Keeping track of your competition and the state of your industry is a critical part of operating any business. Traditionally, that information has been termed "market intelligence." In recent years, the collecting of market intelligence has expanded to include analytics that can help you improve your business model and projections. Market intelligence can help you understand your market better, to run a more profitable business.
Market intelligence is often confused with “business intelligence”, but they are not equal. Business intelligence refers to data specifically about a company, while market intelligence looks at the overall trends in the market where the business belongs.
In other words, Market intelligence provides a comprehensive overview of your company's place in the market, comparing your business to your competition and analyzing the behaviors of your target customers.
Market intelligence helps businesses analyze the overall environment in which they are operating. This helps your business spot potential risks and identify new opportunities for growth.
Market intelligence helps businesses analyze the overall environment in which they are
operating. This helps your business spot potential risks and identify new opportunities for growth. Most companies do this by looking at these four criteria:
Competitor intelligence involves gathering and analyzing information about your competitors. Analyzing your competitors' strengths and weaknesses can help you gain valuable information about your own company and why customers don't always choose your product or service.
Product intelligence involves analyzing the quality of your product or service. If you sell a physical product, it involves looking at the manufacturing process and whether you're building the product as efficiently as possible. The information you gather will help you improve the value of your product.
Market understanding is your sense of the different markets where you're selling your product or service. This type of research helps you get a feel for how well you're performing in those markets, and whether there are additional markets to which you could expand.
Customer understanding involves learning more about your current customers and why they buy from you. It can also help you understand any challenges you face with those customers to improve satisfaction and, in turn, retention rates. The information you gather can also help you succeed in future marketing efforts.
Bringing it all together
Keeping on top of market trends and responding to them appropriately requires diligence and expert support! Let Primavera help you maximize your efforts!