How to gain market intelligence

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Market intelligence is the information relevant to a company's market that is gathered and analyzed specifically to improve decision making in business strategy. 

A few simple ways to gather current and relevant intelligence is to utilize sources readily available. One of the simplest ways is to utilize the news media to share information about what your potential customers and competitors are doing in the market and adjust your strategy accordingly. This can be overwhelming, but setting google alerts you can focus in on what's most important. 

In addition to the news, utilizing sources that are more difficult to track can yield more powerful results providing a competitive edge. At Curate we gather discussions between municipal and school board committee members to uncover what is important to them. Two easy examples: If you're responding to an RFP for a school project it would be helpful to know that the school board members are especially concerned about bringing the science lab into the 21st century. Another example is finding that a local manufacturing facility is planning to expand in the next two years and wants some financial assistance from the city. These discussions don't necessarily make the local news, but they can be the difference between winning and loosing a project. 

It's important not to get overwhelmed with market intelligence, but tracking the right types of things in a timely manner can positively impact business growth. 

 

How to develop your personal network

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In part one of the blog series How to leverage your network by using market intelligence the first step will be addressed, how to build and develop a strong personal network. A high quality, strong network is critical in the construction industry. 

  1.  Create an industry group. A small, close knit group of like minded professionals, who can share information together can be incredibly powerful. A group containing an architect, a commercial real estate lender, an insurance agent, a real estate lawyer, different types of engineers, a general contractor, and even subcontractors can freely share information to help each other and their clients. 
  2. Keep in touch. After you've made a good connection with someone, it's easy to not reach out to that person until you need something. However, as part of developing a strong network setting a calendar reminder for six months to reconnect for coffee with key people ensures a strong relationship. 
  3. Be a superconnector. Great networkers don't just take from their network, they also give (and don't keep score!). Making high quality connections for people in your network ensures you stay top of mind and increases your reach and influence. 
  4. Attend the right events. It's easy to get caught up in every last chamber or industry event, but great networkers focus on attending events that make the most sense for themselves and their business. When attending an event, go in with a short list of 2 - 3 people you want to meet and focus on getting an introduction to them. 

How to leverage your network by using market intelligence

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Your own personal network is essential in developing and growing your business. Market intelligence is critical to the health and long term success of any business. Together, your own personal network can be leveraged by using up to date market intelligence to find more opportunities. 

In this upcoming three part blog series starting February 1, we'll discuss pro tips on how to develop your personal network, how effectively gather market intelligence, and most importantly, how you can grow your business when you have a strong network and relevant market intelligence. 

Meet Billy: Curate's New Intern

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Meet Billy

"Everyone brings unique experiences to the Curate team and I want to learn everything I possibly can from them and ultimately help other businesses grow with Curate."

We are excited to welcome Billy Boutelle to our team at Curate as a sales development intern. Billy is a Wisconsin native, born and raised in Black Earth, Wisconsin and attended Wisconsin Heights High School where he played basketball and enjoyed running. As a current UW Madison student Billy is pursuing a certificate in entrepreneurship as part of his education. We sat down with Billy to talk about joining the team and using AI in the business world.

Why are you interested in business development and entrepreneurship?

My interest in sales started last Spring when I was enrolled in an Intro to Entrepreneurship class at UW-Madison. Our semester long project for the class was to sell t-shirts. The incentive was the more you sell the better grade you get. Instead of designing a shirt and then trying to sell it, I decided to instead find a customer who needed many shirts and I would design it for them. After reaching out to 30 different local business I was able to get 5 groups interested in purchasing t-shirts. I sold 1,305 t-shirts over the 14 week semester and my team finished first. The second place team finished with 256 t-shirts sold. So yes, I definitely earned that A!

What are you most excited about working for Curate?

There are many things that excite me about working for Curate. The one that excites me the most is getting to work with a very talented group of individuals. Everyone brings unique experiences to the Curate team and I want to learn everything I possibly can from them and ultimately help other businesses grow with Curate.

As a millenial, what if your view on artificial intelligence (AI) in the business world?

“AI is the future of the business world. As you can see in companies like Google, Facebook, and Microsoft, artificial intelligence can lead to massive business growth and better decision making as a company. So it makes complete sense to use it in the business world and will continue to lead to breakthroughs in our society for years to come.”