How to Run an Industry Analysis

Did you know that an estimated $500 billion is spent on market research every year?

Companies are hungry for data to guide critical business decisions. But compiling industry reports is tedious work.

Analysts must gather information from myriad sources, make sense of disparate data points, and synthesize everything into a cohesive narrative.

Before AI, analysts relied solely on manual research and guesswork.

Now, AI is transforming industry analysis - drastically reducing the time and effort required while also uncovering novel insights.

Industry Analysis Before AI

In the past, when sales reps wanted to prospect into an unfamiliar industry like medical devices, the process of getting up to speed was daunting.

Reps would need to spend countless hours scouring the internet and reading industry publications just to grasp the basic terminology.

For example, as the sales rep in the video mentions, in medical devices a CMO is a Chief Medical Officer, not a Chief Marketing Officer. Without knowing nitty-gritty details like this, reps risk embarrassing themselves in initial calls with prospects.

Beyond terminology, understanding industry trends and use cases for a product takes even more legwork.

Sales reps had to dig through analyst reports, case studies, and a mountain of Google search results to piece together an understanding of an industry’s challenges, growth areas, and potential applications for their offering.

This process could take weeks for a rep to feel conversant enough to have an intelligent dialogue with a prospect.

Even then, their knowledge was likely surface-level and incomplete.

With the rise of AI, there is now a better way for sales reps to get up to speed when prospecting in an unfamiliar industry.

How AI Has Transformed Industry Analysis

The rise of AI is helping sales reps get up to speed much faster when prospecting into an unfamiliar industry.

Instead of spending weeks researching an industry on their own, reps can now use AI tools to gain industry knowledge in just minutes.

For example, reps can input a keyword like "medical devices" into an AI-powered research tool. Within seconds, they have access to digestible overviews explaining key medical device segments, applications, regulations, and trends.

AI Sales OS will synthesize information from countless analyst reports, news articles, case studies, and other sources into an easy-to-absorb summary.

Reps can also use AI to rapidly understand industry terminology.

An AI-powered glossary provides clear definitions for terms like CMO, distinguishing between a Chief Medical Officer and Chief Marketing Officer.

No more fumbling over acronyms on sales calls.

In a matter of hours, reps can become conversant about an unfamiliar industry using AI, a process that used to take weeks of manual research.

The days of scrambling to gather basic industry knowledge are over, thanks to the power of AI. AI tools can provide sales reps with digestible industry overviews, terminology definitions, and the latest updates within minutes.

This allows reps to quickly become conversant and knowledgeable before engaging with prospects, giving them a distinct competitive advantage.

What to Do Next...

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