Market Intelligence is considered one of the essential tools for market metrics. Market intelligence keeps businesses updated on the market and in perfect working order to compete in the market effectively. One of the challenges that companies face and have to deal with every day is how to cope with the ever-changing business environment. Having solid market intelligence assists brands in maintaining the pace with the industry and outshining their competition. Market intelligence is crucial in assisting brands in grabbing opportunities or what gets referred to as emerging opportunities. What brings out the difference between brands is the ability of individual brands to prepare themselves in readiness to capture and act upon the insights provided by the industry intelligence.
Any business that aims at exploiting the benefits of industry intelligence must understand what this insight is to a company and what is not for them to achieve the desired success. Most brands usually waste their time and resources in efforts that typically have little or no returns to the company. Some fundamentals form the basis of industry intelligence, and any aspiring brand to benefit from this insight must align themselves to or follow strictly. Some of these efforts gets characterized by the following factors;
First, it is essential and worthy noting that any brand focusing on achieving optimal value from intelligence must first practice practical consumer experience intelligence. Secondly, it’s essentially critical for brands to conduct product intelligence in their first phase of introducing a new brand into the market. Lastly, the most important aspect of industry intelligence is that brands and companies must be aware of the competition in the market. Therefore, conducting market competition intelligence is mandatory.
It is worth noting that some industry and market statistics characterize what market intelligence and these statistics guide any brand that aspires to enter into a specific market to prepare adequately on the strategy to approach in such a situation.
First, with market intelligence in place, brands are usually faced in a situation where decision-making is approximately five times faster for businesses using data analytics combined with industry intelligence. Secondly, when it comes to revenue generation, it has been proven that organizations that rely on data and regularly update their competitor intelligence end have had a positive impact on their revenue. Usually, it is estimated to be two times higher than that projected by their competition, either yearly or quarterly. A considerable percentage of consumers, estimated to be about 40 percent, usually drop their favorite consumer on a single incidence of a bad experience.
Therefore, you might get concerned about what it means when one mentions intelligence in the market. In the short term, it refers to a situation whereby a brand decides to monitor all relevant sources for data regarding their competition and integrate these insights with their consumer aggregator for analysis. What is very important out of the entire exercise are the trends and in-depth ideas that arise out of the study from the data collected about a specific market.
The next phase after data analysis is integrating the cleaned data with other technologies such as artificial intelligence that can extract actionable data that are accurate and offer insights that are strategic to a specific enterprise. The difference between the Fortune 500 companies and other ordinary enterprises is how they react and use the data they collect regarding the market. The majority of fortune 500 colonies rely on data to make most of the decisions daily.
Don’t make the mistake that most enterprises make of sampling various random datasets and hoping to get strategic insights from this data. The lazy approach to industry intelligence will cost you valuable time and resources, and you will not achieve the desired results out of the entire exercise.