By Terry Corbell
The Biz Coach
Are You up-to-date on Opportunities in Emerging Markets? Most Managers Aren’t
Seventy-six percent of business managers at global companies don’t have information for their needs – even though it’s necessary for productive decisions in expanding into emerging markets.
Some 86 percent agree that data – market sizing and growth estimates – is vital. However, only 24 percent say the information isn’t available at their companies.
The surprising facts about market intelligence are unveiled in a Global Intelligence Alliance (GIA) study: “Perspectives on Emerging Markets 2012-2017 Report.”
After all, competitive intelligence is a salient priority.
“The business managers in our survey admit that in addition to entering more quickly and adapting better to local market conditions, their companies could have conducted better intelligence and due diligence on emerging markets,” says Ville Vanhala, senior vice president of research and monitoring services at GIA.
“This should raise alarm bells,” he says. “In 2012, emerging markets will import more goods and services than rich economies combined. Companies risk missing out on key opportunities and threats if they fail to continuously monitor these markets, and to pass on that information to their key managers.”
What type of opportunities?
“Examples include the latest market growth forecasts, labor market developments, competitor movements, industry consolidation and regulatory changes,” he explains. “Business managers also want to keep track of their existing suppliers’ reputation and activities in the market and to be aware of alternate sources of supply.”
More surprising details:
- When comparing how business managers in different countries rate their in-house market intelligence, U.S. companies stand out for lacking readily available information on emerging markets (87 percent) and having inaccurate or incomplete emerging markets information (93 percent).
- While fewer UK companies suffer delays in decision making on emerging markets because they miss market information (74 percent) compared to the global average (78 percent), 88 percent still say inaccurate or incomplete information about emerging markets is also a problem for them.
GIA’s Web site: www.globalintelligence.com.
Well, if you’re among the 76 percent, the solutions are obvious. Either exercise due diligence in competitive intelligence or hire an outside participant to do the necessary research.
From the Coach’s Corner, related information:
- Strategies, Precautions When Expanding into a New Market
- Boeing, Airbus Rivalry – Lessons in Strategic Planning
- Competitive Intelligence Author Shares Her Insights
“Data! Data! Data! I can’t make bricks without clay.”
Author Terry Corbell has written innumerable online business-enhancement articles, and is a business-performance consultant and profit professional. Click here to see his management services. For a complimentary chat about your business situation or to schedule him as a speaker, consultant or author, please contact Terry.