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What Is Market Intelligence

Mark

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Sanjeev Dyamannavar
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22 views4 pages

What Is Market Intelligence

Mark

Uploaded by

Sanjeev Dyamannavar
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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What is market intelligence?

Market intelligence is the information that a company collects about the market
in which it currently operates or wants to operate. This information helps the
company define its market segment, market penetration, and overall
opportunity.

Marketing intelligence often includes competitor intelligence, which focuses on


information about a company’s particular competitors. This can indicate current
market share, pricing levels, and customer trends that will support leaders in
making informed business decisions.

Market intelligence provides an overall external view of the market where


companies sell. However, business intelligence refers to internal data like
productivity, company sales, processes, and similar information. Increasingly,
market intelligence data and business intelligence are being combined to arm
leaders with a more complete picture of their target
market.

Organizations can gather market intelligence data from a variety of sources.


Internal data, or data a company generates and maintains itself, can reveal
sales trends and
new customer behaviors. External data gathered from industry trade journals,
articles, and websites that include distributor and vendor insights can also be
valuable. Many organizations collect their own market intelligence by
conducting market research surveys that are specific to their industry sector.

Why perform market intelligence?


1. Uncover new markets and drive market expansion
Brand loyalty, Cost advantages, Government regulations, Capital
requirements Access to suppliers and distribution channels, Retaliation

2. Minimize investment risk

3. Stay ahead of the competition


Depending on what you want to achieve, your competitor research may include:
• Product differentiators
• Key features and benefits
• Pricing, including shipping terms
• Business funding, including venture capital
• Marketing approach, including social media, content, and sales materials

4. Expand market share

5. Develop brand positioning


Each company should have its own brand positioning statement, and studying
competitors' brand positioning statements will provide insight into how they
reach their
target market. Your competitors’ brand positioning statement should reveal
their:
• Target market description
• Target market needs
• Description of how their company will meet their target market’s needs
• Product or service differentiators
• Statement on why their consumers should believe their brands’ promise

6. Target specific customer segments

How to develop Market intelligence


Step 1: Establish a goal : Start with the end in mind.
Studies usually focus on a combination of the following :

a. Existing products in existing markets.


b. Existing products in new markets.
c. New products in new markets.
d. New products in existing markets.

Step 2: Define metrics :


a. Competitors: Number of competitors, market share for each
b. Market size: Annual revenue, number of potential customers, expected
growth
c. Customers: Average age, income, annual spend on desired product
d. Pricing: Average price per product in market segment

Step 3: Structure a research approach

a. Online research
b. Online surveys
c. Product intelligence and data analytics
d. Expert consultants

Step 4: Gather and analyze data


a. Start with your original project goal.
b. Competitive intelligence is critical.
c. Call out specific market segments.
d. Describe what your surveys revealed.
e. Make recommendations based on the research.
f. Include the ROI for the project.
g. List your insights in a clear report.

Marketing intelligence gathering provides actionable data from


various sources including the market and products as well as
customer and competitor analysis. This data helps to inform the
company’s marketing strategy, allowing businesses to make
sure their marketing efforts are on track and aligned with their
overall business goals.

4 Key Types of Marketing Intelligence :


1. Market Research Intelligence :
This category focuses on a company’s market, and it involves
collecting and analyzing data about the target audience for a
product or service. The type of data includes customer
demographics, such as age,
income and geographic location, as well as the behavior,
preferences, and needs of target audiences.

2. Customer Intelligence :
Customers are a rich source of market intelligence research.
Businesses routinely collect information about individual
customers, including their purchasing behavior, buying
preferences, buying habits, and feedback they provide through
surveys or online reviews. All this
data can be collated and analysed as part of a marketing
intelligence
strategy.

3. Competitor :
Competitors provide product and pricing information to the
public, and this is rich fodder to be collected and utilized in
competitive intelligence
marketing strategies. Some competitors may also provide
competitive intelligence about their marketing strategies and
market share through public filings, industry articles, or online
(such as on their website).

4. Product Intelligence :
Information about competing products or services — such as
key features, quality and pricing — is easy to collect, either from
marketing brochures, advertising, and polls of target audiences,
which helps them to understand how their offerings stack up
against the competition in the marketplace.

Best Practices in Marketing Intelligence

Establishing a Dedicated Team :


Using the Right Tools & Technologies
Promoting Collaboration & Communication
Future Trends in Marketing Intelligence :
AI and Machine Learning Behavioural Analytics

08.12.2024

https://defencescienceinstitute.com/wp-content/uploads/
2024/08/DSI_CapabilityDirectory-LF-24_FA-Web.

https://www.internationalcompetitionnetwork.org/wp-content/
uploads/2018/09/AWG_MktStudiesHandbook.pdf

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