Market intelligence is the information an organization obtains about a specific market it operates in or wants to venture in to help define market opportunities, available market metrics, and market segmentation. Market intellect is essential as it enables you to understand market conditions and gather information about your competitor to help you implement profitable strategies.
However, there is a difference between market intellect and business intelligence. While market intellect focuses on external data collection to get insights about the entire market and organization, business intelligence focuses on internal factors like processes, headcounts, and billing rates. But integrating the two will enable your business to have an extensive view of how a business performs in a particular market state.
Parts of Market Intelligence
Market intellect is related to market research and elaborated in three different parts, including:
1. Competitor Intelligence
Competitor intelligence is gathering information using ethical approaches about your business competitors. It helps you understand your competitor’s strengths, weaknesses, and how to dominate the market.
2. Product Intelligence
Product intelligence involves collecting information about the available products of your niche in the market and your competitor’s products. This means if you offer telecommunication services, you need to look into your competitor’s pricing. A price drop may indicate new models are available in the market. Gathering product information is beneficial to companies as they can strategize on the right time to promote their models.
3. Market Understanding
Market understanding entails getting information on your company’s market share, size, target, and available market trends. Understanding the market demand and the needs and preferences of your customers can help your business enhance its market shares and revenue tremendously.
How to Conduct Market Intelligence
Market research is an extensive subject and is conducted through different qualitative and quantitative approaches. Below are some of the primary ways of gathering market intellect.
1. Data Collection
There are different methods of collecting market intellect. They include:
- Surveys: this involves coming up with questions to gather information about your target market and analyze it. Involving a larger group of people in the survey is reliable and yields better results.
- Questionnaires: a questionnaire entails a sequence of questions in an online or printed layout involved in research.
2. Analysis
There is a difference between information and intelligence; information is knowledge about a particular product or issue, while intelligence is crucial information to take action. To transform gathered information into meaningful intelligence, you have to analyze it.
Benefits of Market Intelligence
Market intellect helps businesses distinguish their brand from their competitors and offer valuable information on how to stay at the top of the competition and be successful. Here are the advantages of market intellect.
- Customer Retention: competitors are always targeting and monitoring other company’s customers. Understanding your customers’ dissatisfaction and their causes can help prevent losing them. Market intellect analyzes and gives you information on areas to improve to satisfy your customers.
- Holistic Market View: having a clear understanding of the market can help your business succeed within a short time. Market intellect gathers real-time data from the market and customer trends to help your company meet market demands and stay on top of the competition.
Significance of Market Intelligence
Market intellect is an all marketing foundation and essential in the success of any business. It helps you focus on your customers, understand consumer preferences and market demands, acquire higher shares in the market, understand your competitors and gather the right information in real-time. These significance are essential in the success of any organization, and hence market intellect is an essential element in executing effective business plans.
NetBase Quid is a next-generation market and consumer intelligence platform. It offers crucial insights on market trends, how to connect with customers, information about your competitors, and how your business can prosper using market intelligence.
