What is Market Intelligence and how is it Used?

Market intelligence is the gathering of data regarding the markets that a brand operates in. To improve decision-making and direct competitive strategy around market opportunity, penetration, and development, this data is gathered and analyzed. The two categories of market intelligence—market intelligence based on external data and market intelligence based on internal data—can be separated. While internal data is derived from market intelligence information found in existing data, external data is information obtained through desk research. Your business can make better decisions and gain a competitive advantage to a greater extent if you have more pertinent, useful business intelligence about your clients, partners, and operations. Spade Health provides a variety of real-time market intelligence services that can aid in the marketing choices your company makes. What is Market Intelligence & Competitive Intelligence? Market intelligence uses a variety of external and internal data sources to create an accurate picture of your current or prospective market, customers, challenges, and the potential for new products and services through your business strategy. It provides answers to questions and assists you in gathering information about where you should invest more resources and which markets or channels may be suitable for you. Businesses can use this information in a variety of ways, including: 1.Expanding their presence in an existing market. 2.Breaking into a new market. 3.Reducing the risk associated with an investment decision. 4.Creating a stronger (or new) brand. 5.Creating a new product Tailoring Market Intelligence to Your Business How you approach competitor analysis and market intelligence will be determined by your specific goals. A brand that wants to improve its NPS (Net Promoter Score), for example, might spend a lot of time gathering strategic market intelligence about customer satisfaction. This may include feedback from social media, existing and potential customers, as well as consumer-facing staff such as customer service or in-store, but the analysis and use of audience profiling data is where it comes to life, allowing marketing teams and company decision-makers to identify additional opportunities for growth. How market intelligence can transform your business Market intelligence can be broad; it includes all of the information your company gathers about the markets in which it operates (or you want to operate in). Data can include customer demographics, trends, regulations, competitors, or geographic areas, among other things. And from that data, your organization derives actionable insights to assist you in determining and refining market segments, market penetration, and market opportunities. Market intelligence provides a comprehensive view of the market because it includes competitive intelligence, product intelligence, and industry intelligence. As a result, you will be able to see the big picture, connect the dots, discover insights, and make better data-driven business decisions. Spade Health Market Intelligence Services Competitive Intelligence Marketing Competitive intelligence is a portion of market intelligence. It is central to competitive strategies. This is typically done on an ongoing basis and entails gathering news, materials, and other information about competitors from a variety of sources. There are five steps in competitive intelligence. 1.Planning and guidance 2.Data collection and research 3.Data processing and storage 4.Data analysis and production 5.Data dissemination and delivery Market research is a type of applied sociology that focuses on understanding consumer behaviors and preferences in a market-based economy, as well as the effects and comparative success of marketing campaigns. Market research enquires about competitors, market structure, government regulations, economic trends, technological advancements, and a variety of other aspects of the business environment. Marketing Research Techniques Come in Many Forms, Including: 1.Brand equity research 2.Commercial eye tracking 3.Concept testing 4.Buyer decision process Online Marketing Intelligence The marketing of products or services via the Internet is known as online marketing. It is commonly referred to as web advertising or web marketing when it refers to the subset of website-based ad placements. Market intelligence is a powerful and necessary box to check for every business, but it is more than just a one-time task for gathering competitive information. This should be an ongoing activity, one that is constantly supplemented with robust consumer insights, allowing businesses to keep their finger firmly on the pulse, make the best decisions for their business moving forward, and receive early warning on any issues in the market or competitive landscape.