The concept refers to the information or data that a company derives from its current market or a target market. For example, intelligence may be done to understand the audience for a device that will be launched soon. This can be done through a profile survey and identifying the target audience for such devices before the launch.
If a device has gaming features, a company can conduct a survey to identify consumers who love gaming, young, and fall in a particular income range. Unlike what many people think, there is a difference between business intelligence and market intelligence. When it comes to business intelligence, organizations usually focus on issues such as processes and headcount.
On the other hand, market intelligence involves gathering data externally to provide a business with a holistic view of a specific market and not just the company. Experts recommend integrating the two concepts to have a better view of corporate performance during certain market conditions.
Market intelligence can be explained in a few steps. First, competitor intelligence involves collecting data about a business’s competitors using resources such as public records and government databases. One of the examples of successful use of competitor intelligence is Japanese automotive companies penetrating the U.S market. The Japanese firms noted that there was a high demand for fuel-efficient and high-quality cars in the U.S.
For product intelligence, an organization gathers data about competing products and substitutes in a particular market. For example, a motor vehicle manufacturer can monitor the prices of competitive cars in the market segment. If the price drops, that may indicate that an organization is about to launch a new model. The information can help a motor vehicle company to introduce their products at the right time and price.
There are many other benefits of intelligence for businesses. Besides gaining a competitive edge in a market, it provides valuable information to help them remain profitable in an industry. If an organization understands a particular market, it becomes easier for them to succeed. A business can also use the data it obtains through intelligence to meet the changing customer needs.
Every business knows that its competitors are always monitoring and trying to get their current customers. As a result, they invest a significant amount of resources to understand when a customer is dissatisfied, the causes, and how to tackle the problem. Market intelligence helps businesses to get insights into areas that need improvement, enabling them to retain customers.
Many companies usually offer a variety of products. As a result, they face several challenges. First, they must determine the products to provide to a particular group. Through intelligence, you can determine market segmentation, enabling you to understand the ideal products for such customers.
It helps a firm to improve its overall efficiency and productivity by identifying the gaps in a specific market, offering insights for developing effective strategies, and providing real-time data for various aspects of a business.
Methods for Collecting Data for Market Intelligence
The techniques are classified as either external or internal. External data is collected through secondary research work. Secondary research requires the expertise of market research specialists. A researcher must know what they need to look for and where they can find it. This may seem like a simple task. However, businesses experience many challenges when finding reliable data sources.
Nowadays, social media listening is also becoming a common external data collection method. Organizations use mediums, such as social forums and blogs. The data obtained through the process is then analyzed to understand what needs to be done. A data analyst identifies relevant trends that may affect a company.
On the other hand, internal data sources include data from an organization such as employee feedback and CRM data. If a company has a well-implemented CRM, it can offer valuable data such as customer needs and demographics. Additionally, it can help to make effective customer retention strategies.
How Can NetbaseQuid Help?
NetBaseQuid is a globally-recognized social media analytics platform. It enables users to grow their brands and stay connected with their customers at all times. Your organization needs accurate insights to take full advantage of customer experience data. It provides sharp and relevant data from different sources of customer service feedback.