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Market Insight as a Catalyst for Performance Improvement

Leading companies do not sit back on their success but continually seek performance improvement to increase their competitive advantage. For more obvious reasons, performance improvement is also of critical importance to struggling companies who may have more potential for improvement, but may be less able to identify and implement the necessary strategies to achieve it. The ultimate goal of all performance improvement is to either directly or indirectly increase market effectiveness. Market understanding can therefore play a central role at all stages of the performance improvement process.

Generic Performance Improvement Model

Market Insight and Opportunity Identification

Before performance improvement can be achieved, it is necessary to identify where opportunities exist for improvement. By looking internally to company performance information, it may be obvious that a particular department or process is seriously underperforming or that a change in approach could significantly increase market effectiveness. However, this is not always the case. Performance is a relative concept, and so understanding approaches adopted by competitors and out-of-industry companies may reveal opportunities you previously did not realise existed. It may also be the case that your customers feel that you are letting them down in key areas, or that opportunities exist for you to serve them more effectively.

It may also be necessary to identify the costs associated with carrying throughperformance improvement initiatives. Understanding the costs incurred by other companies who have prioritised similar initiatives could supplement your own internal calculations, allowing a stronger business case to be built for implementation.

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