Market intelligence is the process of gathering and analyzing information about a market, usually to predict or help take profits. It is also the result of such activity. It gains insight into the behavior of buyers and sellers in a market.
Importance of Market Intelligence
Improves Performance
It helps perform activities efficiently and provides information to make decisions. For example, buying at the right price helps improve returns on investment. There is a direct relationship between improved performance and it.
Helps Traders Make Better Decisions
It provides a wide range of information that can help traders make better decisions by informing them about their competitors’ activities and changes in the market. There is a direct link between information and decision-making. Information not acted upon does not help in making good decisions.
Effective decision-making requires relevant information that helps plan future activities. It is a key factor that supports the process of obtaining and using information for making informed decisions for the future.
Helps Management to Select Strategic Opportunities
It is a vital tool that helps an organization select strategic business opportunities and provides necessary support in making decisions. It can also help an organization identify new market segments where it can expand its operations.
It is a vital tool that helps to assess the changes in the market and helps in evaluating future trends. Its data can also get used as an input for decision-making.
Helps Business Strategy Development
Information about market developments is important for an organization because it helps achieve strategic objectives and provides the necessary support for plans to reach them.
Strategic business decisions are important to the organization, as they can help make an organization more efficient and productive, which in turn helps in achieving the organization’s mission and vision.
Types of Market Intelligence
Primary Data
When primary data get collected from sources that are directly related to the audience and the information requested, it is called primary data. Market research, focus groups and interviews are examples of primary market intelligence tools. Market researchers collect preliminary information from their customers over a while to better understand their business needs and problems.
Such information can be compared with other available sources of information to validate the accuracy of any conclusions drawn. This type is crucial for businesses because the information obtained helps make business decisions.
Secondary Data
When primary data get collected from other users, it is called secondary data. Market research reports are an example of secondary data. Other users of it can be competitors, suppliers and customers, due to which they can also be competitors, suppliers and customers.
The main users of secondary market intelligence are customers, competitors and suppliers. Secondary information provides an opportunity to organizations to obtain good knowledge about the market, as it is directly related to the audience that they target.
Intelligence Tools
Various tools are used to gather and analyze primary and secondary data. The most commonly used tools are interviews, focus groups, questionnaires, observation, research, and social media analysis. These tools help collect information about people’s opinions, perceptions and behavior concerning a product or service.
Netbase Quid Services
NetBase is a business media monitoring and database services provider. This company gathers and analyzes information about public sentiment about brands as well as industries. It provides tools that help collect opinion-based data from the Internet, blogs, forums, social networks and news media sources. The collected from these sources helps to analyze the interests of buyers and sellers in a market. This data can predict how different markets may change over time.
Netbase Quid Ways They Help Reach Business Goals
NetBase Quid provides social media monitoring and database services. It gathers opinion-based data from the Internet, blogs, forums, news media sources and social networks. This data can compare the market share of products or predict how different markets may change over time.
Market intelligence reduces the risk and improves operations by obtaining and using information about the market. It helps in decision making, strategic planning, business strategy development and helps in reaching business goals. It also provides valuable insights into the behavior of buyers and sellers in a market. Therefore, it plays an important role in shaping an organization’s activities to achieve its objectives Read more
