A couple of stories prompted this week’s blog post…

The first one is a brilliant anecdote about two retailers. Retailer 1 one spends astonishing of amounts of money on its store location strategy;  analysing many streams of data to find the optimal location for the next store to open in terms of customer profiling, distribution, access, you name it.

Retailer 2? They just wait to find out where Retailer 1 opens its new store and then open one right next door.

Genius.

The other story is about Manchester United who have just announced they are to launch an official YouTube channel. They are the only Premier League team yet to feature officially on YouTube – 13 years after the platform launched. Barcelona, who created their channel in 2006 have 3.8m followers.

13 years too late. Crazy.

Two examples of businesses at opposite ends of a spectrum. One listens very carefully to the market and its competitors, the other (apparently) doesn’t.

The Market is a fantastic source of insight which is instrumental to your insight programme. Actively watching and reviewing what your competitors are doing is essential.

But do enough of us do it?

It doesn’t matter the size of your business – market leaders can discover huge amounts by studying new entrants and challengers. Smaller businesses can learn from big business and respond in a way that provides something better for their customers.

What can you find out?

  • What are your competitors’ marketing strategies, communication plans, how do they talk to the market?
  • Who is launching new products and services? Who is improving and revising?
  • Who are your competitors hiring? How are their teams structured?
  • Who are the key disruptors in similar, complementary markets?
  • What new research is being carried out in your market, by whom and what are the results?

Keeping one eye on the trade press or Linked-in updates isn’t enough. In my view a systematic, regular and on-going review of the market can reveal all sorts of actionable insights at a frighteningly reasonable budget.

Contact me anytime to discuss in more detail.

GB

 

Photo by Jeremy Bishop on Unsplash

Watching the Market: a great source of insight
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