Market Intelligence — Everything You Need to Know
Keeping track of your competitors and the state of your industry is an essential part of operating any business. Getting this critical information has been termed as “market intelligence” and the practice of collecting market intelligence data has expanded to include analytics and analysis that can help companies enhance their business models and projections. But what is market intelligence and how it can help companies achieve business success? Let’s find out!
What Is Market Intelligence?
Market intelligence is the process of using multiple sources of information to create a broad picture of the company’s existing market, customers, pain points, competition, and growth potential for new products and services. Sources of raw data for that analysis include surveys, sales logs, social media platforms, and many more.
Successful market intelligence answers tangible questions about current and potential customers and competitors and helps the company learn its internal goals. Listed below are some of the questions that market intelligence solutions can address:
· Where should the company dedicate more resources?
· Which markets should it try to penetrate next?
· Are there patterns to what their best customers buy?
· What products/services could be cross-marketed to existing customers?
· To which demographic group can the company push new and existing products?
Types of Market Intelligence
To guide you furthermore about the importance of having a market intelligence platform, listed below are the four main types of market intelligence:
- Competitor intelligence
Competitor intelligence is the process of learning more about the company’s competitors. To do this, businesses might consider analyzing their competitors’ successes and their acceptance in the market. The goal of competitor intelligence is to uncover why customers choose competitors over your product or service.
2. Product intelligence
Product intelligence is the process of understanding the products and services of the company’s competitors. The goal of product intelligence is to understand the quality and performance of their product or service. If they have a physical product, businesses should also analyze their manufacturing process. Are they building their product in the most efficient way? This information should help businesses improve the user experience and make their product better.
3. Market understanding
To truly understand how a product is performing, businesses have to look at the various markets where its targeted. Could they promote their product to other markets? Are there other markets that could benefit from their product or service? Market understanding can help businesses understand where their audience is, so they can present their products/services to the right market.
4. Customer understanding
Customer understanding is the key aspect of increasing the product life cycle of any product or service. In fact, it’s five times more expensive to get a new customer than to retain an existing one. For this reason, businesses should have to know their audience. The goal of customer understanding is to gather the information that can help a business’ marketing team to come up with targeted campaigns.
Advantages of Market Intelligence
Now that you know the different types of market intelligence, it’s time to know the advantages of investing in market intelligence services.
· Collect Market Data
With market intelligence, businesses can collect data about their competitors, know the position of their companies, and know the demands of their customers. All these factors can help companies improve their products and services, as well as to place them at a higher level in the market.
· Improve the Quality of Products/Services
Market Intelligence can help businesses acquire customer reviews about the quality of their products and services. These companies can use these various data to find out how they can improve their products and services. Even if a company provides superior products, using market intelligence can still provide much better products.
· Understand the Customers
Market intelligence can also help companies understand the needs and requirements of their customers. It can also build rapport with customers and bring in new customers. The sustainability of a company completely depends on customer acceptance;thereforeto be successful, market intelligence should be a high priority for any company.
· Launch New Products and Services
Market Intelligence can help a company produce new products that are in demand and not easily available on the market. By offeringproducts that satisfy this growing need, businesses can easilyattract a large number of customers and may result in gaining high profits and contribute toward a long run of the business.
Many businesses today are now using market intelligence solutions to know their position on the market. Getting valuable information about ongoing market trends and product demands may help businesses invest in the right project and avoid failing in the future.
Finding the right market intelligence firms for your business? Markable Solutions is the right one for you. We provide the best market intelligence services fit for hi-tech companies, startups, and other industries. So what are you waiting for? Contact us now!
