Instead, start with the basics. The right procurement KPI is relevant to your business goals and simple to track. Learn more about the best digital marketing KPIs for your business. The word, SMART stands for Specific, Measurable, Attainable, Realistic, and Timely. For each competitor, you need to measure the following: 1. KPI. Social Media Engagement. Identify the top 1-2 goals and focus on 2-3 related KPIs that align with the company’s priorities. September 4, 2012. , often serving as an interim CMO. In one example, their market intelligence team was able to help identify potential customers who were nervous about continuing with a competitor who was in financial trouble. A lot has happened in 2020 that has impacted businesses across the globe and... Why and How to Set Competitive Intelligence Goals and KPIs, As we head into the New Year, many of us are deep in planning, strategy brainstorm sessions, and goal-setting. The new year is right around the corner. “In the table, we provide some examples of different KPIs in no particular order. With the above definitions in mind, this paper discusses how to add value to your business using market intelligence, with particular attention paid to the important discipline of competitor intelligence. The same is true for competitive intelligence. Market intelligence is the information relevant to a company's market - trends, competitor and customer (existing, lost and targeted) monitoring, gathered and analyzed specifically for the purpose of accurate and confident decision-making in determining strategy in areas such as market opportunity, market penetration strategy, and market development. These KPIs are measurable outcomes that indicate the company’s performance against its goals. And thanks to the countless tracking tools available today, businesses today have more opportunity … KPI dashboard Checklist. KPIs also cover specific areas like project management metrics and retail metrics. KPI for marketing. Companies instill key performance indicators (KPIs) for their market intelligence teams to ensure they continue to provide the right insights for the right people at the right time. Market intelligence KPIs provide an accurate analysis of data gathered on these aspects and are valuable in defining what kind of products or services a particular company should offer, and in developing strategic product development and marketing programs. This resulted in new customers and millions of dollars in business won, which was later taken into account in the annual KPIs for the market intelligence team. Market Intelligence, Customer Experience & Mystery shopping is an effective way for businesses to measure the quality & manner of service that they provide. Together, qualitative and quantitative measures help business leaders evaluate the full impact of a market intelligence program across the business. Cost per lead generated. These KPIs are measurable values used to define and track the effectiveness of each strategy. Ultimately, the chosen KPIs are meant to influence the approach to market/competitive intelligence through alignment with the company’s current priorities. Marketing alone isn’t enough to close a lead in B2B.” Unlike Tan’s team, we found that the majority of B2B KPIs are structured for specific departments, rather than company-wide: This KPI for sales measures how many deals each of your representatives are closing so you can gauge the productivity or determine the strengths and weaknesses of your employees. Every month the ProfitFocus team is in contact with hundreds of dealers and dozens of franchises across Australia, New Zealand and the world. SMART KPI is a way to determine your key performance indicators that's been around for about 40 years. In this guide, we’ll run you through everything you need to know about sales KPIs and metrics + highlight the 18 essential sales KPIs used by top sales teams around the world. As you set out to determine your own goals and KPIs, consider these final tips: To learn more how companies set market/competitive intelligence goals and KPIs, download the full 2018 State of Market Intelligence Report here. “You need to tie your KPIs to how market intelligence is used in your company. “In B2B marketing, leads is our most important KPI,” writes Selby‘s Stan Tan. A market intelligence is acquired when the sales force is motivated to give the valuable feedback and suggestions about the product offers and the opportunities prevailing in the market to their managers, who then convert these into the actionable plan. using M-Brain (formerly GIA)’s Global Market Intelligence Survey results. “We need to work together with our sales team to close that lead. The report noted that for the companies that had clearly defined KPIs, the majority of them (68%) use a combination of quantitative and qualitative metrics to analyze the impact of MI/CI on their business. These measurable values cover market research studies concerning product innovation, brand analysis and customer satisfaction etc. This may seem like common sense, and many companies agree -- 72% of respondents shared that having clearly defined goals is a major factor in success, and 63% stated that having clearly defined KPIs is important to success. With offices in thirteen countries, our 350 experts around the world can help you find, understand and exploit information relevant to your business. By Mark T Greene on January 5, 2018. Using an acronym makes these benchmarks easier to remember, but it still takes some intense thought and research to make sure you're including the right indicators for the best assessments. While marketing intelligence efforts can lead to better campaigns and increased ROI, the actual term is often confused with two different processes: business intelligence and marketing research, Marketing research is focused solely on the efforts of the specific organization, helping to gain clarity into campaigns without providing insights into any external factors. Our hybrid model combines proprietary technology and human intelligence to optimally collect, filter, analyze, and package information in an easy-to-understand format that supports decision-making and strategic planning. Marketing intelligence (MI) is the everyday information relevant to a company’s markets, gathered and analyzed specifically for the purpose of accurate and confident decision-making in determining market opportunity, market penetration strategy, and market development metrics. “Internally focused KPIs tend to measure the performance of the market intelligence based on the business itself. What gets measured gets managed. A condensed set of three simple metrics which will give you a rough idea of the impact of your sales battlecards. Cost per conversion. Then you can develop KPIs for these specific audiences.”