Market Intelligence Consulting: About Marketing Intelligence

Market Intelligence is more about gathering as well as evaluating data concerning your targeted market. It can provide valuable insights as to how to develop a business successfully.

What is it all about?

Market intelligence at the core is said to use multiple information sources to develop a wider image of the organization’s prevailing market. It evaluates the organization’s problems, customers, opportunities and competition faced to help develop new services/products. Market intelligence can be gathered by referencing customer data, sales logs, surveys and by reviewing different social media metrics.

Taking proper approach

Small companies can gain immensely by hiring Market research agency in USA. The approach taken can be beneficial to their business. It can be quite simple like visiting the competitor’s stores or site, be updated with recent developments in the era from business associations, journals or magazines. It also includes going through customer feedback and comments online to help bus9iens enhance its service or offer.

Business intelligence vs. Market intelligence

Often, market and business intelligence are confused with one another. However, both are different. Business intelligence relates more to the organization’s data while market intelligence refers to overall trends.

• Business intelligence generally provides information on internal company performance. It includes the number of products shipped and total sales volume take place during the month. It also views at prevailing competition to understand where your business is placed in the crowd.
• On the other hand, Market intelligence consulting focuses more on external information. It includes geographic information, customer demographics and what consumers seek to purchase. It also takes into consideration things occurring with the company’s competition.

How market intelligence is used by organizations?

Concrete questions on potential and current competitors and customers are best answered by successful market intelligence. This way, companies can help determine internal goals to set. Market intelligence helps adders a few questions like:

• Which markets to enter next?
• Where more resources need to be allocated?
• What kind of products to be cross-marketed for existing customers?
• What buying patterns will suit the best customers?
• How to perform market analysis?
• What demographic segments can the organization push existing/new products?

Why Market Intelligence?

Businesses availing this technique can evaluate overall environment where it operates. It assists businesses to identify potential risks and new growth opportunities. Generally three criteria should be looked into:

• Customer understanding: It involves learning about current customers and find out why they prefer to purchase from you. It helps know the challenges faced with such customers to improve satisfaction and retention rate. The gathered information can help achieve success with future marketing campaigns.
• Competitor intelligence: It involves collecting and evaluating competitor information. Analyzing competitors’ weaknesses and strengths helps gain information about the organization. You also get to know why customers do not select always your service or products.
• Market understanding: It helps identify the different markets top sell services or products. You can get a better feeling of your overall performance in such markets and if there are present additional markets allowing further expansion.

Tracking competition

It is necessary to track competitors in your domain and understand the current state of the industry your business is in. This is integral for the smooth operation of any business. This information is referred to as ‘market intelligence’.