One way in which some companies manage to edge themselves past the competition is by devoting time and resources to gathering and analyzing market intelligence (Ml), or data that reveal information about a product’s market that can help shape strategies around market penetration, advertising, new products, and more.
WHAT IS MARKET INTELLIGENCE?
Market intelligence, as defined by the Business Dictionary, is:
Primarily external data collected and analyzed by a business about markets that it anticipates participating in with the be the intention of using it in making decisions. Marketing intelligence can use to assess market entry opportunities and to formulate market development plans and penetration strategies.
Let us have a look at the form of data we have – text, voice and video data. The sources of raw data are surveys, social media, sales logs, internet research, and e-commerce analytics.
Big Data as defined by Investopedia, is “the growth in the volume of structured and unstructured data, the speed at which it is created and collected, and the scope of how many data points are covered. Big data often comes from multiple sources and arrives in multiple formats.•
Target Customers: Help determine the current demand for a product or service.
Distributors, Agents, and other Intermediaries: Determine the most effective method of bringing products or services to market.
Competitors: Analyzing competitors’ efforts to enter and stay within a market helps judge a market’s potential response to another entrant.
Industry Experts and Associations: Provide invaluable overviews of the market as well as contact details of key market players.
76% of decision marking advisors within companies expect their organizations MI to MOVE TOWARDS AUTOMATED COLLECTION OF INFORMATION by the to end of the decade.
The infographic looks into how big data value creation is a driver for MI with their respective numbers. Also, the business factors used are illustrated. Moreover, we can also read about the 4 cornerstones of MI.
- Competitor Intelligence ( CI): Information regarding a competitor’s products obtained in a legal manner
- Market Understanding: The company’s analysis of its own product’s performance within the market in order to search for other market opportunities
- Product Intelligence: Information regarding the company’s own products usually obtained through an automated process
- Customer Understanding: Information obtained on a product’s target customer
Today, Ml is collected by various tools and technologies by individuals across a wide variety of positions. Current means typically involve enlisting a sales force to speak with customers, networking, assembling customer advisory panels, and hiring external consultants.
For the complete guide, take a look at the following infographic created by the New Jersey Institute of Technology‘s
Learn about collecting data, highlight mistakes which typically happen, an outlook on what market decision marking advisors see in the automated collection of information. applications of MI and more.
Let us know where you stand in the process of automation. Use our commenting section below to reach your peers.