The topic of this 90-second video is “the return of market intelligence” in the professional services arena, from two perspectives.
First, market research is making a comeback from its previously low status in the marketing functional portfolio. Increasingly, senior marketing leaders are asking their mid-level marketing managers to do research as a springboard for marketing campaigns. Also, more professional service firms are undertaking strategic planning activities that include competitive intelligence, economic forecasting and trends analysis. Tomorrow's successful professional service firms will use market intelligence to compete effectively. Tomorrow's successful professional service marketers must possess market research skills!
The second perspective on “the return of market intelligence” is about its ROI (return on investment). In her book Marketplace Masters, Lowe summarized her findings that professional service firms which formally budgeted for market research reported two to five times greater effectiveness (than those that didn't formally budget for market research) in delivering client service, offering value-added services to clients, and other areas of competitive effectiveness.
“Looking Out” means pursuing research on clients, competitors and markets that are outside of a professional company’s internal confines to detect market shifts and opportunities. It means taking a clear-eyed look at what is ahead, gaining new intelligence about the marketplace, and creating a reliable sounding board against which to evaluate new opportunities or threats.
Firms that employ market research will enjoy a loyal and growing client base.
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