Market intelligence in layman terms involves the spread of marketing information akin that the decision makers are capable of taking the right decisions or altering their overall strategy based on the intelligence acquired.
Trigger
Various methods of market research are used to find out information about markets, target markets and their needs, competitors, market trends, customer satisfaction with products and services, etc. Business intelligence analytics tools can encompass a range of data techniques to fit different business needs. At its core, market intelligence uses multiple sources of information to create a broad picture of your organization existing market, customers, problems, competition, and growth potential for new products and services.
Definition
Market intelligence from external data is normally gathered by looking at secondary information sources, usually through desk research or carried out through a continuous or semi-continuous monitoring process. Regardless of what you want your business plan to accomplish, every element of your plan should be built upon quality market intelligence.
Quick
Market intelligence is collected data that provides a broad view of your organization existing market. It is probable and desirable for the discovery process of competitive intelligence to result in unanticipated information. Increasing penetration of smartphones across the globe is expected to drive the market growth. A business intelligence dashboard is an information management tool that is used to track KPIs, metrics, and other key data points relevant to a business, organization, or specific process.
Cause
Spire is the leading strategic market intelligence consultancy focusing on growth and entry studies. Increasing demand for low-cost data backup, storage, and protection across all enterprises, coupled with the necessity to handle data generated by augmented usage of mobile technologies, favors the rate of adoption of cloud storage. Carry out media monitoring and analysis from one platform so you can quickly search, analyze and share critical market intelligence with colleagues or organizations.
Decide
With the support of quality market intelligence data, procurement can build a stronger position in negotiations, manage risks and make better informed sourcing decisions in key category areas. The decision is based on an evaluation of the opportunity available to your organization — the potential number of customers — and the strength of competitors already in the market.
Scale
Here is the place where algorithms, machine learning, and artificial intelligence comes in place. With that insight you can determine specifically how and where your products should be marketed and for what price. Artificial intelligence (AI) techniques akin as machine learning and software automation are advancing fast and will reduce the need for specialized hand-coding.
Conclusion
It must instead find the unique value that it alone can deliver to a chosen market. Valuable market intelligence can be gathered using powerful online surveys and tools. Customer retention is increasingly being seen as an important managerial issue, especially in the context of saturated market or lower growth of the number of new customers. one was specifically accountable for growing market share faster than a canonical group of globally prioritized industry competitors in the commercial cloud services, hybrid cloud services and enterprise software businesses.
Want to check how your Market Intelligence Processes are performing? You don’t know what you don’t know. Find out with our Market Intelligence Self Assessment Toolkit: