Since you can’t make strategic decisions in a vacuum, collecting market research and evaluating how it impacts your organization must be one of the early steps you take in identifying potential competence options. Market research helps you identify the strategic opportunities for the organization.
Market research is on the of the greatest struggles for an organization, because typically there is no one assigned to do it. Every organization must challenge itself to collect as much market research and intelligence as possible prior to developing its strategy. While collecting market research is a lot of work and it’s tempting to ignore it, you can accomplish a lot without too much effort or expense. Market research companies can offer incredible insight, but it may be unrealistic to spend more money on research when you’re already committing significant resources to planning. But you can rely on your team to step up and fill the role: they probably have the industry experience necessary to do their own market research without the need to hire an outside agency if you don’t have the budget for it.
It’s important to understand that market research and analysis are not one-time events. Through continuous market research, successful organizations adapt their competence and strategies to the changing marketplace. This proactive approach enable companies not only to maintain their competitive advantage, but also to strengthen it.
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