Importance of Market Intelligence for Marketers
Market Intelligence is the process of capturing information about the market relevant to the business niche. It is a comprehensive approach of understanding the market in a better way. The steps involve collecting, gathering and analyzing the information of the market segment. In a broader sense market intelligence relates to four important activities, which are – market analysis, product intelligence, competitor intelligence and market research. Market Intelligence greatly affects the decision making of the businesses and it holds great significance for the marketers. Some of the reasons why MI is important for marketers are discussed below:
- Understand the market in a better way
No matter, if you are a new business or a well established organization, knowing the existing market condition and understanding the consumer’s sentiment and behavior is the key to be successful in the long run. With market intelligence services, marketers would be in a better position to formulate business strategies that appeals to the customers.
- Identify new business opportunities
One of the major business objectives of any marketer is to increase their sales. With the right analysis of the market, you would get an insight about the competitors and this in turn would open doors to new business opportunities. Promoting a new product in the market that satisfies the need of the customer will not only give the marketers a chance to increase their sales but also raise their margin levels.
- Know the competitors moves beforehand
In the business area, beating the competition is half the battle won. The market intelligence that focuses on studying the competitors move will provide you details of the strategies adopted by the competition. This will allow you to detect the affect of the competitors move on your business early on and provide you sufficient amount of time to react to the situation and take counter measure. Losing your customers to the competitors can greatly affect your business prospects and retaining them can be a mammoth task. Market intelligence would not only allow you to get rid of these hassles but also put in a advantageous position to take the competitors head on and beat them.
- Reduce investment risk
The only thing that remains constant in the business world is that it changes on a consistent basis at different levels. The rules and regulations, mergers and acquisitions, natural phenomenon can significantly impact the market. With good market intelligence marketers can quickly detect these risks and invest meticulously so as to get valuable returns from it.
- Interact with the customers in a better way
Having a good customer base is the key to succeed in the business. Maintaining a good relationship with them is pivotal to keep their interest and win their loyalty. A chain of satisfied customers is one of the crucial factors that drive the business forward. The market intelligence provides the marketers’ valuable information about the likes and dislikes of the customer and thereby allows them to interact in a way that is appreciated by them.