Today, in this competitive scenario, competitive advantage is fleeting and the ability to brilliantly market and sell products and services becomes very important for survival. If you are not able to respond to the rapidly changing market and supplier dynamics, it is surely a disadvantage. Therefore, market intelligence services are there to help you assess and organize data to gain real-time insights on core competitors, suppliers, and customers. This creates an outside-in-perspective and helps bring about competitive advantage. Market intelligence services provide a birds-eye view of industries, potential markets, and suppliers. This can open the door to new opportunities and enable you to hold more power over availability, supply chain costs, and reliability. Our market intelligence services help you to act faster than your peers, make beneficial business decisions, and react more efficiently to the needs of dynamic customers.
We at Infiniti, with the help of our market analysts and experts, have tried to answer all the necessary questions about market intelligence in this article. Here we go:
#1. What do Market Intelligence Services Mean?
Market intelligence gives an ongoing and holistic knowledge of all dimensions of the marketplace. It helps analyze many different business areas like products, competitors, customer insights, and market dynamics. These four areas cover several factors like acquisitions, corporate strategy, executive teams, promotions, pricing, cost structure, segments, market size, forecasts, brand loyalty, trends, satisfaction rates, and product concerns. Market intelligence offers a broad perspective by tracking competitors as well as the state of the whole industry. Therefore, it provides valuable insights into improving the business model of companies and also helps in shaping their strategic directions. There are three types of services that are extensively used today:
- Competitive Intelligence Marketing
- Market Intelligence Research
- Online Marketing Intelligence
#2. How Can Market Intelligence Help Businesses?
Market intelligence uses a variety of information sources to create a broader and better picture of the company’s existing customers, market, problems, growth potential, and competition for new products and services. It provides sources of raw data for analysis with the help of surveys, sales logs, and social media. Market intelligence services concentrate on specific classes of customers, including geographic and demographic segments. All this information can help in the analysis of a business in a much better way. Market intelligence services also take into account questions like what strategies are adopted by the competitors and which market strategy is bearing fruits.
#3. What Business Questions Can Market Intelligence Answer?
Market intelligence can answer a variety of important business questions such as:
- What are the strengths and weaknesses of our competitors?
- Is there intense competition in the market?
- What is the optimal price point for different products or services?
- What are the primary drivers of value in the market?
Market intelligence has the potential to answer all these kinds of strategic questions because it fetches data from multiple sources including primary and secondary sources. This provides a proper context and creates a more balanced and accurate view of the whole market. Want more information on how your business can benefit by leveraging our solutions? You’re just a click away – Request a free proposal now!
#4. What Are Best Performing Softwares?
Here is the list of some best performing market intelligence services software that every business must know:
#5. What Are the Advantages?
Better actionable data view
Enrichment of data
Improvements in process efficiency
Concentration on agility
To know more about our market intelligence solutions, request more info from our experts.