Market Intelligence: Vital Facts & Information
Market Intelligence is the process of collecting and analyzing data about particular markets and provides a comprehensive view of an industry or a business based on different market elements. It has a much wider scope than market research, which is mainly about analyzing a single variable and its impact on a business. This work involves agencies that generate reports on specific industries or industries and advise individual customers. However, a company’s marketing department can start such work to determine the impact of the markets on how the business operates and how profitable it is.
The main aspect of Market Intelligence is the inclusion of many market elements and the formulation of reports based on other perspectives. The impact on a company or industry is considered from all available angles and every type of market driver is analyzed. If the analysis is based on a larger, multi-variable scope, the potential impact on the business can be better understood, and it can improve the ability to formulate better growth and profitability strategies.
The generation of market information for a particular company may be based on specific challenges facing the company and could therefore have a narrower focus. To understand what is needed, one must first decide what the Intelligence Report is used for. This gives a good idea of what information is needed. For example, if the company tries to create an effective marketing strategy, data about related variables needs to be collected. This may include pricing, the position of the company in the competitive hierarchy, the attitude of customers, the impact of new models, etc.
The second step would be to actually capture the data that includes the approach and the techniques used. It is important to include both qualitative and quantitative assessments in your approach to verify all hidden elements. The study should aim to measure the market and test new concepts for a comprehensive overview. Data collection techniques should be able to take attitudes and beliefs of respondents, their behavior towards the competition and their willingness to take the actions desired by the company.
The data must then be put together in such a way that they offer the right market perspective. The report generated from such findings should have the potential to translate into meaningful policies and strategies. Qualitative data is extremely helpful in analyzing “what if” scenarios that can be used to create new strategies. The report also gives an overview of the different types of customer segments that exist on the market and how they differ in terms of their attitudes, market drivers, demographics, performance expectations, and so on. Segmentation is important to form effective strategies for selected audiences.
The importance of market information to any business is now obvious, and such activity should be seen as an investment, not an operating expense.