Before plunging into the market, businesses need to understand the specific segment they intend to enter in order to make wise decisions. That is what market intelligence is all about; it helps companies gather and analyze external data concerning a specific market that they wish to enter. The collected data could be related to customer preference, age, spending habits, government regulation, and infrastructure facilities.
In general, the market research process involves collecting information on different data sets, analyzing the gathered facts, breaking the information into manageable sets, and sending the data to various departments of an organization. It uses several information sources to create a clear picture of the company’s customers, competition, existing market, potential growth, and challenges. The data used is mostly obtained from social media, surveys, sales logs, and many others.
Market Intelligence Tools
Sometimes keeping track of different forms of information incorporated in the Market Intelligence process can be overwhelming, especially to small companies. Fortunately, several online tools can help you collect, analyze, and store crucial market information. Some of the most popular tools include Talkwalker, Crunchbase, Visualping, SpyFu, Owler, and many others. A successful marketing analysis process should be able to identify current customers and prospective customers as well as competitors’ strengths.
Similarly, you should be able to tell where to invest more resources and which market to enter next. You should also be in a position to understand customer patterns and know what demographic segments you can push your existing products. Market intelligence and research is essential, and while an individual can manage much of the research process, as your business expands, you may face complex challenges that may require intelligence and time to handle. For that matter, you may need sophisticated tools and technology to gather and analyze data.
Importance of Possessing the Intelligence
Market Intelligence is an incredibly vital activity for both small and large organizations to undertake to increase their chances of continued success. If you don’t engage, read, or keep up with the market trends, you will make it difficult to compete effectively and provide satisfactory products to your customers. This means performing market analysis can be beneficial to your business.
Besides helping you understand your position in the market, Market Intelligence can let you know how your brand, products, or services can perform in the market against your competitors’ products. It also enables you to track your competitors’ performance and learn about their successes and failures, which can help improve your decisions to compete effectively.
On the same note, market analysis helps you understand your customers, their needs, and preferences, which in turn allows you to make changes and develop products that best suit their needs. The process also helps you identify new opportunities such as products and market segments that you can leverage to stay ahead of the competition. Additionally, it helps reduce dependency on luck and intuition by facilitating strategic direction in marketing and product development. Ideally, market analysis enables you to execute effective plans for the success of your company and will allow you to stay focused. It also provides you with the intelligence you need to reduce business risk and pursue available opportunities.
About NetBase Quid
NetBase Quid is an innovative platform for customer analytics and competitive intelligence. NetBase Quid is a resource for understanding consumer context. The platform uses Market Intelligence and next-generation consumer intelligence to provide unprecedented capabilities. It helps address the changing market landscape and help clients facilitate growth by providing valuable resources to improve business decisions. The best part about NetBase Quid is that its processes are accurate, faster, and actionable. Regardless of your business type, the platform can help in consumer reviews, article business filings, social media posts, news articles, and patent applications.