Market Intelligence Market Research

Market Intelligence Market Research

What is Market Intelligence?

Market intelligence uses data to study the market in which a firm operates. It covers areas like target audience, consumer behavior, and products/services. The four main pillars are competitors, products, customers, and market/industry info. Data-driven decision-making can occur when a firm know these four pillars. It also leads to the growth of a company. All businesses aim for profits and change to survive.

Why is Market Intelligence Important?

A detailed study of the market allows firms to come up with better products/services. Good decision-making is also a benefit. Problem-solving stems from market intelligence. It is critical in business. It also gives insight into the target group that is best for business. Knowing this group is of great importance. Why? Because knowing who will be most likely to buy from your business saves time and money. Some other benefits include:

  • Allows businesses to compare to competitors
  • Assesses business position in the market
  • Allows for informed decision-making
  • Offers insight into the ability for growth
  • Aids in crafting new products and services needed by customers
  • Reduces investment losses

Key Job Titles

The field involves many career paths. Producing the required reports calls for different areas to come together. A degree in market research is common within this field. Other degree areas are stats, economics, communications, computer science, business admin, and social sciences.

Some specific job titles are:

  • Market Researcher
  • Market Intelligence Specialist
  • Analysts: Market research/ business/ data/ customer/ financial/ computer systems analyst
  • Data Scientists
  • Data Engineers

Why Businesses Need Market Intelligence

The simple answer is that your firm needs this metric to grow. In-depth knowledge of the market enables leaders to make smart decisions. It also caters to the current business climate. Another benefit is that it boosts profits due to greater knowledge of the customers and market. It can also lead business owners to tailor their systems to customers’ needs. Customers are more likely to stick with a business that looks after their wants and needs. In addition, Market intelligence leads companies to produce. Companies can also compete better, which leads to growth within an industry.

Key Success Factors

For a business to make correct use of this metric, it needs expert advice. The advisors can be employees or private consultants. There are also a lot of tools and software to help with record-keeping data-analysis. The goal is to answer questions about the market. Once the company has the answers, it supports profits, growth, and staying power. These questions can be about consumer behavior, buying patterns, and how the company uses its resources. It also includes questions about the target audience and pricing. Once MI answers the question the business is asking, then it has succeeded.

About Market Intelligence

Market Intelligence uses many types of analysis to get a full picture of the market. Qualitative research involves methods that give deep insight into what you’re studying. In contrast, Quantitative Research relies on figures and numbers. The metric also uses Strategy Research. These research methods answer questions specific to the market. Research can also take the form of interviews, surveys, focus groups, and field trials.
Doing research can be time-consuming, but the results are worth it.