In today’s competitive market scenario, competitive advantage is fleeting, and your ability to market and sell products becomes crucial for survival. If you can’t react to the ever-changing supplier and market dynamics, you’ll lose. That being said, there are many ERP tools that are available in the market, which will help you assess and organize data. But most of these tools are blind to external data. Their “inside-out” approach can leave companies on a backfoot when planning and executing business strategies. Now, however, with the advent of market intelligence, traditional models of assessing market potential are being turned on their heads.
At present, most businesses operate in a world where information is readily available at the click of a mouse. Thanks to the Internet, information on legislations, market trends, suppliers, and competitors is available in an easy to find and digestible way.
However, despite the easy availability of information on the Internet, most companies have started implementing tools and strategies that utilize market intelligence to gain real-time insights on suppliers, key competitors, and customers; thus, creating an “outside-in” perspective to create a competitive advantage. Market intelligence gives you a birds-eye view of potential markets, industries, suppliers, and relevant factors, and can open up new opportunities to give you more control over supply chain costs, availability, and reliability. No matter where it is applied, the impact of market intelligence is the same. It helps you make better business decisions, act faster than your peers, and react more efficiently to dynamic customers’ needs – making your supply chain and your business, more competitive.
Benefits of market intelligence:
Market intelligence and other associated business intelligence solutions help you to gain a holistic overview of the market and the key stakeholders. The insights offered will allow your strategy experts to develop marketing communication materials and customized products to help customers distinguish your brand from the competitors. Let’s have a look at some of the top benefits of market intelligence:
- Better view of actionable data: The adage, customer is king still holds true in today’s market scenario and everything we do impacts the customers. Businesses that have developed a single customer view are able to segment their customers based on value. Filtering and segregating the data into a single view and drawing conclusions has been the preserve of companies with the resources to hire analysts and complex technologies. But with the help of market intelligence, this is no longer the case.
- Improve customer retention capabilities: The sales team of your company may have worked extremely hard to bring in new business from your competitors, but they are always at the risk of being under attack from your competitors. Understanding their value to you and when they are likely to leave you would be extremely useful. Market intelligence can help you analyze the unstructured data and identify the crucial nuggets of information that are useful to you for retaining the customers.
- Boost upselling opportunities: Businesses that offer a wide array of products or services and have a lot of customers face this problem. How do you know which products to target for specific customer groups? This makes sales planning extremely difficult. However, market intelligence takes all of your data feeds, and product or service information into account and subsequently offers predictive upsell and retention strategies to spur sales.
- Improve process efficiency: Market intelligence improves operational efficiency by identifying process gaps, devising strategies to negate risks, and providing real-time updates. Market intelligence also drives consistency, reliability, and responsiveness across business operations.
- Focus on agility: Organizations that are agile in nature and respond quickly to the market changes gain a competitive advantage over their competitors. In certain cases, businesses can enjoy the first mover advantage, only if they have access to accurate and reliable insights, the right data, and an effective strategy in place.
To stay relevant in the competitive market landscape, chief marketing officers, or CMOs, need to glean more insights from customer data with the help of market intelligence. Given the competitive nature of most markets today, CMOs must peek beyond transactional data and add attitudinal data into the mix. Establishing a solid relationship with customers, interacting with them, and understanding their behavior are critical steps in gaining a 360-degree view.