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Market and Competitive Intelligence: The Forgotten Key Elements of Build, Buy, Partner Decisions

When it comes to launching a new product, deciding whether to build, buy, or partner requires a thorough understanding of the market and your competition. Often overlooked in the build, buy, partner decision making process, expertly gathering both market information and competitive intelligence is imperative to making an informed decision.

Market information includes a deep understanding of customer needs, preferences, and behaviors, as well as identifying industry trends that could impact your decision-making process. On the other hand, competitive intelligence involves analyzing your competitors' offerings to identify gaps in the market that your organization could fill.

To gather this information, you can conduct primary research through surveys, focus groups, or interviews, as well as analyze secondary data sources such as industry reports, news articles, and social media. Additionally, you can monitor your competitors' activity through their websites, social media channels, or by attending industry events where they may be present. Networking with industry experts can also provide insights into emerging trends and changes within the marketplace.

By gathering this information upfront, you can make data-driven decisions that are grounded in reality rather than assumptions about customer wants or how competitors operate. Ultimately, choosing between building, buying, or partnering for a new product requires careful consideration of various factors such as cost, expertise required, time-to-market, and risks involved. Evaluating these elements against each other based on their respective advantages and disadvantages while keeping your goals in mind will help you make the best choice for your organization's future success.

In conclusion, partnering with experts to help gather market information and competitive intelligence will enable you to make fast, informed decisions based on real-world data, increasing the likelihood of success for any new product offering.

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