. In a previous article (here) we shared a comprehensive list of the measures you can use to track the performance of your competitive intelligence program. Net promoter score. The KPIs in business intelligence are typically around major business areas such as financial metrics, marketing metrics, customer service metrics and HR metrics. Tracking all of these measures will take considerable resources, which you might not have an abundance of. A technology company we know uses sales generated as one of their KPIs. Marketing intelligence is necessary when entering a foreign market. Qualified leads per month. A technology company we know uses sales generated as one of their KPIs. The State of Market Intel Report hit on an important point -- if a company doesn’t set market/competitive intelligence goals or KPIs, then how will they know if their strategies are successful? 11 KPIs every procurement team should measure without fail. Please, leave your contact information and we will get back to you shortly! Total number of battlecar… Such industry benchmarks are also available through M-Brain (formerly GIA).”. It is an interactive approach that empowers to ask and answer multiple questions at the same time by … So the business opportunities or new ideas generated can be one set of KPIs, even if they will not show up as revenues immediately. The workshop resulted in 41 new business ideas, which was later counted as part of their KPIs for their market intelligence activities. Monthly new leads/prospects. It is also important to note that a business does not need to measure every single potential metric, but rather focus on 2-3 key measures (at least one quantitative, at least one qualitative) for their market intel programs. Sales qualified leads (SQL) 88. Net Promoter Score — the good and (mainly) bad. Marketing intelligence is defined as the management of digital consumer data, from collection to analysis, ... to customer acquisition by using the insights from existing loyal customers’ purchasing behavior data and setting KPIs of their targeted counterparts. can assist a company to prioritise, choose and combine the most appropriate ones to provide the most comprehensive view of the market. If you choose the right KPI, it will help to concentrate the efforts of employees towards a meaningful goal, however, choose incorrectly and you could waste significant resources chasing after vanity metrics. She previously served as CMO at VFA, PlatformQ Health,... download the full 2018 State of Market Intelligence Report here, Competitive Intelligence Priorities for the New Year from the Experts, Giant Leaps to Growth: Building Winning Strategies, Competitive Intelligence Planning for 2021: 15 Questions to Answer in Your Annual Plan. Unlike revenue, more isn’t always better when it comes to sales data. The report found that the CEO or President is most likely to be involved (43%), followed by the CMO/VP Marketing (35%), then Competitive Intel/Market Research Team (34%), and finally, the Product Marketing Leader (23%). Determining what areas of the marketing mix to modify, as well as whether company goods, services, and ideas meet customer and stakeholder needs, are some of the primary reasons why companies evaluate the marketing performance. While you’re drafting your first procurement KPIs, it can be a bit overwhelming. 84. When you have this identified, you can then see who the individual users and user groups are. Marketing Intelligence Report: Data, Growth, and the New Marketing Mandate Despite these numbers, there is still a noticeable upward trend toward setting measurable goals and KPIs, with the Crayon report revealing at least 43% of companies are currently in the process of defining their goals. AI, automation, and marketing expertise put you in control to connect all your marketing data — regardless of where the data lives, what format it’s in, or how much it changes over time. Marketing qualified leads (MQL) 86. “Internally focused KPIs tend to measure the performance of the market intelligence based on the business itself. hbspt.cta._relativeUrls=true;hbspt.cta.load(2355195, '2bfa3643-6da0-4414-b364-0936dd167b42', {}); As we head into the New Year, many of us are deep in planning, strategy brainstorm sessions, and goal-setting. The Purposes Of Market Intelligence You will note that KPIs can be internally focused as well as externally oriented. Tracking your Marketing KPIs can help validate everything you do as a marketing professional—no matter if you work in the B2C or B2B world. That there are always new but similar products in the market should not surprise anyone. The marketing department will need a dashboard that displays their campaign performances, return on marketing investment, and web traffic performance. Home > Business Intelligence Metrics > Do Competitor Analysis Based on Performance KPIs and Scorecard Do Competitor Analysis Based on Performance KPIs and Scorecard When studying the market, businesses should draw conclusions about their … One big challenge facing marketers today is setting goals and proper key performance indicators (KPIs) for their market and competitive intelligence (MI/CI) strategies. Choosing the right KPI is crucial to make effective, data-driven decisions. While the previous report demonstrates your content is driving quantity, this KPI measures for quality. Given the wide-reaching effect of market intelligence, it’s no surprise that executive leadership plays a role in determining goals and KPIs. Don't slow your sales team down with numbers and charts—instead, you need to track the right sales KPIs and metrics. Marketing KPIs or Key Performance areas that must be measured include the cost of marketing versus sales, brand and product development and management, advertising penetration and success metrics per media type, public relations and communications, and market growth and research metrics. M-Brain is a leading global provider of competitive and market intelligence solutions. The report noted that for the companies that had clearly defined KPIs, the majority of them (68%) use a combination of quantitative and qualitative metrics to analyze the impact of MI/CI on their business. It is for this very reason that Crayon asked over 700 professionals in the industry for their feedback on this topic in the 2018 State of Market Intelligence Report. This paper. Ameeta is a strategy and marketing expert and consultant, often serving as an interim CMO. By gaining a better understanding of their purpose, you would be able to identify KPIs that better serves to your needs. 