Market intelligence is the knowledge that an organization obtains concerning its target market. The information helps the company to understand factors like market opportunities, saturation, segmentation, and the available metrics. Through such intelligence, organizations can have an overview of how the market is fairing, and they can gather their competitor’s intelligence, helping them boost their profit margins.
A company like NetBase offers other organizations services on market intelligence. NetBase provides timely information about social media networks, which is vital for the growth of any company. The organization targets leading institutions across the globe. Its customers comprise American Airlines, JD Power & Associates, and Forrester, among many others.
Elements of Market Intelligence
The intelligence about a market exists in three main fragments that a company can employ. Each of the elements works towards providing up-to-date information for an organization to plan its next moves. They include;
Intelligence about particular products involves collecting information concerning competitor merchandise or identical products. For instance, a telecommunication company may want to gather information about its competitor’s prices.
If the other company reduces their prices, it may mean that they want to introduce another product. With such intelligence, the organization knows the right time to launch its new model relevant prices.
Competitor intelligence is the art of gathering your rival’s information. The method should adhere to ethical regulations that include the use of public records or government databases. For instance, Japanese automotive institutions used the approach to obtain information on the US market. That way, they understood the impact of fuel-efficient vehicles and the value of high quality.
There are various ways you can understand the state of the market, which includes knowing the market volume, market share, targets, and trends. By having accurate information about the market and its demands, you can boost your revenue significantly.
Approaches of Intelligence that a Company May Apply
Market research is a broad topic, where companies can use several options to gather information about the market. The use of surveys is one of the methods that many businesses prefer when gathering intelligence. The option allows you to find out what customers think about the market by asking questions.
You can conduct surveys in several ways, including online interactions, in-person interviews, and telephone opinion polls. Through the options, you can understand how your competitors are doing and judge the market status, which helps you strategize on your next approach.
Competitive Intelligence Tools in the Market
For any business to thrive in modern days, it must prioritize several factors at the strategy level. Market intelligence is not only a rewarding ingredient, but it is also the best approach to fuel your business’ operations. Several intelligence tools are available to help organizations understand the status of the market. Here are some of the most popular options.
Facts About Crunchbase
Crunchbase is a robust intelligence tool that combines company data related to leadership, funding, and investment, among others. It gathers information about a particular industry with some help from its business networks, secondary contributors, and internal agents that employ machine-learning innovation.
The tool helps by providing viable information about several market aspects. Such include investments, market inclinations, and details about international organizations. It is a reliable partner to boost a company’s competitive intelligence.
How Visualping Works
Visualizing is a tool that allows companies to get alerts anytime their competitors make changes on their websites. That way, you can get the revelation about your competitor’s strategy. The list of intelligence tools includes other voluminous options that comprise SimilarWeb, SpyFu, Moat, Google alerts, and SEMRUSH.
Market intelligence is one of the most critical pillars for any business. Companies can improve their productivity by understanding how the market looks like based on their competitor’s operations.