Start with the decisions that matter

 

We don't start by asking: "What research do you have?"

We start with: “What decisions are you trying to make?”

• Where should we focus our sales effort?

• Which customer groups should we target?

• Should we enter a new market?

• Are we priced correctly?

• Why are competitors winning business?

• Which products or services should we invest in?

• Where are our best growth opportunities?

 

We then look at whether you have enough evidence to answer those questions confidently. This helps identify where better insight could genuinely make a difference.

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Where are your blind spots?

 

Every business has them. Some are obvious. Others are things that have gradually become accepted as fact.

“Our customers mainly choose us because of service.”

“Competitor X isn’t really a threat.”

“There isn’t much opportunity in that part of the market.”

“Price isn’t a major issue for our customers.”

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Those assumptions may be correct. But when did you last test them?

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What you know

Where you already have good evidence and understanding.

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What you don't know

Important gaps in your knowledge of customers, competitors or markets.

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What you think you know

Assumptions that may be influencing decisions without strong evidence behind them.

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What you need to know

The few questions that are genuinely important enough to investigate.

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What do we look at?

The audit is tailored to your business, but typically covers four areas.

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Your customers

How well do you understand:

• Why customers buy from you

• What they value most

• How their needs are changing

• Why customers leave

• What different customer groups need

• What stops prospects from buying

• Why customers choose competitors

 

A common blind spot is knowing your current customers well but knowing much less about the customers you want to win.

 

Your market

Do you have a clear view of:

• How large your market really is

• Whether it is growing or shrinking

• Where growth is coming from

• Important market trends

• Changes in customer behaviour

• New opportunities

• Emerging risks

• Regulatory or technology changes

 

When you're busy running a business, it can be difficult to step back and see how the wider market is changing.

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Your competitors

How much do you really know about:

• Who your main competitors are

• How they position themselves

• Their pricing

• Their strengths and weaknesses

• The customers they target

• New products or services

• New competitors entering the market

• Alternatives customers could choose instead

Companies often have a lot of competitor knowledge spread across sales teams and management. The challenge is turning that knowledge into a clear picture.

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The information you already have

Before recommending new research, we look at what is already available. This might include:

• Sales information

• CRM data

• Customer feedback

• Website analytics

• Previous research

• Customer service records

• Lost sales information

• Competitor information

• Internal reports

• Staff knowledge

 

There can be significant value hidden in information businesses already collect. Sometimes the opportunity isn’t to gather more data. It is to get more value from the data you already have.

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Focus research where it will make a difference

 

Not every information gap needs fixing. We prioritise gaps using three straightforward questions:

• How important is the decision?

• How uncertain are we?

• What happens if we get it wrong?

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This helps separate interesting questions from important questions.

The result is a much more focused approach to research and insight.

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What you receive

 

Insight Coverage Map

A simple overview showing where your understanding is strong and where important gaps exist.

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Blind Spot Review

The key assumptions, gaps and risks we believe deserve attention.

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Decision-Evidence Review

A look at whether your important commercial decisions are supported by enough evidence.

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Priority Insight Questions

The small number of questions that could make the biggest difference to your business.

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Practical Action Plan

Clear recommendations on what to do next.

• Using existing information better

• Simple desk research

• Competitor monitoring

• Speaking to customers

• Talking to lost customers or prospects

• Running a focused survey

• Carrying out a small number of interviews

• Improving how information is shared internally

 

The answer will not automatically be a large research project.

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Build a more effective insight strategy

 

For some organisations, the audit is also the starting point for developing a simple insight strategy.

This does not need to be complicated. It is simply about deciding:

• What do we need to understand?

• What information do we already have?

• What should we monitor?

• What should we research occasionally?

• What isn’t important enough to spend money on?

• How do we make better use of the information we collect?

For an SME, an effective insight strategy should be simple, proportionate and affordable.

It should help you make better decisions without creating unnecessary work or cost.

 

Make more of what you already have

Businesses often collect far more useful information than they realise.

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Sales records, customer enquiries, CRM data, lost opportunities, website behaviour and customer feedback can all contain valuable insight.

But the information often sits in different systems or is used only for day-to-day reporting.

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As part of the audit, we can identify opportunities to make better use of this existing information.

• Bringing different sources together

• Looking for patterns that aren’t currently visible

• Identifying useful customer segments

• Understanding reasons for lost sales

• Tracking changes in customer behaviour

• Turning existing data into more useful management information

 

Before spending money collecting more information, it makes sense to understand whether the answer is already sitting somewhere inside the business.

 

Who is it for?

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The Market Insight Audit is particularly useful if:

• You are planning the next stage of growth

• You are entering a new market

• Sales have slowed and you’re not sure why

• You have lots of information but little clarity

• Different people in the business have different views of the market

• You rely heavily on experience and instinct

• Your previous research is becoming outdated

• You want better competitor intelligence

• You don’t have an in-house insight team

• You want to make better decisions without committing to a large research budget

 

A practical, proportionate approach

 

We discuss and tailor the approach to your needs. 

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We combine existing information, discussions with your team and independent market research experience to build a clear picture.

Then we concentrate on the areas where better evidence could genuinely influence a decision.

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No unnecessary research. No complicated research programme.

Just a clearer understanding of what you know, what you don’t, and what is worth finding out.

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Independent, senior-level support

Advantage Market Intelligence provides experienced market research and market intelligence support without the overhead of a large consultancy.

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We help businesses understand customers, competitors and markets, challenge assumptions and make better use of evidence.

And if we believe you already have enough information to make a decision, we’ll say so.

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Because effective insight is not about doing more research. It is about using the right evidence to make better decisions.

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Find your blind spots

 

If you’re unsure whether your business has the information it needs to support its next stage of growth, the Market Insight Audit provides a practical starting point.

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We can talk through the decisions you are facing, the information you already have and where additional insight could add most value.

Focus on the things that matter.

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Make better use of what you already know.

Research only where it can make a difference.

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Get in touch for an initial conversation about your business and whether a Market Insight Audit could help.