Market intelligence refers to the data or information an organization obtains from its market or intends to venture into and offers numerous benefits. It’s a vital aspect of understanding the state of a particular market and gathering competitor intelligence, which helps to achieve profitability. For example, phone manufacturers may want to identify the right target market for a product it intends to launch soon.
It can perform a profile survey to shortlist the target audience depending on the device they’ll be launching. For instance, if a product is designed for gaming, surveys will involve shortlisting consumers who love gaming and in a particular income range. By doing so, the phone manufacturers save time and money.
Many people tend to use business intelligence and market intelligence interchangeably. However, there are differences. The former mainly involves internal factors such as procedures and headcount. On the other hand, the latter involves gathering data externally to provide business owners with a holistic view of a particular market and not just a company.
Experts recommend embracing both processes as they will enable organizations to have a holistic view of performance under certain market conditions. Market intelligence can be divided into several parts. The following are some of the main benefits of intelligence for businesses:
Enables Business Owners to Act Fast
The practice enables individuals to predict market changes, understand their impact on businesses, and take actions early enough to gain a competitive edge in a particular market. For instance, if you’re aware of what your competitors are doing, you’ll not be taken aback if they decide to launch new products or to expand their operations.
Intelligence will enable you to prepare, develop appropriate strategies, and act fast. For this to happen, every business owner should ensure they are a step ahead of other market players.
People Can Learn from Others’ Mistakes
One of the best ways to improve decision-making and grow fast is by learning from others’ mistakes. For example, if one of your competitors made a move that failed to deliver expected results, you can avoid taking the same action. Researching will enable you to know other organizations’ history and understand the ideal approaches for your situation.
Differentiating a Business from Competitors
Many firms take certain measures once they have appeared. Some of them manage to follow the pattern and survive in the market. However, organizations should focus on standing out and shining in the middle of difficult situations?
Market intelligence can be a useful tool to achieve the objective. For example, business owners can look at their audience, understand their behavior and needs, and use it to improve customer experience.
Identifying Unique Business Opportunities
Which products are missing in the market? Which products are customers demanding that are still unavailable? What are organizations in other sectors doing that you can apply to your approaches? What trends can you implement to achieve your growth objectives? You can identify the points your company can employ through market intelligence.
Also Read About : How Buyers Use Market Intelligence
Common Intelligence Tools You Should Try
Netbase Quid
The platform offers a link between consumer analysis and market intelligence. It has become a leader in artificial intelligence. One of the things that make it stand out among other service providers is its flexibility and the ability to provide up to date data from multiple sources. Through intelligence, Netbase Quid shows what’s trending culturally and across various sectors.
Statista
It is a portal for statistics and surveys. One of the reasons for its popularity is that it offers insights from hundreds of industries and over 50 countries. Users can access it in four different languages. It derives market insights from social media and research findings.
