Marketing Intelligence for Entrepreneurs
On May 27, Kevin Mulcahy visited the Summer Venture Program, and held a lunch and learn session about market intelligence. In the last few years, Mulcahy worked in delivering customized market and intelligence gathering insights on competitors, business partners and emerging market segments. According to Mulcahy, intelligence earns its name only when it serves a purpose of helping decision making.
Mulcahy’s tip on finding helpful information for decision making is intelligence gathering. Mulcahy emphasized the importance of making sure every question during intelligence gathering is legal and ethical. Intelligence helps with decision making when it serves a purpose. Intelligence comes from talking to the right people and asking the right questions. Mulcahy suggested for entrepreneurs to challenge themselves and ask more question to wider target and audiences. Mulcahy suggested asking question to competitors as well. Mulcahy said asking questions to competitors is important, as sometimes competitors can provide valuable insight into the industry.
Entrepreneurs need to be proactive in taking action and getting feedback for the product and company. When you have a business decision in the future, think about what types of information and questions you need to ask in order to get meaningful intelligence.