In this blog, we will answer what is market intelligence. Let’s begin!
Understanding your market is one of the most important aspects of your business. A company that knows its market will outcompete its rivals to secure a bigger market share.
Market intelligence has become significantly more important with the ease of business across the UK. There are too many companies, and irrespective of which industry you operate in, you will be in a saturated market.
This is where market intelligence can help.
In this blog, we will tell you what is market intelligence and why it matters. In addition, we will tell you about the different types of market intelligence.
This is a comprehensive blog, so it is important that you cover everything in detail to not miss out on any crucial information. Let’s start
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What is Market intelligence?
So, what is market intelligence?
Market intelligence is also known as marketing intelligence. It is the process of analysing the different portions of the market to reach your objective.
A business conducts this analysis to learn how the market works. Once you know about the trends, you can make a more informed decision about achieving your business objectives.
In the end, the goal of marketing intelligence is to build a better understanding of the market. This includes an analysis of your competitor and the client base. In addition, you will also have to conduct an analysis of the rapidly changing industry trends.
We hope you understand what we mean when we say market intelligence.
What are the Types of Market Intelligence?
Now that you know what is marketing intelligence, let’s discuss its types. There are four types that act as components of marketing intelligence.
The first is competitive analysis, followed by product intelligence and market understanding. The last type is customer understanding.
Let’s discuss each type in detail.
1. Competitive Intelligence
As the name suggests, it has to do with your competitors in the market.
In competitive intelligence, you research your competitors and analyse their products and services. In addition, you have to analyse their approach to the business and how they are marketing it.
Competitive intelligence also includes digging deep and finding out about the big clients of your rivals. Once you do this, you will know how much of the market they own and how much is still up for grabs.
2. Product Intelligence
Another important pillar of market intelligence is product intelligence.
Product intelligence is knowing the products in detail that you are offering. You should know who is interested in these products.
In addition, it should also be clear to you why there is a demand for your products on the market. That’s not all; you should also have a clear understanding of the developments and new technology in the market.
3. Market Understanding
Marketing understanding sounds like a much broader term. However, this is one of the most important types.
In addition to knowing the competitors and the product, you should know your market in detail. You should know which factors it operates on and what its size is.
Have a team of experts who can make sense of random market trends to find a cause-and-effect relationship between different factors. Once you know what impacts your market, you will know how to react in different situations.
4. Customer Intelligence
Your clients are your business, and it is important to know who they are.
Marketing that is targeted at a specific audience is likely to yield more results. It is important to pin down the people who are more likely to purchase your products.
You should know what makes them better prospects. In addition, you need to analyse other aspects of the market that are completely neglected.
Why is Market Intelligence Important?
Now that you know what is market intelligence and its types are, let’s move on.
In this section, we will tell you about the benefits of marketing intelligence and why it is important. Below are some of the benefits of market intelligence for those who need convincing:
- Make more informed decisions that are based on the market instead of hunches.
- Reduce the risk of any potential threats by proactively anticipating them with detailed market research.
- Outcompete your rivals by finding out about their secret techniques and their clients.
- Understand what your clients are looking for and provide them with exactly that.
- Enhance your customer satisfaction by proactively listening to their problems and providing tailored solutions.
- Identify emerging marketing trends and jump on the bandwagon before it’s too late.
If you are looking for a team of experts for market intelligence, contact us!
A Quick Summary!
So, what is market intelligence? Let’s do a quick review.
Market intelligence is the process of analysing the different aspects of the market to make better decisions. If a business knows the market that it is operating in, it is bound to outcompete its rivals.
There are four types of marketing intelligence: competitive, product, customer intelligence, and market understanding. The combination of these components results in a comprehensive strategy that puts you ahead of your competitors.
We have described each type in detail in the blog above. Therefore, we recommend going over them if you are still unsure about something.
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