Market Intelligence (MI) refers to information or data derived by an organization from the market it is operating in or wishes to operate. This information helps determine market segmentation, penetration, opportunity, and other market metrics.
Market Intelligence gives a 360-degree view of the market including information and insights about all stakeholders such as the market, competitors, customers, and regulatory authorities. It offers actionable insights to facilitate informed decision-making, identify growth opportunities, drive operational efficiency and business profitability.
It is the type of market research that doesn’t just involve using internal data to gain insights but looking at your competitors, and public data for understanding if your product fits the marketplace. Tag along to learn how your organization can benefit from MI.
Purpose of Marketing Intelligence
The entire purpose of Marketing Intelligence is to learn about your customers as well as competition to create a better market for your product/service. For instance, when a company like Spectrum gathers demographic information and spending habits of consumers about its Spectrum Internet services to write better-targeted social media ads – this process is referred to as Marketing Intelligence.
The information collected via Marketing Intelligence is divided into four main categories:
1: Competitor Intelligence
As the name implies, this process makes you learn more about your competitors. For this, SWOT analysis is conducted to look at the strengths and weaknesses of your rivals. Competitor intelligence is performed for uncovering why your customers choose your competitor’s products or services over yours.
2: Product Intelligence
Looking at the competitors is not enough, you must also look at your product/service for a deeper analysis. The purpose of product intelligence is to learn about the quality and performance of the product.
If it’s a physical product, you must analyze the manufacturing process, examine the product’s quality, and identify opportunities for improving user experience.
3: Market Understanding
In order to fully understand how the product is performing, you must study the market it is being sold in. Consider opportunities for expanding your product to other markets. This information will help you understand where your audience is and target them accordingly.
4: Customer Understanding
The key to increasing the product or service lifecycle is to understand your customers. Since it’s expensive to acquire a new customer than retaining the one that already exists, it’s imperative to know your audience. Gather information such as what customers want to buy from, and come up with a targeted campaign.
Benefits of Market Intelligence
Market Intelligence gives you a holistic view of the market and stakeholders. The insights gathered help develop customized products and distinguish your brand from the rest. Have a look at the top benefits of this MI:
- Drive operational efficiency by identifying gaps in the process, providing real-time info, and devising strategies for mitigating risks.
- Organizations which are agile in nature are able to respond to market changes quickly and gain a competitive edge.
- Adopt a customer-centric approach, work with your target market closely and convert existing customers into loyal customers.
- Provides a clear picture of how your products are performing in the market against other products.
- Allows you to make changes in the product to adjust to the changing marketing needs or customer demands
- Reveals new market opportunities whether it’s new segments or new products
- Positions your organization as an authority that keeps up with the trends. This gives you the competitive edge you need to stay in business.
- Keep up with the successes and failures of your competitors to make informed decisions
Getting Started with Market Intelligence
Market Intelligence will provide answers to questions such as:
- Where to devote your resources?
- What are the new markets your business should enter?
- What are the purchasing patterns of your customers?
To gather this information, internal and external data sources are used. These sources include polls, surveys, focus groups, observations, forms, interviews, A/B testing and some others. The easiest way to get things rolling is to start with the info that’s already available. This includes customer lists, internet searches, reports generated from software, sales, and revenue reports, etc. Also content pond provide your different kind of articles.
This information will help you make decisions that can improve efficiency, reduce costs, speed delivery, and boost sales. Your company’s objectives will determine how to approach Market Intelligence and use the information gathered to make valuable decisions.