Why You Need Competitive Intelligence

Crayon's '2024 State of Competitive Intelligence' benchmarking report points to the need for CI for business. This survey finds that 65% of business sales are competitive by nature, and that's only when the client says it's a competitive business pitch. The figure is likely to be much higher, and with times being tough, businesses will have to be better prepared with their knowledge about how the market operates.

If you need background information for a sales pitch, please get in touch.

Light Bulb Moments

New market opportunities can be hard to spot. One way to find them is to look at the internet and social media and see how people are employing ‘hacks’ when using particular products or services. This can highlight pain points for consumers and show you how they have circumvented the issue and found a solution that works. You can then consider offering these improvisations to make your offering more useful as well as exploring different scenarios where your product or service can be used.

Sales Trends of Consumer Goods

Five trends are shaping innovation in the consumer goods market.

1. Consumers are becoming more conscious of consumption, so companies must attempt to be sustainable and deploy ethical sourcing practices. Adopting these practices helps develop brand loyalty, but there is the risk that rising inflationary pressures will weaken this.

2. Companies that successfully embrace digital transformation will be well-positioned to rise to the consumer's demands of convenience, flexibility and speed of purchase.

3. Personalised health and wellness products that meet specific health needs are in demand. Buzzwords such as plant-based, free-from, organic, clean, natural, non-GMO, vegan, allergen-free, low sugar, whole grain, superfood, and probiotic are all used to attract health-conscious consumers.

4. Everyone wants to feel special and unique. AI and other technologies will help drive this personalisation by offering custom options to suit individual tastes and needs. For example, Samsung's Bespoke Home lineup of kitchen appliances includes a refrigerator with panels that can be customised with artwork or family photographs.

5. The rise and rise of influencer marketing means that brands collaborate with on-trend influencers to reach new audiences and develop brand loyalty. The global influencer marketing market is expected to reach US$91 billion by 2030, rising at a compound annual growth rate (CAGR) of 26.7%, according to a report by Market Research Future. Just choose your influencer carefully and have a plan to deal with any crisis should this go wrong!

Fastest Growing Types of Businesses

It's interesting to read what business offerings are the top 10 fastest growing in the USA right now. They include companies that offer a better sleep experience (mattresses), provide health services for older adults, give weight loss and self-confidence coaching, help deploy IT services in times of emergency, produce noodles made of veggies, and services for credit-challenged individuals. All clearly understand what the pain point is for a consumer and then provide an excellent solution to meet that unmet need.

Business Development Research

If you’re in sales or business development, and isn’t just about everyone in some form, then having market research which tracks change is crucial to compete. Industry statistics are part of that. If I’m researching a topic, say florists for example, I also search the industry name with words like… association, group, institute, industry, society, organisation, board, council and so on. These bodies often have free industry research on trends, or you can usually buy the information at a reasonable cost. The staff of these organisations are also helpful when you need to find out who the shakers and movers are, and then you can contact them for their insight on particular trends you have observed. Don’t forget that when you do this always ask them if there’s anyone else who they think would be good to talk to. Email us if need any help - we have a master list of who to talk to.