Businesses at every level cannot survive without the best information available when making decisions. The vast majority of businesses that fail at any point in their lifetime, whether at start-up or maturity, can blame the lack of useful information as one of the causes of their downfall. Businesses depend on intelligence not only to stay afloat but to compete as well, and intelligence depends on reliable information to be effective. Here are a few guidelines for start-up businesses to maximize their intelligence efforts especially in marketing activities such as lead generation and prospecting.
According to many experts, marketing intelligence is the gathering and analysis of information about competitors and developments in the market. This means that marketing intelligence involves handling information in a two-fold process. The first is getting the needed information, and the second is making sense out of it. Let’s discuss some useful practices by following these processes in the context of lead generation and appointment setting.
Information collection is the first phase of marketing intelligence. There are internal and external sources of information for marketing intelligence. For start-ups, internal sources of information generally include owners, staff and employees, and managers. A business culture of initiative and insight must be cultivated by start-up companies among their employees to facilitate the flow of information internally. Start-ups can gather external information through trade expos, competitor activities, industry reports, and data vendors. In the lead generation process, this is seen when telemarketing or email marketing projects rely on databases acquired from reputable sources.
The next step is analysis of the information and their countless methods and approaches used throughout the analysis process. The general theme among these techniques is interpreting and transforming information into insights useful for decision makers in the business. Successful lead generation and appointment setting projects rely on carefully-analyzed information to produce the prospecting results as planned.
These are just a few simple guidelines to marketing intelligence for start-ups. The effectiveness of a firm’s intelligence efforts depends on everyone contributing toward a common company goal. Without this in mind, businesses simply would not last very long.