As moderator James Sbrolla said it best, it figures that a panel of three brilliant women would be participating in a session on market intelligence. Our last Growing Your Business session hosted by the RIC Centre and OCETA involved Usha Srinivasan, Director of Market Intelligence at MaRS, Christine Konig of Konig & Consultants, and Isabel Alexander, founder of Phancorp Inc., on the topic of “Using Market Intelligence as your Strategic Weapon”.
Growing Your Business is a monthly educational series that covers a variety of topics relevant to entrepreneurs and small business owners. These days, entrepreneurs are trying harder than ever to stay on top of their markets. And in order to do so, they must do all they can to fully understand the market – including the roles that both their customers and competitors play there. This is where market intelligence comes in.
Srinivasan, Konig, and Alexander all stressed the importance of knowing your customer, knowing their pain, figuring out how you will solve their pain, and communicating a clear value proposition to them. But market intelligence doesn’t stop with your customers. It is crucial to stay on top of what your competitors are doing, keep up with new and dynamic market trends, and create an innovative and effective business model.
Although this seems like a lot to do, knowing the marketplace that you plan to do business in is a vital part of Growing Your Business. Fortunately, there are numerous resources available to help you. Check out MaRS Discovery District’s Market Intelligence program and for more information, you can download the presentations from the event.
Join us on December 9th for “Accessing Government Programs – Leveraging Resources to Grow”. Visit www.riccentre.com for details.
Sharon Dotan is a student in the Master of Biotechnology program at the University of Toronto Mississauga. Through her internship at the RIC Centre, she has gained a passion for cultivating and promoting innovation. With her background in life sciences, Sharon has been able to assist RIC’’s our Entrepreneur-in-Residence with various client needs, including market research, business plans, and go-to-market strategies. Sharon is also responsible for the Growing Your Business breakfast series as well as maintenance of the RIC website.