Intelligence 101: Using Market Intelligence for Successful Innovation

The days of relying solely on past experiences and knowledge to make sound innovation decisions are gone. Analytical intelligence alone isn’t cut out for innovations previously unseen and unexperienced by the market. Thus, innovative market intelligence is fundamental for a new product’s success.

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What exactly is a “Market Insight”?

Market insight is a current buzzword but it seems that the more it’s used, the more vague its definition becomes. Here, we’ll define what a market insight is, what it isn’t, how they’re best utilized and how you can get the best insights for your innovation.

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To maximize the power of your market research report, ask these five crucial questions

You are aware that a market research sheds light on which of your innovations are relevant and which may need to be forgone. It can also be a tool for validating the commercial potential of your innovation, finding strategic partners and even acquiring more commercial leads. But what else can your research report tell you? The answers may surprise you.

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Why free market research fails
Distraught writer or businesswoman with her head lying on her desk in a pile of crumpled paper as she suffers from writers block or a total inability to come up with a solution to a problem

Why free market research fails

For budget reasons, you’ll likely be tempted to carry out the market research yourself without using any specialist tools. There are however many disadvantages to this method that could impact the performance of your market research and thus its results.

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Market research: Turning negative feedback into positive insights
Review, increase rating or ranking, evaluation and classification concept. Businessman draw five yellow star to increase rating of his company. Bokeh in background.

Market research: Turning negative feedback into positive insights

When you carry out an exploratory market study you have to handle negative feedback. Don't panic. Negativity is not an end in itself. It can easily be turned into positive insights to create value for your innovation.

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