A Quick Guide to Everything You Need to Know About Market Intelligence Services
As the market is becoming increasingly competitive, it has become imperative for businesses to keep a constant watch on their competitor strategies and other changing trends in the market. Traditionally, this process was termed as market intelligence. However, today the scope of market intelligence has proliferated to include comprehensive analysis and analytics that can help [...]
As the market is becoming increasingly competitive, it has become imperative for businesses to keep a constant watch on their competitor strategies and other changing trends in the market. Traditionally, this process was termed as market intelligence. However, today the scope of market intelligence has proliferated to include comprehensive analysis and analytics that can help revamp business models and projections to suit current business requirements.
In this blog, market intelligence experts answer some of the frequently asked questions about market intelligence services.
What is market intelligence?
Market intelligence services involve process of using multiple sources of information to gain a broader picture of a company’s existing market including their customer profiles, business challenges, the growth potential for a new product/service launch, and the key competitor strategies. By leveraging market intelligence services, companies can not only understand and meet their customer needs better than their competitors, but it also helps companies determine their internal goals.
Market intelligence services vs market research: what’s the difference?
Although the market intelligence services and market research are used interchangeably, there is a fundamental difference between the two. While market research solutions describe what is occurring as it occurs so that companies can react tactically, market intelligence services provide situational insights and interpretations so that companies can strategize on their next move. Strategic market intelligence services provide information relevant to a company’s markets, gathered and analyzed specifically for the purpose of accurate and confident decision-making. It is also highly useful in determining strategy in areas including market opportunity, market penetration strategy, and market development. Market research involves research relating to the size, location, and other essential elements of a product market.
What are the most effective ways to gather market intelligence?
Companies across industries are engaging in strategies to effectively outdo one another. Market intelligence services play a crucial role in keeping an enterprise on the top. Without adequate market intelligence, decision makers will be incapable of better decision-making or altering existing business strategies. Here are some of the best ways in which companies can gather market intelligence:
Information from the sales teams
The sales teams interact maximum with the customers. As such, they can give accurate and up-to-date information relating to customer needs and what improvements need to be made to the company’s products or services. This feedback is more realistic and practical than undertaking external research.
Feedback from channel partners
In the case of product expansion or the sale of a new product, the best source of market intelligence is to gather feedback from the company’s channel partners. Channel partners can reveal data relating to which products will sell better in the market, which products can be ready to stock, and which product should the enterprise focus on next. Market intelligence services can help in suggesting improvements in the company’s current marketing strategies.
Competitors’ channel partners
Reliable market intelligence services provide data relating to competitor strategies. Companies can gather this data by interacting with the sales representatives or channel partners of competitors in the industry. Market intelligence services providers like Infiniti Research can help your company become better equipped to make decisions based on data and then implement winning strategies.
Use social media
Social media monitoring can be used to understand what customers think of a product and whether their expectations are being met or not. Brand monitoring on social media platforms will also help companies understand what customers are talking about the company.
Learn how Infiniti’s solutions for market intelligence services can help you drive better business growth.