• About
  • Contact
  • Disclaimer
  • Privacy & Policy
  • Home
  • Technology
  • Business
  • News
  • Health
  • Travel
  • Education
  • Food
  • Games
No Result
View All Result
CRAZY SPEED TECH
No Result
View All Result
Home Business

How to Use Market Intelligence for Your Business

in Business
Reading Time: 9 mins read
0
How to Use Market Intelligence for Your Business
Share on Twitter

Contents

  • 1 Introduction
    • 1.1  What is market intelligence?
  • 2 The purpose of market intelligence
    • 2.1  Preparing for market entry or market expansion
    • 2.2  Preparing for a merger or acquisition
    • 2.3 Collecting competitor intelligence
    • 2.4 How do organizations collect and use market intelligence?
    • 2.5 Methods of collecting market intelligence
      • 2.5.1 Surveys
      • 2.5.2 <h3> Polls
      • 2.5.3 Focus groups
      • 2.5.4 Field trials
      • 2.5.5 Expert Interviews
      • 2.5.6 Market intelligence system or software
    • 2.6 Application of market intelligence for organizations
  • 3 Conclusion

Introduction

Digital technologies have made business a lot more agile than ever before, and have made business processes shorter and easier. However, as more and more organizations embrace digital transformation, markets get progressively more complex and the competition gets more aggressive. Consequently, modern day organizations need to keep up with the rapidly changing market conditions. Fortunately, organizations have a vast and diverse data source to tap into, which can provide them with all the data they need on their target markets as well as competitors. The internet. Still, this is easier said than done.

Digital transformation has led to companies creating a lot more information than ever before. The internet, thus, is now a bottomless pit of multitudinous business data. But, what business executives need isn’t more data. They’re already drowning in data. What they need are timely business insights that they can act upon. Insights from which all irrelevant information and noise have been filtered out after processing internet-scale data. Manually gathering and analyzing data to extract business insights is not only time-consuming but impossible when the source of data is the infinitely expanding internet. How can businesses mine the internet for just the right business insights?

Well, they say “whenever there is a problem, there is an opportunity”. In fact, in this case, the solution lies within the same source that created the problem. Organizations need market intelligence tools to help them sift the internet and find relevant data on market developments and competitors’ actions. In this article, we’ll discuss how market intelligence can be used by organizations to improve their business. Let’s begin by first understanding market intelligence.

 What is market intelligence?

Market Intelligence (MI) can be defined as the systematic collection and analysis of information about products, customers, competitors, and other market factors, from multiple sources. The objective of this collection and analysis of information is to draw insights that provide only actionable information. Information that contributes to your business’s competitive advantage. Competitive Intelligence (CI) more or less is the same thing as Market Intelligence, with certain subtle differences. Both of them serve the same purpose, helping organizations gain a competitive advantage. However, Market and Competitive Intelligence are usually considered as two separate things. While ‘Competitive Intelligence’ is focused more on ‘competitors’, ‘Market Intelligence’ is focused on developments in the industry and macro trends beyond just ‘competitors’. ‘Competitive Intelligence’ is a within the purview of ‘Market Intelligence’

The purpose of market intelligence

word image

The purpose of market intelligence is to support strategic decision-making within your organization. Market intelligence is the foundation of the information-based decision making culture that helps organizations determine market segmentation, market penetration, market opportunity, and existing market metrics. It is thus a vital element of any healthy organization that helps it to understand the state of the market, collect competitor intelligence, gain a competitive advantage and finally, become profitable. Now let us discuss some of the most common business cases of deploying market intelligence.

 Preparing for market entry or market expansion

When deciding to invest in a new market, or to increase investment in an existing market, before making the final decision and taking out business acquisition loans, organizations need information on the following aspects:

  • Who are the potential buyers or customers?
  • How much demand is there in the market for their product or service?
  • Who are competitors in the market?
  • How are the competitors going to respond?
  • Do they need modifications in their product or service, or do they need a new product or service altogether?
  • How will they get the products and services to market i.e. what distributors, agents or intermediaries do they need to deal with?

To summarize, organizations preparing for market entry or market expansion need a comprehensive and panoramic view of their target markets. Thus, this is one of the most common reasons why organizations collect market intelligence.

