Market intelligence roles are expected to grow 19% by 2030 growing faster than the rest of the market. We've seen firsthand that the companies who had processes in place pre-pandemic are looking to take theirs to the next level. Those who didn't have anything in place learned a valuable lesson in the importance of staying abreast of market moves.
If your organization is considering implementing a robust market intelligence process or looking to fine tune your current processes, we've compiled a short checklist and timeline to help guide you.
1. Define Objectives and Scope
Estimated Time: 2-4 weeks
Why?
Establishing clear objectives and scope ensures that the market intelligence process is aligned with business needs and focused on delivering actionable insights, setting the foundation for all subsequent efforts.
Key Activities:
- Stakeholder Meetings: Gather input from key stakeholders to understand business needs and expectations.
- Goal Setting: Define specific objectives such as identifying market trends, understanding competitor strategies, or forecasting industry developments.
- Scope Definition: Determine the scope of the intelligence process, including target markets, industries, and the depth of analysis required.
- Documentation: Create a detailed document outlining the objectives, scope, and expected outcomes for reference throughout the implementation process.
2. Select the Structure
Estimated Time: 3-5 weeks
Why?
Choosing the right structure for your market intelligence team and tools is essential for efficient operations, enabling the process to function effectively within the organization’s framework and resource capabilities.
Key Activities:
- Structure Design: Decide on the organizational structure for the market intelligence team, whether centralized, decentralized, or hybrid.
- Resource Allocation: Identify and allocate the necessary resources, including personnel, budget, and technology.
- Tool Selection: Evaluate and select the appropriate tools and platforms for data collection, analysis, and reporting.
- Vendor Selection (if needed): If external data providers or consultants are required, begin the selection process during this phase.
3. Assign Roles and Responsibilities
Estimated Time: 2-3 weeks
Why?
Clearly defining roles and responsibilities ensures accountability and enables collaboration, ensuring that each aspect of the market intelligence process is managed by the right individuals.
Key Activities:
- Role Definition: Clearly define roles within the market intelligence team, including data analysts, researchers, and report creators.
- Responsibility Assignment: Assign specific responsibilities to team members, ensuring that each task within the process has an accountable owner.
- Cross-functional Coordination: Identify and involve relevant departments (e.g., sales, marketing, product development) to ensure they understand their roles in contributing to and utilizing market intelligence.
- Training Needs Assessment: Identify any training requirements for the team to effectively carry out their roles.
4. Establish Processes and Tools
Estimated Time: 4-6 weeks
Why?
Developing robust processes and selecting the right tools are critical for gathering, analyzing, and disseminating market intelligence consistently, ensuring reliable and timely insights.
Key Activities:
- Process Mapping: Develop detailed process maps for data collection, analysis, and dissemination of market intelligence.
- Tool Implementation: Set up and configure selected tools and platforms. This may involve integrating new tools with existing systems.
- Data Governance: Establish data governance policies, including data quality standards, security protocols, and data usage guidelines.
- Pilot Testing: Conduct a pilot test of the processes and tools to identify any potential issues and make necessary adjustments.
5. Create Communication Channels
Estimated Time: 3-4 weeks
Why?
Establishing clear communication channels ensures that market intelligence findings are effectively shared with stakeholders, facilitating informed decision-making across the organization.
Key Activities:
- Internal Communication Plan: Develop a communication plan that outlines how market intelligence findings will be shared with stakeholders.
- Reporting Templates: Create standardized templates for reporting findings to ensure consistency in communication.
- Feedback Loops: Establish feedback mechanisms for stakeholders to provide input on the market intelligence outputs and suggest improvements.
- Communication Training: Train the team on effective communication strategies to ensure clear and impactful delivery of insights.
6. Ensure Continuous Improvement
Estimated Time: Ongoing (initial setup may take 2-3 weeks)
Why?
Ongoing evaluation and refinement of the market intelligence process are vital for maintaining relevance and effectiveness, allowing the organization to adapt to changing market conditions and business needs.
Key Activities:
- Performance Metrics: Define key performance indicators (KPIs) to measure the effectiveness of the market intelligence process.
- Regular Reviews: Schedule regular reviews of the process to assess performance, identify areas for improvement, and implement changes.
- Stakeholder Feedback: Continuously gather feedback from stakeholders to understand how the intelligence is being used and where it can be enhanced.
- Process Refinement: Regularly update processes, tools, and roles based on feedback and changing business needs.
Overall Implementation Timeline:
Estimated Time: 14-25 weeks (3.5 to 6 months)