When it comes to gathering data, the evolution of the Internet has made things very easy for the business isn’t it? Talking about the general information that businesses need, i.e. competitors, market trends, industry or new product development – such information is just a few clicks away. While top level industry information is easily available on the web, finding information relevant to a business niche and locality can be difficult. Here is where Market Intelligence comes into play.
What is Market Intelligence?
In simple words, Market Intelligence is the information compiled from both internal and external sources about a specific market which a business wishes to trap. This is basically the very first set of data which the company analyses before they take any investment decisions.
Market Intelligence Techniques
1. Market Entry Research
Businesses carry out the market entry and expansion studies to enter new market areas or expand their presence in markets in which they are already established. This research technique gives insights on whether the business should invest in new sectors or invest further in existing markets.
2. Competitor Intelligence Research
This technique is one of the most popular ones as businesses are becoming more keen to get the inside view of their competitors. Whether it the sales figures or the production data businesses want to know it all. Competitor insights are very important for the business as it provides a diversity of information based on which the business can plan their actions.
3. Needs Assessment Studies
As competition increases, the consumers are readily getting more and more options to choose from. Hence it has become very important for business to try and meet the needs of customers to stay in the market. Needs assessment research is a combination of qualitative and quantitative data which helps the business to measure the extent of a need within a market. With this research businesses can build value propositions, which help them, meet the needs of their customers and ensure business longevity and growth.
4. Market Segmentation
Segmentation is an unusual means of distinguishing your business from the competition. With needs-based segmentation based on quantitative data on the target audience business can ensure that they meet the specific needs of a specific demographic group. Market segmentation studies have a direct impact on the marketing strategy and it can also influence the product development process.
5. Branding Research
The brand strategy research technique helps to assess the existing value of your brand. It helps to measure the levels of consumer dissemination and support. With intelligent branding research business can ascertain the strengths and weaknesses of their brands and highlight the opportunities to attack competitors.
Making informed business decision is the only key to the success for any type of business. And Market intelligence is the answer to go about it. iSN Global Solutions Sales Support Services include Online Research services. We can help you gain the right market intelligence. Our expert views will help you generate better profits.
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