 Preparing for a merger or acquisition

Market assessments are conducted by organizations before making significant strategic decisions like merging with another organization or acquiring one. Organizations need the information on the following fronts before going ahead with a merger or acquisition:

  • The company being acquired or merged with – in order to gauge their business strategy, intentions, performance and characteristics.
  • Competitors of the company being acquired or merged with – to assess the strengths and weaknesses of said competitors, as they’re going to be YOUR competitors after the merger or acquisition.
  • Customers of the company being acquired or merged with – to gauge the reputation, brand values, customer sentiment, brand values and performance of the company you’re acquiring or merging with, as they’re going to be YOUR customers post the merger or acquisition.
  • Suppliers and distributors of the company being acquired or merged with – to ensure that the company being acquired or merged with has a healthy supply and distribution chain.

Collecting competitor intelligence

Collecting intelligence on competitors is the most popular use-case of market intelligence, as most companies need to understand their competitor’s evolving business strategy and tactical approaches to gain a competitive advantage. Market intelligence usually depends on publicly available external sources to gather information on an organization’s competitor. Information worth tracking include:

  • Financial figures
  • Changes in key personnel
  • Statements from C-suite or senior management
  • Marketing collateral
  • Advertising
  • Press releases
  • Job postings
  • Employee reviews
  • Product or service pricing

Analyzing such information can provide insights into a competitor’s business strategies and future plans, which can inform an organization’s own future strategies.

How do organizations collect and use market intelligence?

There are a number of ways companies collect and use market intelligence. Some companies rely on primary research, some on secondary research, while others use a mix of both. Some use traditional methods of collecting intelligence, while others use more modern, and technologically-driven methods of collecting intelligence. Usage is pretty much the same. First let’s discuss the different methods used by companies to collect market intelligence data.

word image 1

Methods of collecting market intelligence

Surveys

Surveys are an age-old method of collecting information. A form of primary research, they are a set of questions that have been put together to gather data from the target market and analyze it to gain valuable insights. Surveys can be of different types, such as online surveys, in-person surveys, telephone surveys or mail surveys. Out of these, online surveys are the most popular these days, as people do not respond well to other types of surveys. While surveys are a great way to gather real-time information directly from the target audience, information gathered this way can be unreliable.

<h3> Polls

Similar to surveys, but usually consisting of a single question, polls get a high-response rate, and can easily be conducted on social media websites.

Focus groups

Focus groups are another time-honored way of collecting intelligence, in which a set of people are selected carefully to represent a target market. The feedback from this group of people is used to evaluate customer demands and opinions. Feedback from focus groups can provide an organization with insights about which particular area they need to invest more to capture higher market share.

Field trials

Field trials are basically experiments conducted on the target audience. For example, a newly launched product is placed in stores. This is done to understand customer response to a new product. The feedback from the customers who buy the product will help the company understand if their product will work in the market on a larger scale.

Expert Interviews

Interviews provide valuable and reliable information, and can be used to understand in-depth about a particular topic or a product. Interviews with ex-employees, distributors, suppliers, and other industry or domain experts can point towards insights, trends or patterns that were in an organization’s blind spot. However, interviews can be expensive, and do not represent the views prevalent in the market as a whole.

Market intelligence system or software

Most methods of collecting market intelligence mentioned above are basically primary research, which is expensive. In fact, primary research is incomplete without secondary monitoring to support it. Secondary research or market monitoring can be independent of primary research, however, manually performing secondary research is inefficient and prone to error. In addition, it consumes a lot of time and effort. With the advent of technology, organizations these days can easily get their hands on a market intelligence software or system, which can automate the collection of intelligence, saving effort, and freeing up a lot of time for the analysis of the gathered intelligence. Market intelligence software like Contify collect intelligence from publicly available sources, such as news, blogs, company websites, social media, internet forums, trade and industry reports, regulatory portals, information databases, press releases, review sites, etc. They also provide a centralized repository for intelligence which can be accessed by every department of an organization, and also as a collaboration and sharing tool.

Application of market intelligence for organizations

Market intelligence has a number of uses for organizations, all of which add up to improving business performance, and increasing revenue, market share and profit. Although there can be innumerable uses of market intelligence, depending on how intelligence-savvy a company is, here are the most common ones.