14. An MQL or marketing qualified lead is defined as a lead that is likely to become a customer based on behavior gleaned from data, analytics, or intelligence. A market research KPI is a performance measurement that is used to monitor, analyze and present survey results in an efficient way. Qualitative KPIs include internal and external feedback on the company’s leadership and success in the market. Examples of marketing key performance indicators: 83. Defining Your KPIs. A KPI for marketing that tracks how your social media followers interact with your content. External consultants with the right tools can help in this aspect. BI is usually closely related to businesses’ KPIs (key performance indicators). As a market and competitive intelligence professional, it’s important to recognize that the most succinct KPIs often come from a combination of data sources. Key Performance Indicators. Ultimately, you need to rate the impact of the intelligence used, not just the satisfaction of the market intelligence users.”. 89. Through anonymous interactions, our teams of international mystery shoppers can identify training needs, measure key performance indicators and assess staff presentation. Bernard Marr, best-selling author and enterprise performance expert, sparked an interesting conversation on this subject in his article, " What the heck is a KPI? Market Research Dashboard examples. In one example, their market intelligence team was able to help identify potential customers who were nervous about continuing with a competitor who was in financial trouble. They did not want risk reducing their decision support capacity any further, after realizing that they were in fact performing poorly in this area after comparing their market intelligence program with other external parties. Market Surveillance; If your company has a current subscription with S&P Global Market Intelligence, you can register as a new user for access to the platform(s) covered by your license at Market Intelligence platform or S&P Capital IQ. We suggest that companies have both. That difference is the clutch in rapidly changing market situations. As a market and competitive intelligence professional, it’s important to recognize that the most succinct KPIs often come from a combination of data sources. Every marketer knows marketing is part science and part art. Incorporate input from across the business, including executives and key intel stakeholders, such as sales and product teams. This reaffirms the old adage that you can only manage what you measure. This may vary from strategy development and innovation to all aspects in the business environment. For example, surveys to collect internal sales team feedback on the ability to compete and brand awareness surveys to collect buyer feedback on branding and differentiation can highlight the less numbers-driven business impact of market intel programs. Manufacturers Must Localize and Innovate to Succeed in Second-tier Emerging Markets, Pharmaceuticals and Healthcare Companies Face Tougher Times in Emerging Markets, Rate usefullness, presentation, timeliness, Track most popular intelligence sourced, number of news contributions and discussions, Track the number of internal requests for intelligence, which will at some level, indicate the confidence in the program, Count the number of times staff mention that the intelligence program brought new insight that challenged their own assumptions, Rate perceptions of benefits, ask how the intelligence was used and could be improved, Check if the intelligence provided identified new business opportunities or target segments with which the company made good returns on their investment in pursuing, Check if the intelligence provided resulted in financial savings, Compare your own intelligence function against industry peers in terms of annual budget, level of development, number of employees within the intelligence team, number of users etc. ... Mark is a frequent speaker and writer on artificial intelligence, market research, competitive intelligence, branding, and business strategy. Instead of sifting through piles of data every time you need a report, have your marketing platforms do the work for you. Be on the lookout for both strategic and tactical actions that can be driven by market intelligence as it is surfaced. The following post was written by Ameeta Soni. Average time on a website page – This KPI is vital for organic search traffic because Google ranks website pages based on their relevance. Key performance indicators require time, effort and employee buy-in to live up to their high expectations. 85. When setting up a competitive intelligence program in your organization, it’s important to understand the KPIs that align with your strategies. Another example is from an industrial company that invited M-Brain (formerly GIA) to help run a megatrends workshop to identify new business opportunities from trends that were identified beforehand. Quantitative metrics are great, but since they don’t give us the whole picture of market intel’s role in the organization, it’s critical to complement quantitative KPIs with qualitative measures. We ask Hans Hedin, author of the Handbook of Market Intelligence. These measures can change over time - for example, perhaps an early qualitative measure is executive team feedback on the level of product innovation relative to the market, but then over time, the company shifts to buyer surveys on brand awareness and associations. Here’s a guide that explains 16 project KPIs. Align your market intelligence initiatives with these goals and KPIs - what themes you want to monitor, what competitors you care about most, what questions you want to answer. 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