Why feedback and communication are key to effective MI
I was reading an article about journalism in The Atlantic when I realized how principles of journalism can be used in gathering data for Market Intelligence (MI) purposes. As in journalistic work, MI serves an audience. But unlike journalism, MI’s audience is strategic decision makers in firms and institutions. Many companies use automated services to gather data to inform their strategy, but such services often aren’t able to grasp a company’s objectives or read between the lines to find useful information. The human touch of analysts can help with that. But for the data to be useful, here are a few things that can be implemented to get the most from your MI efforts:
- Feedback from decision makers on what is and isn’t useful really helps refine the filters used to gather the data. The more the MI analyst understands your company, the more she can extract the most useful information for you;
- Effective and open communication between the strategist, decisions makers and their MI analyst is key to understanding the objectives of gathering the data; and
- Flexibility in the way the data is presented could help ease decision making.