THE ULTIMATE GUIDE TO MARKET INTELLIGENCE: HOW TO GET IT AND WHY YOU NEED IT

Market intelligence
by shyam bharvad

The Ultimate Guide To Market Intelligence: How To Get It And Why You Need It

        Marketing is all about making the right decisions at the right time. Most businesses rely on intuition and gut instinct when deciding their next move in marketing, but this can be a risky strategy. Market intelligence provides insight into consumer trends and behavior, which can inform your decision making process and help you make better informed decisions.

What is market intelligence? It’s the art of understanding how your business fits into the broader context of your industry, and using that knowledge to guide your decision making. A whole lot of people might tell you it’s important, but they won’t tell you WHY it’s important. They also won’t tell you HOW to get it.
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What is Market Intelligence in 2022

           MARKET INTELLIGENCE involves using several sources of INFORMATION to build a birds eye view of a COMPANYS current market, customers, competition, problems, growth potential, and potential for additional products and services. MARKET INTELLIGENCE is the INFORMATION that is gathered by a COMPANY about a specific market or industry to help make BUSINESS decisions and guide competitive strategy. For example, the geographic location of a BUSINESS, the particular demographics of a consumer base, or any other INFORMATION that is relevant to a Company’s market is MARKET INTELLIGENCE.

        It is also known as market valuation and market research and is designed to help companies get their foot in a market and increase their presence in that market. Market intelligence at its core uses multiple sources of information to develop a more comprehensive picture of a company’s existing market. Market intelligence is information collected by companies in specific markets and industries to help them make business decisions and guide competitive strategies.

Why Your Business needed Market Intelligence

          For example, when a foreign company considers launching a consumer brand in an Asian country like Myanmar in early 2021, it uses marketing intelligence to analyze population, demographic and income data to identify key cities, identify ideal shopping centers and malls where the brand could trade and identify product opportunities. 

General market and competitive data on trends, product comparisons, prices, customer satisfaction, sales approaches and tactics – all these information can be released to the sellers to improve performance. When this information is combined with the knowledge that the board of directors of the company challenges CEO to increase market share, competitor intelligence and the company’s strategic goal of entering a new market segment, it becomes even more valuable.

Market Intelligence relies on numerous external and internal sources of information to provide an accurate profile of your current and future markets, customers, challenges, growth potential, new products and services and your business strategy.

         In recent study proves that, Market Intelligence Increasing Process Efficiency – it helps companies increase overall productivity and efficiency by identifying gaps, providing actionable insights, developing critical strategies and providing companies with real-time data and analysis. In particular, this meeting boosts business processes and enables marketing teams to make better decisions.

Best market intelligence

        By understanding competition, its market, its businesses, the keywords it uses and the types of advertising it sees as a result of its market share, you can find new ways to position your own business to increase your market share. following are the best market intelligence for business growth & more profit.

Competitor intelligence

      When you are going to be dive in to Competitor intelligence the thing you know that is Competitor intelligence must be done in ethical way. it’s important for companies to look at what competitors are doing so they can stay up-to-date on new trends and developments. It’s also crucial to remember that competition analysis should not end with your direct competitors; it should encompass other businesses that may affect your company indirectly.

Competitor intelligence is the practice of understanding one’s competitors, not only in terms of what they do well but also what they do poorly.

          The purpose of competitor analysis is to gather information on your competitors, their strengths and weaknesses, so you can use it to strengthen your business. It’s an essential piece of any marketing plan. Your competition could be another company in the same industry or a business that sells a substitute product or service for your own.

Customer intelligence

        Basically Customer intelligence is the process of collecting, analyzing and using customer information for marketing purposes. A study by the Wharton School of Business indicated that brands with strong customer intelligence had increased their profits by 6%, while those without decreased theirs by 24%. The report also found that companies that have more connected customers see a 35% increase in profit.

Customer intelligence is the insight on consumer decision making process. The more you understand about this, the better your business will be.

Product intelligence

In recent years, product intelligence has been widely accepted by many industries. As a result, the trend of product intelligence is becoming a hot topic in companies around the world. One of the most important elements of product intelligence is “product data”.

