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Market intelligence: Definition, methods and advantages

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Market intelligence: Definition, methods and advantag Market intelligence
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What is market intelligence?

As an organization, your prime goal might be to be on top of the market. But how do you do that? Market intelligence is the key. 

Market intelligence is data or information analyzed by an organization regarding its current market or potential market to understand it completely. Market intelligence is a solution that provides all the details on the standing of the market along with ways in which a particular organization can make it profitable for itself.

Example: A laptop company wants to introduce a new product that takes all the thunder in the market. But to do so, it will need all the data aspects of the laptop market, what its latest products are, what are customers preferring and where is a gap to fill in. With market intelligence, this laptop company can conduct several surveys and figure out the answers to the previous questions. Now with the data of current market and prediction of the future market, this laptop company can develop a product with specialties that might soon be a new market trend.

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What methodologies can you use for market intelligence?

  • Surveys – surveys are the most commonly used method to pull in information from the market. Surveys are nothing but a set of questions combined in a paper form and distributed amongst the target participants. These forms have the questions related one specific topic of interest. 
  • Online surveys – online surveys are nothing other than surveys but on the internet. The benefit of using online surveys over old school surveys is that online surveys helps you save money and time that used to go into distributing the old school surveys. Also, the data collection in online surveys is way easier that the old school one. There is a lot of online survey software available on the internet which helps you to create, circulate and collect data. 
  • In-person surveys – these types of surveys are done by an interviewer who goes person to person and collects data from everyone in the target participant group. This survey makes sense when you are conducting it in a crowded place where you can find crowds. It helps you figure out customer feedback and views on the topic of interest. 
  • Telephone surveys – a different method of conducting surveys is through a phone call. Although this method is close to being old school as customers don’t tend to pick up unknown calls and hence it is tough to catch the audience and make them answer all your questions, let alone the data collected from them for market intelligence. 
  • Mail surveys – mails are the professional part of many people’s lives. So when you distribute your survey over emails, you not only save money and time, but also win decent attention to your survey.
  • Analysis – when you collect information form the market, you have nothing but raw data that tells you necessarily nothing. To convert this information to meaningful intelligence, you need to analyze the collected data. With advanced data science technology, you can now process tons and tons of data in fraction of seconds. There are various software tools available in the market that will help you with the analysis of your data. 
  • Reports and presentations – market analysis reports are available to study on various platforms. Organizations can make use of it to predict market behavior. Online software tools help you figure out the numbers about the market and make them tell you your next step.

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Advantages of market intelligence?

  • Market intelligence allows you to have a holistic view of the market. When a company knows everything about the market, it makes it easy for the company to climb the market ladder with ease. 
  • Market intelligence also helps you in customer retention. When you have all the needed customer data, you can provide them with exactly what they want. Customer retention refers to keeping the customer loyalty to your brand through providing values.
  • Sales and product development is mostly affected by market intelligence. While deciding to introduce a new product, market intelligence can help you figure out the status of the relevant products around and which ones are doing great. 
  • Market analysis gives insights on the new market trends and gaps that you can take a chance to fill in with your products and services. 
  • Market intelligence also gives you a competitive upperhand for the above reason.you can keep watch on the trends, competitors, a perfect time to launch your product and much more.
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