word image 2

  • Informed decision making. A comprehensive understanding of the market is essential for informed decision-making and better alignment on priorities between different functions of an organization. Although no organization can have a complete view of the market, gathering enough relevant information on one’s own market can lead to better business decisions, and bring about success. Market intelligence enhances an organization’s understanding of its competitors and customers, market trends, consumer behavior, etc, enabling a company to be ready for whatever may come.
  • Improving sales – Sales teams are one of the most common users of market intelligence, as it can help them make the right pitch, highlighting the strengths of their offerings, and exposing their competitors weaknesses, thus outmaneuvering them.
  • Enhancing product development – Market intelligence helps with each stage of product development. Before launching a product, it can help in establishing the needs of the customers. In the early days of the product, it can help by stimulating product take-up. Once the product is mature enough, market intelligence can help in improving product performance, and once the product has been in the market for a good number of years, market intelligence can help determine its future. It does all this by helping organizations identify gaps, providing actionable insights to devise crucial strategies, and providing timely data and analytics.
  • Providing a competitive advantage – When an organization is able to keep a constant watch on the competition as well as the upcoming trends, it has a holistic picture of their market. This allows said organizations to penetrate a new market or capture the market share of their existing market by launching a product or a new feature at the right time. This is what is known as having a competitive advantage.

Conclusion

Market intelligence can give you greater insights into your industry and help you become customer-centric, understand the market demands and consumer opinions, collect real-time relevant data, boost your upselling opportunities, reduce risks, capture higher market shares and provide you with a competitive advantage. It is thus vital to the success of any organization, being the foundation on which all business decisions should be based. However, market intelligence is only helpful when it is timely and relevant. Most organizations face challenges devoting sufficient time and effort to intelligence, as the amount of data on the internet only gets larger day-by-day. Using market intelligence tools thus becomes necessary to be able to handle such large amounts of data. It is the most time and cost-effective way to understand your current market landscape and make the best out of the opportunities available to your business.

Related Posts

6 Strong Reasons Why Business Should Consider Custom API's

6 Strong Reasons Why Business Should Consider Custom API’s

June 8, 2022
How Real-Time QA Software Can Boost Your Call Centers Productivity

How Real-Time QA Software Can Boost Your Call Centers Productivity

May 30, 2022
How is 5G Progressing and What Changes Has it Brought About?

How is 5G Progressing and What Changes Has it Brought About?

May 27, 2022
Maximize Your Sales Potential with a Mortgage CRM

Maximize Your Sales Potential with a Mortgage CRM

May 11, 2022

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recommended.

Solar System For Cannabis Indoor Farming House: Saving Your Bill

Solar System For Cannabis Indoor Farming House: Saving Your Bill

December 21, 2020
Even before they step out of their farms to purchase equipment such as tractors, farmers already know what they are looking for. Most of them not only have an idea of the specifications they want but also of the make and model. This is why a farmer will have to be focused and deliberate questions when they arrive at an auction. You need to understand the general condition of the piece of equipment before you – here are some tips on what to look at; Outward appearance of the used tractor Some tractors look new even though they have been in use for a long time. This is a clear indication that the previous owners took good care of them. The conditions under which a tractor was used plus how it was stored are key factors of how fast it will wear down. Do you notice peeled paint, dents or odd-looking tires on a tractor? If you are still interested in buying it in such a state, find out how much it would cost to restore it to good shape to establish if you are getting into a good bargain. The condition of the articulation point As a general rule, the articulation point should stay greased. Failure to keep it that way results into wear and will affect the performance of the tractor. To check that this part of the equipment is in good condition, conduct a visual check. All is well if the part is greased and free from metal shards. Next, you need to carry out an operational inspection; by moving the tractor back and forth. Did you feel a knock during movement? You could be dealing with a transmission slip issue. The next test you need to perform is moving the tractor to the right and then left. As you handle the steering wheel, look out for signs of looseness or involuntary wandering. Any of these occurrences could be an indication of a bent or damaged pin. You should be concerned if the steering wheel feels too tight because this might mean that the pins are too dry or the hydraulic cylinders have been damaged. Engine Compartment The most important aspect of any type of machinery is that it roars to life when fired. This is the first indication that the engine is in good working condition. After turning on the tractor ignition, allow it to run for a few minutes then check if there is any form of leakage. Are leakages likely to happen after a few uses? You will know this from the condition of the hydraulic, coolant and fuel lines. Pay attention to any cracks and signs of wear. Even though the engine still runs, match the emitted horsepower with what has been stipulated on the engine plate. Further engine performance is determined by listening to any sounds that come from the cylinders; a mechanic's stethoscope is the ideal tool for this exercise but some people use screwdrivers. The final check of the engine should be on the air filter which should be done after the tractor has been switched off. Every manufacturer offers recommendation of how frequently air filters should be replaced. You will know if these have been followed from the appearance – at the very least, they should appear clean. Inside the cab The inspection of the cab begins right after you open the door. If there is mud or dirt, the tractor might have not been properly maintained by its previous owner. While the mileage or engine hours might not be a true indication of the condition of the tractor, the numbers will give you an indication of what to expect. For tractors that come fitted with a guidance system from the manufacturer, check that the electronic components still work properly. PTO shaft The Power Take-Off shaft is a standard component in all items that are operated mechanically. The first thing you need to check here is that the PTO on the tractor bears the specifications for the attachments you are looking to use with it. In instances where you do not find a perfect match, a tractor with more of the PTO power specification, horsepower, etc. versus what is needed and preferred. This ensures fuel economy and accommodation of larger attachments as farm operations expand. Apart from the specifications, it is important to check for smooth rotation when the engine is running. Any knocking or odd sounds could mean a potentially expensive replacement exercise. Keep in mind that repairing the PTO requires detachment of the rear end of the tractor. Maintenance records and supporting documentation Has the tractor inspection so far been impressive? It is now time to ask for the maintenance log and any documentation that supports it. These records are important in establishing when and which repairs have been performed on a tractor. Do not forget to ask the seller for list of attachments used on a tractor. Have you already made up your mind on the type of tractor you want to buy? There are plenty of posts on used tractors for sale on Tradus so you are not likely to get confused. Tradus is the online platform you need to be on if you are interested in a good bargain. Hosting buyers and sellers in Europe and beyond, this marketplace ensures that you have a wide selection of high quality used tractors to choose from. You do not have to worry about being conned on this site because Tradus vets all sellers to establish that they are honest and legitimate. If you did not immediately get what you were looking for, signing up for alerts ensures that you do not miss the chance to do so. Do you prefer to use the Tradus app instead? It is available on both Google Playstore and Apple Appstore.

