In Part One of our roundtable discussion about best practices in extracting maximum impact from business intelligence, we looked at the reasons companies struggle with getting the most value from their market research efforts. In Part Two, we offer suggestions about how organizations can take strides to improve in this area.
There are four key areas of research that when aligned (or used to their fullest throughout the organization) promise optimal business growth:
• Customer — Focuses on customer experience, customer acquisition and retention.
• Strategy — Big picture industry and market trends — How should companies change/modify/realign their strategy to best meet changing industry or market conditions?
• Marketing — Includes brand positioning and strength along with issues involving products, prices, promotions, and place.
• Employee engagement — Focus on employee motivation and innovation as well as alignment with business strategy and culture.