Market intelligence helps businesses analyze the overall environment they are operating in. This helps them spot potential risks and identify new opportunities for growth. Most companies do this by looking at four different criteria.
Competitor intelligence
Competitor intelligence involves gathering and analyzing information about your competitors. Analyzing your competitors’ strengths and weaknesses can help you gain valuable information about your own company and why customers don’t always choose your product or service.
Product intelligence
Product intelligence involves analyzing the quality of your product or service. If you sell a physical product, it involves looking at the manufacturing process and whether you’re building the product as efficiently as possible. The information you gather will help you improve the value of your product.
Market understanding
Market understanding helps you get a sense for the different markets where you’re selling your product or service. It helps you get a sense for how well you’re performing in those markets, and whether there are additional markets you could expand to.
Customer understanding
Customer understanding involves learning more about your current customers and why they buy from you. It can also help you understand any challenges you face with those customers to improve satisfaction and customer retention rate. The information you gather can also help you in your future marketing campaigns.
How to collect market intelligence
Four different strategies you can use to collect Marketing Intelligence.
- Your current customers
- Surveys
- Website analytics
- Hire a specialist
Questions that market intelligence can address
- Where should the company devote more resources?
- Which markets should it try to enter next?
- What are the buying patterns of our best customers?
- What products could be cross-marketed to existing customers?
Market intelligence vs. business intelligence
Business intelligence refers to data and information specifically about your business, while market intelligence looks at the overall market.
In general, business intelligence refers to a information about internal company performance. This includes information like how many products were shipped, the total number of sales in a month and other transactions occurring within a business.
In comparison, market intelligence focuses on external information, including customer demographics, like geographic information and what they buy. It also looks at the competition to see where your business stacks up relative to the rest of the marketplace. All of this can help inform an analysis of business intelligence.
By collecting and analyzing data about the markets in which they are situated, companies gain valuable insight into how to grow their business.
Keeping track of your competition and the state of your industry is an integral part of operating any business. Traditionally, that information has been termed “market intelligence.”
In recent years, the practice of collecting market intelligence has expanded to include analysis and analytics that can help you improve your business model and projections.
Market intelligence can help you understand your market better and run a more profitable business.
Ventures Avenue helps partners (clients) objectively understand their market and take appropriate action to prevent risks and capture opportunities
Book your free assessment now by sending us your inquiry at [email protected]
For more information visit www.venturesavenue.com