Market intelligence has been around for a very long time, but like all fields of study, it has evolved substantially over time. Over the past decade, BioInformant has expanded our market research techniques to include extracting data from massive online databases, delivering electronic surveys to remote regions of the world, and incorporating new social analytics that can capture individual user data as well as aggregate behavior trends on social media platforms.
Therefore, market intelligence is a continually evolving science and one that often benefits from exponential improvement.
Below, I consider the top six ways in which market intelligence can benefit stem cell industry executives and investors.
6 Ways that Market Intelligence Can Drive Growth for Your Stem Cell Company
1. Make smarter decisions, faster
This concept is vital, and in my opinion, the single most important reason to claim market intelligence. We all have 24 hours in the day, whether we are an entry-level employee, a top-level manager, or an absolute “market mover” who uses his or her vision and targeted focus to create billions (think Bill Gates, Steve Jobs, Mark Zuckerburg, Elon Musk, and others).
What differentiates each of us is how we use time.
Ask yourself, do you squeeze value out of every hour of the day? With recent World Health Organization (WHO) estimating that the average human lives only 26,00 days (71 years), ask yourself, are you really making the most of every moment to secure the financial future of yourself of your company? For many of us, we may only have 5,000 or 10,000 days left to meet our goals.
2. Compete without the expense of new hires or a huge business development department
Maintaining an internal business development department can be exceedingly expensive. Frequently, you can access higher-quality analytics at a lower price by claiming targeted market intelligence from a provider that specializes in your market niche.
3. Assess profitable opportunities within stem cell or cord blood markets
To direct your company in the most profitable directions, you need to accurately and immediately identify profitable opportunities as they emerge within your marketplace. Do you have systems and triggers set within your organization to accomplishment this? Or, is it easier to outsource this continuous technical tracking to a company that already has systems in place?
4. Develop high-demand products that will bring customers to you, instead of your competition
Developing products that your marketplace will demand is easier said than done. Every stem cell executive has had the experience of spending large amounts of money to launch a product or service, only to have the marketplace show a tepid response. Without knowledge of real-time market opportunities, it is nearly impossible to spend company’s resources in a way that will achieve a high return-on-investment (ROI).
Utilize market intelligence to identify new market directions, so that you can launch products that will bring customers to you, instead of your competition.
5. Increase revenue
There are a number of strategies for increasing revenue within a company, but few are more effective than identifying new market opportunities, right as they emerge. Using continuous tracking, you can identify and act on new opportunities, before your competition.
6. Minimize risk by understanding competitive threats
Every marketplace has inherent risks, because technology can change, laws can change, trends can change, and new competitors can break onto the scene. Without a way to identify these changes, you are in danger. Market intelligence can help you minimize risk by rapidly identifying competitive threats on an industry-wide basis.
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To learn more about emerging trends and opportunities within stem cell markets, view our global strategic reports for the stem cell and cord blood industry.
