Leverage external insights for expansion

Introduction

Harnessing external company intelligence is a powerful strategy for identifying expansion opportunities and staying ahead in the market. By tracking and analyzing external data such as acquisitions, funding, and competitor activities, companies can uncover new avenues for growth and make informed strategic decisions. This article will guide you through leveraging external insights to drive expansion. Building on our previous step of utilizing customer health data, this approach ensures your strategies are well-rounded and informed by both internal and external factors. 

Why does this matter?

Leveraging external company intelligence is essential for several reasons:

• Informed decision-making: Provides a comprehensive view of market dynamics, helping prioritize actions and resources.

• Identify expansion opportunities: Helps pinpoint potential growth areas influenced by market trends and competitor activities.

• Enhance competitive advantage: Staying updated on industry movements ensures you remain proactive and adaptive.

• Proactive risk management: Identifies potential threats early, allowing for timely intervention and strategy adjustments.

How to get started

To effectively leverage external insights, follow these steps:

Step 1: Collect external data

1. Identify key sources

   • Market news: Track industry news, acquisitions, funding rounds, and other significant events.

   • Competitor activities: Monitor competitor strategies, product launches, and marketing campaigns.

   • Customer insights: Gather feedback and trends from customers in the market.

2. Use Company Intelligence

   • Implement Gainsight’s Company Intelligence to collect and organize external data, keeping you updated on relevant market news.

   • Use automated alerts and subscriptions within Gainsight to stay informed on significant market activities.

Step 2: Analyze the data

1. Segment your data

   • By relevance: Categorize data based on its relevance to your expansion strategies.

   • By impact: Assess the potential impact of the data on your business operations and opportunities.

2. Identify trends and patterns

   • Market trends: Look for patterns in market data that indicate emerging opportunities or threats.

   • Competitor analysis: Compare competitor activities to identify gaps and opportunities in your own strategy.

Step 3: Act on insights

1. Develop targeted strategies

   • Expansion plans: Use insights to inform your expansion plans, targeting areas with high growth potential.

   • Proactive adjustments: Adapt your strategies based on external data to stay ahead of market changes.

2. Communicate with stakeholders

   • Internal teams: Share insights with product, marketing, and sales teams to align on strategies.

   • Customers: Inform customers about new opportunities and how these insights are driving improvements and additional offerings.

Gainsight features you'll need

• Dashboards: To visualize external data and monitor trends over time.

• Reports: To generate detailed insights from collected data.

• CSQL: To integrate external insights into Customer Success Qualified Leads (CSQLs).

• Company Intelligence:  To stay informed about their customers and competitors

What’s next?

Having integrated external insights into your strategy, the next step is to conduct detailed whitespace analysis to identify gaps within your customer’s portfolio. This approach will allow you to uncover untapped opportunities for upsell and cross-sell, further enhancing your expansion efforts. Stay tuned to learn how whitespace analysis can help you maximize the value from your existing customer base.

Further reading and inspiration

• Blog: 5 Ways Gainsight Uses Gainsight to Drive Expansion Sales