         The process of collecting and analyzing data to provide market insights for products is known as “Product Intelligence. “As a company, it is important to know what your customers are looking for. If you know what they want, then you can create a better product that will meet their demands. it also include the manufacturing process insight for increasing the value of product.

Market research

        Market research helps you to know your customers better and learn about their likes and dislikes. You can then use that information to craft your product or service in a way that people will want it. Market research is used to 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.

From where you collect data for market intelligence

There are various way to collecting data for market intelligence some are traditional & some are use AI, let’s talk more about on below

From Competitors Website

        A competitor’s website analysis is an exercise that can provide valuable insights into your competitor’s product, services, strengths, weaknesses, habits, and preferences. At the same time, make sure not to make any accusations of plagiarism against your competitor.

        The goal of analyzing your competitor’s website is to get a clear view of what your competitor is doing well online and how you can improve your own website. This is because beginners sometimes make the mistake of thinking that their competitors are other businesses in their industry. In reality, your competitors could be any business that has an online presence.

By Social Media Monitoring

        Social media monitoring is an important tool for business owners. It allows you to get insight into what your customers are saying about your products and services. It also allows you to respond to customers in a timely manner. Social media monitoring is crucial for staying on top of the market and keeping track of your competition.

        You can use social media monitoring to generate market intelligence for your business. It allows you to listen to conversations going on about your brand, industry, and products. Social media monitoring is a way to collect consumer feedback and industry trends that can help you to adjust your brand strategy and marketing efforts. Social media monitoring can also help you to identify influencers and track what content is resonating with your audience. Monitoring social media can be a great way to find out how you can improve your products and services.

Hiring MI specialist

         If your company is large enough you may be able to hire a market intelligence analyst. Marketing analysts, as specialists in the business world, can develop a more nuanced picture of the market by communicating with people and finding out their thoughts and opinions about different products and brands.

Surveys

       For small business Marketing intelligence can be done by collecting data by various types of surveys. Surveys are a powerful marketing tool. They’re an inexpensive way to collect information about your product or service, and can be used for everything from improving internal processes to understanding consumer needs. What’s more, the data you collect can help you predict future trends in your industry.

Focus Groups

         Focus groups are one of the key tools for generating market intelligence. They can help you collect data on your customers, potential customers and competitors that you wouldn’t otherwise be able to get your hands on. However, focus groups aren’t just about asking questions; knowing how to structure your focus group will allow you to extract the most value from the session. It’s also one of the least appreciated tools for gathering information.

There are still some old way to collect data like , Interviews, Observation, from Past incidents, & many more but we talk only about methods that are accurate and effective

AI Analytics

      After collecting the data next step is to use AI to Analyze the data 

       It provides a deep insight into your customers “data and predicts consumer preferences, product development and marketing channels. AI-based systems can analyze data from hundreds of sources and make predictions about what works and what doesn’t. AI systems exist to use analytical data to help you predict outcomes and best practices. Machine learning algorithms allow AI systems to analyze data to uncover hidden trends, patterns and insights that can be used by employees to make informed decisions. In addition to improving analytical skills, AI can also improve the data analysis process.

AI-based software can analyze any data source and provide valuable insights. AI data analysis tools like Monkey learn can find, clean, analyze and visualize your data without the need for human input.

In practice, AI analysis is a process that automates much of the work that data analysts do. The goal is not to replace analysts, but rather to improve data analysts “skills in terms of the speed and scope of the data analyzed and the granularity of the data monitored. As such it enables business people to understand their data and gain insights that influence decisions not just technical team members. 

          According to recent statistics, over 80% of businesses fail within the first few years. It might be tempting to think that this is because they weren’t good enough to succeed. But the truth is, it’s often because the company didn’t know what it was doing. Before you make any decisions, make sure you have market intelligence – and we’re not talking about intelligence gained from your own experience! After all, we all know that you can’t learn everything from experience alone. You need information and intelligence from the market and industry experts. You need market intelligence. We hope that our blog has helped you gain a better understanding of why you need market intelligence. If you have any other questions, please feel free to contact us anytime at contact@professionalbharvad.com . Thank you for reading!

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