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The chemical industry is one of the biggest sectors in the world, not to mention, one of the most specialized industries there are, with some very large players from petrochemicals, refinery and agrochemicals to pesticides and paint and coatings industries.
Such a large industry plays a vital role in our society, assisting in discovering new components, paints, drugs, cosmetics, and millions of products each year.
But in such a fast-paced environment, with the market continuously shifting and chemical prices constantly in flux, it is crucial these businesses keep their finger on the pulse, whether it be for speciality chemicals, commodity chemicals, pharmaceuticals, or more.
A few questions that might be constantly asked are…
What are the latest prices? Which chemical methods and processes are newly developed? Which chemical methods are no longer valid? With so many questions, Google alerts simply does not give enough information in such a niche, specific industry, but also does not give enough time to have this information before everyone else.
Why conduct research and use data within the chemicals industry?
Before we go into how many large players conduct their market research, let’s establish why market research is so important.
Market research can provide data that can guide you in making more strategic business decisions. Using data that surrounds your product, materials, industry, customers, competitors and other external factors that could affect the business, can better prepare the business should a problem arise, as well as inform decision-makers about a potential opportunity. At the end of the day, having this kind of information at your fingertips can minimise financial risks, with more confident decision making.
This data should be so valuable that it outweighs the time and cost of the research or platform.
Marketing within the chemicals industry can be tough too, with many regulations in place and limitations on what can and can’t be said. Marketing is especially crucial for the chemicals industry as it can be hard to differentiate a product from its competitors, as well as understand the buying process. Having an innovative marketing strategy that’s linked directly to insights provided by the right data is the only way to succeed and excel.
Using the right data to excel in the chemicals industry
Key players in the chemicals industry conduct their own market research regularly, but smart players use competitive intelligence platforms and tools that deliver the information they need, before anyone else. The right platform can half the time spent on research, and deliver insights instantly, at the exact time you need it.
Market and competitive intelligence tools can reveal customer insights, competitor analysis, information on supply chain, industry movements and upcoming trends – strategically guiding the business in the right direction.
A few benefits market intelligence brings the chemicals industry
Other than providing insights that lead to greater opportunities, market and competitive intelligence can also guide the company on competitive pricing, finding energy-efficient solutions, and monitoring what is said about them online. Each department can utilise data in its own way.
- Human Resources departments can tailor their feed to monitor talent and recruitment.
- Finance departments can keep track of inflation, expenditure, logistics and other expenses the company can expect in the future.
- Marketing departments can use the data to find what’s trending, as well as better understand the customers they are targeting.
- Sales can use intelligence to keep track of leads and be alerted of new leads on their radar.
And so the list goes on and on… which is why data has become an inherent part of not only the chemicals industry but industries worldwide. The result is an enhanced business operation, on-point marketing strategies, and a future-proof business solution – one that can expand their product portfolio, meet the needs of its ever-changing market and customers, as well as stay one step ahead of competitors.
Getting started with market and competitive intelligence
Integrating data from various sources will enhance the decision-making process and fast, when using the right platform. Intelligence2day will create a centralized hub of data and sources for the entire company to use, assisting with:
Intelligence management: to find relevant information quickly, allowing you to use more time to analyse than sift through information.
Media monitoring: to track and monitor news with efficiency, speed and scale that simply humans can’t match.
Trend radars: to discover new opportunities and threats that were not already on your radar and act on them accordingly.
Insight generation: to filter out insightful data, with ease, finding relevant and quality controlled content.