Market intelligence vital to success

By Sharon Dotan

As moderator James Sbrolla said it best, it figures that a panel of three brilliant women would be participating in a session on market intelligence. Last week’s Growing Your Business session hosted by the Altitude Accelerator and OCETA saw Usha Srinivasan, Director of Market Intelligence at MaRS, Christine Konig of Konig & Consultants, and Isabel Alexander, founder of Phancorp Inc., discuss the topic of “Using Market Intelligence as your Strategic Weapon”.

Growing Your Business is an educational series consisting of monthly breakfast sessions that cover a variety of topics relevant to entrepreneurs and small business owners. These days, entrepreneurs are trying harder than ever to stay on top of their markets. And in order to do so, they must do all they can to fully understand the market – including the roles that both their customers and competitors play there. This is where market intelligence comes in. Srinivasan, Konig, and Alexander all stressed the importance of knowing your customer, knowing their pain, figuring out how you will solve their pain, and communicating a clear value proposition to them. But market intelligence doesn’t stop with your customers. It is crucial to stay on top of what your competitors are doing, keep up with new and dynamic market trends, and create an innovative and effective business model.

Although this seems like a lot to do, knowing the marketplace that you plan to do business in is a vital part of Growing Your Business. Fortunately, there are numerous resources available to help you. Check out MaRS Discovery District’s Market Intelligence program here and for more information, you can download the presentations from the event here.

Join us next month on December 9th for “Accessing Government Programs – Leveraging Resources to Grow”. Visit www.riccentre.com for details.

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