Buying a used farm tractor? Use the following tips to inspect

January 7, 2021
Electronic Dartboard vs Bristle Dart Board – Arachnid vs Winmau Review

Electronic Dartboard vs Bristle Dart Board – Arachnid vs Winmau Review

January 25, 2021
Best Free Backup Software’s for Windows 7

Best Free Backup Software’s for Windows 7

January 27, 2021

About – CRAZY SPEDD TECH

CRAZY SPEED TECH

Crazy Speed Tech is a company that provides the latest news and updates on mobile, android, apps, health, business, tech and softwares. crazy speed tech's mission is to provide people with information that they can use in their everyday lives

Follow Us

Other Categories

  • Digital Marketting
  • Games
  • Home Appliances
  • Lifestyle
  • Marketing
  • Refer & Earn
  • Fashion
  • Android
  • Entertainment
  • Currency
  • GADGETS
  • Social
  • Education
Things To Keep In Mind While Opening A Merchant Account In Canada

Things To Keep In Mind While Opening A Merchant Account In Canada

June 27, 2022
What is the difference between bitcoin and bitcoin cash?

What is the difference between bitcoin and bitcoin cash?

June 26, 2022
A picture containing indoor, sofa, bed, wall Description automatically generated

As Hotel Jobs Return, Hospitality Recruiters Find Candidates to Fill The

June 26, 2022
How To Select Data Recovery Services

How To Select Data Recovery Services

June 25, 2022

Get more stuff

Subscribe to our mailing list and get interesting stuff and updates to your email inbox.

Thank you for subscribing.

Something went wrong.

we respect your privacy and take protecting it seriously

  • About
  • Contact
  • Disclaimer
  • Privacy & Policy

Crazy Speed Tech Copyright © 2015-2021. All rights reserved.

No Result
View All Result
  • 4 Harmful Medical Cannabis Myths Debunked
  • 5 Best Backpacks To Buy – Read Before You Buy One
  • 6 Things You Should Know About Oral Drug Testing
  • Appvn APK Download for Android
  • Contact Us
  • CRAZY SPEED TECH – Latest News, Apps for PC, Windows, MOD APK, APK Download & Alternatives.
  • Disclaimer
  • Facejjang Apk Download | Facejjang App Foe Android
  • Google Pixel 3 and 3 XL coming in October 2018
  • Met deze accessoires laat je de moeder van de bruid schitteren
  • Newsletter
  • Privacy Policy
  • Skønne festkjoler som aldrig går af mode
  • Tästä näet kuinka paljon morsiamet käyttävät rahaa häihin
  • Things to See and Do in Maremma, Italy
  • Truth About CBD Gummies For Sleep, Calmness, And Exercise Recovery

Crazy Speed Tech Copyright © 2015-2021. All rights reserved.