Marketing
Data Volume
For organizations initially starting out in M/CI, the volume of the data can seem overwhelming. The manual nature of the M/CI projects reduces the amount of time however most of the M/CI teams spend time analyzing the data, affecting the value and the volume of insights the team produces. Organizations need to utilize tools that assist the team with data collection and efficient organization reducing noise and fixating focus on high-value data providing the professionals with data and time to get the job done effectively.
Bulk Volume of Data Sources
With the bulk and sheer amounts of data the organization receives from any one source, it is also necessary to have the best data sources to anchor. M/CI professionals focus on determining the appropriate data sources of information which are then used to construct a uniform picture of the competitors and the market. To tailor the needs of the organization, a combination of out-of-the-box resources, custom sources, and field intelligence can be employed.
Also Read: Key Customer Experience (CX) Trends to Look Out for in 2023
Authoritative Decisions
M/CI improves decision-making around the company’s competitive and strategic issues. Leaders don’t steadfastly rely on the M/CI analysis and insights when taking decisions and sometimes trust their gut instead of analyzing the insights provided by M/CI professionals. This leads to tougher challenges between the leader and the M/CI team. Challenges like these require a balanced approach, and the need to advocate the analysis without being overbearing is crucial.
M/CI is convenient because it gives Product Marketing Managers (PMMs) an understanding of the marketing rivals but also comes with evident challenges. Working on mitigating the challenges can be used as preventive measures against some mistakes as other companies. Establishing a strategy to overcome these common challenges will thrive businesses succeed.
For more such updates follow us on Google News TalkCMO News.
