Whether you are a small business or a global Fortune 100 company, your goal is the same, success. Success can be measured by using, defining, gathering, analyzing and distributing information about products, services, customers, competitors and the market in general. This is called market analysis or competitive intelligence.
Research focused on the business environment evaluates risks and opportunities in the market, before they become obvious to the market, giving you a competitive advantage.
A few key items that every business should analyze are:
- Market statistics
- Financial reports
- Newspapers clippings and digital news
- Competitive information
Gathering Competitive Information
Market information can be obtained from public sources or subscribed services. This data can be added to personal research and one-on-one interviews with competitors, to be analyzed as a whole. This information can help you make informed decisions backed by strategy.
Strategic and Tactical Information
Research should focus on the long term goals and issues affecting the company’s performance. The research should identify where you expect your company to be in X years. Infrastructure analytics can improve short term decision making related to market share and revenue. This information is essential for supporting the sales process of your organization. A lot of strategic and tactical information is available on the internet, along with competitive data, future trends, market requirements. However, it is important to check the legitimacy of the source you are retrieving data from.
Many companies try to move blindly through their strategies. Utilizing infrastructure market analytics helps businesses avoid difficulties and financial risks by helping decision-makers anticipate risks before they become threatening to the operations. Above all, market analytics drive predictable success.
With the infrastructure market analytics tool from Project Intel, you will be able to track over 4,466 projects worth over $576 Billion. The software allows segmentation by sector and provides filtered results on searches regarding specific sectors of construction. It includes mega-project pipeline analysis, including breakdowns by development stage across all sectors. Data about major projects and upcoming projects can help contractors make smarter bids and identify new opportunities.
