What is Market Intelligence?
Market Intelligence is the gathering and analyzing of information relevant to a company’s external environment, and is often part of the company’s strategic planning function.
It refers to procedures, skills, applications, tools and practices used to support decision-making.
Many businesses use the terms “Market Intelligence” and “Market Research” in the same context. However, the term “Market Intelligence” is much broader and is usually defined as a complete and continuing awareness of all facets of a marketplace.
It covers how businesses use current sources of information to comprehend what is happening in their markets, what problems exist and where the opportunities exist. It centers mainly on clients, rival companies, market trends, customer spending and suppliers.
Marketing Research, however, is one of the four cornerstones of Market Intelligence, the other three being Product Intelligence, Competitive Intelligence, and Market Analysis.
Market Intelligence is important because it can help companies to identify new trends before competitors can do so.
It also gives early warning of competitors’ moves, enabling companies to put counter moves in place. Finally, it can help support decision making by determining trends and threats in advance. Any company that provides market research services should also be able to compile a market intelligence portfolio.
Other possible applications for Market Intelligence include finding new suppliers, managing risk improving knowledge of existing suppliers’ capabilities and learning of countries where good suppliers are located.
Highly trained skills and knowledge of the technical aspects of market intelligence can mean Competitive Advantage.
At SIS, we help “connect the dots” to make sense of complex markets. We provide highly skilled market intelligence teams, experience, best practices and tools to help our clients achieve their strategic objectives.
As a world class Market Intelligence company, we provide value with our global data and field resources, analytical processes and skills, our technology systems and access to top management.