BIZMOLOGY — If you are reading this blog post, chances are you know about the valuable industry information offered by Hoover’s and First Research. But did you know that our comprehensive industry profiles are updated with new information every quarter to give customers the scoop on the latest changes happening within a given industry?
An industry profile’s Quarterly Industry Update (QIU) section, accessible to subscribers of Hoover’s or First Research, presents current intelligence about a specific noteworthy industry trend, challenge, or opportunity. Customers can use the QIU to build confidence and provide knowledge for consultative engagements by understanding the big-picture landscape and industry-specific issues.
The QIU has three key components. First, a paragraph written by an Industry Editor describes a key trend, challenge, or opportunity that the industry currently faces. Editors study a wide range of primary and secondary sources, including news articles, business publications, trade publications, company and industry reports, and government websites. The Editor picks a relevant topic and presents the information in a concise yet complete paragraph, from a business perspective that is easy to read and understand.
The next piece of the QIU is the Industry Impact statement. The Industry Impact typically comes in the form of one or two sentences and gives a sense of what’s next for the industry within the context of the topic. The Industry Impact uses the stated challenge, trend, or opportunity to inform an expectation or possibility about a future aspect of an industry.
The Conversation Starter is the final element of the QIU. The Conversation Starter turns a talking point into a question and is designed to give someone who wants to start a meaningful conversation an idea of what she may ask a prospect.
Here is an example of the QIU from the First Research Car Washes Industry Profile:
As you can see from this example, a business opportunity is identified (wheel brushes), an Industry Impact is considered (car wash owners can benefit from new systems and components), and a Conversation Starter is presented (how do the company’s systems ensure customer satisfaction?). One way that a QIU can be helpful is as a topic in an email, as a value add or touchpoint. Do you have a client or prospect that owns a car wash business? Paste the QIU in an email and add a personal note.
QIUs are designed to help you quickly demonstrate knowledge, create rapport, and refine your message. When used correctly, the QIU can help build an informed relationship. This can ultimately open up more business opportunities, no doubt a key goal for users of Hoover’s and First Research industry insight.