If you aim to run your business successfully despite the existing competition, you must analyze data and various surveys about your competitors. You will have proper knowledge of the ideal steps to take when dealing with them. The process is what many terms market intelligence (MI).
Traditionally, the process wasn’t detailed because it did not involve many things. It includes a collection of information, analysis, and analytics that improve business projection. Undertaking marketing analysis will guide you towards running a profitable business. Read on to understand more about market intelligence.
Here is how companies use market intelligence
If you wonder about the state of business in any industry, you will need to do MI to iron out your worries. It will help you answer many questions about the competitors, potential customers. The company will also determine key internal business goals through it.
Market intelligence will help you find answers to the following questions
- Which market should you enter next?
- Where should the company put more resources?
- What are the patterns of the customers who purchase from the business frequently?
- Are there demographic areas where the company should push new products?
The practice helps in identifying potential risks and boosts the strengths of any business. The majority of the companies do it using varied criteria such as;
1. Product intelligence
As a business, you need to understand more about the product and services you offer. Their quality is a key determinant in the success of your business. If you manufacture the products, ensure that they meet the market standards and production standards. The information you get will help in improving the quality of the products.
2. Competitors intelligence
You need to know how your competitors operate and some of their strategies. Doing competitor intelligence is among the top ways of knowing more about them. Analyzing information about them will enable you to know why customers buy their products and ignore yours. You will also know their weak points and work on them to strengthen you.
3. Customer intelligence
Customer intelligence will allow you to know about your customers. Knowing their tastes and preferences will enable you to improve on your services or products to fit them. It will also help to identify the challenges your customers do face whenever they do business with you.
4. Market understanding
You need to get a sense of who you will be dealing with and the market before selling a product. If you have already established yourself in the markets, you will get a sense of how you perform and whether you need to improve. Through MI, you will know if there are other traditional markets you consider.
Best ways of undertaking market intelligence
1. Surveys
Opt for online or physical surveys and have your customers help you answer questionnaires whenever you need any information relating to your market. You have to update your customers’ list if you want to do it online. Other effective tools like survey monkey and Typeform can also help you undertake a survey.
2. Hire a specialist
Hire a market intelligence specialist to help you with the process to get accurate results as you concentrate on other things. They have experience and a perfect picture of what you need to know. They will get to the actual work to help derive the results. Besides, they will execute the process by communicating to manufacturers, distributors, and other key stakeholders in the business.
Seeking the services of NetBase Quid will be a great option to consider if you want to excel in your business operations and increase profitability.
