Market intelligence is relevant information to your organization’s markets. It’s compiled and analyzed specifically for the purpose of accurate decision-making to determine market opportunity, penetration and development strategies.
Market intelligence involves gathering data from your company’s external environment. Incorporating market intelligence into your organization’s business intelligence process will give you a better picture of your business performance in a set of given market conditions.
Market intelligence utilizes various information sources to create a broad scope of an organization’s existing market, customers, obstacles, competition and opportunities for new products and services. Data sources for analysis include sales logs, surveys and social media networks.
Successful market intelligence answers specific questions regarding current and potential customers and competitors and helps organizations determine internal goals. Market Intelligence helps answers questions such as:
- Where more requires should be allocated?
- Which new markets should entered?
- What are buying patterns of customers?
- What products can be cross marketed?
- What demographic segments can new and existing products be pushed?
Market intelligence provides necessary and valuable information to help you improve your products or service. It will also help you better understand your customers and help create personalized interactions and relationships and be more responsive to them.