Strengthen Your Market Intelligence Capabilities

April 16, 2013. With a globalized knowledge economy, market intelligence professionals recognize that their teams urgently need to strengthen their own capabilities. Here are some suggestions regarding how you might want to assess your market intelligence training needs.

1. Identify your future needs

To decide on the technical skills to develop, it is useful to first look at how internal demands are evolving and the skills and analytic tools that you need to match your company’s future requirements.

Many companies use a framework to identify where they need to improve. M-Brain (formerly GIA)’s Key Success Factors in its World Class Market Intelligence Roadmap is one such framework. Inviting a professional partner to assist in customized training workshops to close any skill and competence gaps, not only helps to provide an objective view on your team, but can also moderate discussions with upper management who are involved.

2. Actively build teams with diverse skills for current, and future, needs

With increased competitive pressures, market intelligence professionals recognize that their teams urgently need to develop competencies in several areas, not just mastering the more technical market intelligence skills, but also better leadership and interaction capabilities.

Different Skills for Market Intelligence

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Only with such well-rounded strengths can market intelligence professionals actively contribute to business development and bring more value to their companies across longer horizons.

Today’s technical skills requirements have also evolved substantially; large companies are even enlisting social media specialists as well as apps developers for their market intelligence functions, in addition to management consultants and content monitoring analysts.

As any profession develops and the demand for specific skills grows, people move towards different areas of specialization. Be open to working with and hiring people whose approaches to market intelligence is different from yours. There may be something to learn that will benefit you and your entire team.

3. Seek out discussions on best practices

Market intelligence professionals have traditionally made use of events to network and develop peer groups of people to talk with about various subjects and how they have handled challenges. Some companies even reach out within their own local business communities, to set up informal discussion groups on how they handle various market intelligence challenges.

Lastly, it is useful to remember that your development requires a good balance of three E’s of training; Education (skill acquisition), Experience (skill application) and Exposure (skill innovation). Skills acquisition through Education is a basic expectation, but it is the Experience and Exposure that provides the depth that market intelligence professionals need to become professional advisors to top management. An educational conference with senior expert speaker sand trainers should provide a good combination of the three E’s.

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