Running your own business is actually all about enhancing information and transforming it into key knowledge. That’s why it isn’t enough that you have the idea, you have to put that idea to use. Also, to put it in various resources to turn your idea into valuable knowledge that can be the base of your business. Marketing Intelligence (MI) is such tool that allows you to make business decisions easier, speedier, and more exact.
What’s Marketing Intelligence
MI is defined as the process of getting and researching information with the goal to understand the market (both existing and potential customers); to find out the present and future needs and preferences, behaviour of the market; and to analyse changes in the business environment that may affect the size and nature of the market later on.
This is a useful tool that furnishes a company with a clear perspective of a market by utilising existing sources of information to interpret what is going on in a marketplace, what the problems are and what the probable market potential is. This determines how the interaction between variables from manufacturers, communication channels, and buyers alter the efficacy of marketing intelligence. All this has a direct effect on the performance of the sales of a new product or service. The product is focal in a circle since it guides what info is collected and how.
Categories of Marketing Intelligence
- MI from External Data
This is typically collected through what’s called the desk research. Companies get tailored marketing intelligence reports from vendors, and then research the published information to create a picture of a market. In this way companies try and answer some particular business questions, for example, what is the market potential.
Key to effective desk research is the capacity to find sources of information and to provide the correct level of analysis. An example is recognising who your competitors are and investigating their market position against yours, to discover qualities and shortcomings and indicators of new developments.
- MI from Internal Data
Most of the marketing intelligence data can come from making best use of existing information. For example, by performing database analysis in orders taken, you can make out where you have cross-sale and up-sale opportunities. Furthermore, you can make out what kind of customers are your most profitable.
Database information is not by any means the only source of market information. Your website may also contain a high level of significant information about who is searching for your products and services. Site traffic research can help you decipher what customers are searching for and why.
We conclude that the key to flourishing in a competitive business environment is by remaining in front of the competition. It’s highly recommended to get tailored marketing intelligence reports and use it to make sound business decisions. At last, don’t disregard information about customers, markets and competitors that come from your employees. By making better use of this information can help organisations focus much more around what the customer needs and says.