What Are Market Intelligence Best Practices

Market intelligence involves investigating consumer behaviour and trends to make informed decisions about product and service offerings. It is important for running a successful business. However, it can be difficult to know where to start gathering market intelligence data.

In this article, we’ll discuss some market intelligence best practices for conducting research. We’ll provide a step-by-step guide on how to gather the information you need to make informed decisions.

Best practice on how to use market intelligence

To gather market intelligence, you can follow certain market intelligence techniques. 

Market intelligence is an essential tool for any business. By understanding what customers want, how they behave, and what new trends are emerging, businesses can make better decisions about marketing and product development. Here are four tips for using market intelligence effectively:

• Use market intelligence to guide marketing strategy

Marketing campaigns should be based on data gleaned from market research. By understanding which products or services are selling well and why, businesses can create more effective campaigns that resonate with customers.

• Use market intelligence to make better product decisions.

Businesses should also use market intelligence to make decisions about product development. By understanding what consumers want, companies can create relevant products that meet competitive standards.

• Use market intelligence to predict trends.

Trends in the market can provide valuable information about future consumer behaviour. By monitoring trends closely, businesses can anticipate and prepare for changes before they happen. They can adjust their marketing strategies or product development to sustain changing market trends.

• Use market intelligence to monitor competitors.

By understanding how their competitors are performing, businesses can identify areas in which they need to update their offering or marketing strategy. Market intelligence helps them make better decisions about their marketing and product development. 

How to use market intelligence- Case studies

Businesses must use market intelligence to stay informed about what is happening in their industry. By understanding customer trends, competitor moves, and new opportunities, businesses can create innovative products and services that stand out from the pack.

Here are three case studies detailing how market intelligence helped businesses achieve success.

• Salvation Army used market intelligence to trounce competition.

Salvation Army is a religious charity that helps the poor and needy. For years, it struggled against competition from other nonprofits who provide similar services. In pursuit of market intelligence, Salvation Army hired a research firm to study its competition. The research revealed that the nonprofits were not reaching as many people as they could because they were not marketing their services effectively. Using this information, Salvation Army shifted its marketing strategy and boosted its donations by 50%. Today, it is one of the largest nonprofit charities in the world.

• Walmart used market intelligence to dominate its industry.

Walmart is one of the largest retailers in the world and has been able to dominate its industry by using market intelligence. It knows which products are popular among consumers and which promotions work best for sales. It also knows which brands are more popular and where to put its stores to reach maximum customers. As a result, Walmart is able to keep its prices low and provide customers with an extensive selection of products.

• Coca-Cola used market intelligence to anticipate trends and win new customers.

Coca-Cola is one of the world’s most iconic brands. For decades, it has used market intelligence to anticipate trends and win new customers. For example, Coca-Cola knows that young people are increasingly health-conscious, so it created healthy drinks such as Honest Tea and Odwalla. It also knows that Americans are increasingly interested in tasting different types of flavours, so it introduced Coco-Puffs and Sprite Zero. The understanding of customer trends helped Coca-Cola stay ahead of the competition and maintain top position in the beverage industry.

Market intelligence analysis

Analysis of the research can be tracked by looking for these top items:

• Competitive Intelligence: This type of market intelligence data sources may include tracking competitors or analysing their websites or social media pages to gain insight into what they are doing and if there is any room for new developments on your part. This type of intelligence lead can help determine your positioning in the market and the business strategies that you should follow.
• Channel Analysis: Channel analysis includes research done on different channels such as email, social media, telephone, direct mail, etc., to gather additional information on how your target audience uses them. Different industries have different methods to communicate with customers. You must know what channels your competitors use to keep your analysis up-to-date.
• Competitor Analysis: When there is competition in the marketplace, this type of research helps determine the strengths and weaknesses of your competitors’ offerings compared to yours. Having a direct competitor for business (and potentially for sale) can lead you down a number of different paths, and channel analysis can help you find out which ones are most effective for your business.
• Record Keeping: The best practices for keeping market intelligence records depend on the organisation’s needs and level of sophistication. Common elements include tracking what is being communicated to decision-makers, tracking trends, and analysing data regularly.

Another important consideration is whether the market intelligence should be kept in-house or shared with external partners. In-house market intelligence resources can be valuable for spotting trends before competitors do and for developing custom research products that can help win new business. However, sharing proprietary information can help partners better understand a company’s competitive landscape and give them insights they may not be able to find on their own. Ultimately, it’s important to weigh the benefits of keeping market intelligence information internal versus sharing it with external partners.

Types of Market Intelligence

There are many types of market intelligence, and each can be used to better understand customers, competitors, and the marketplace at large. Some common types of market intelligence include surveys, focus groups, market analysis reports, and customer interviews.

• Surveys: Surveys are a quick and easy way to collect information from a large number of people. They can be sent electronically or through postal mail, and they are often inexpensive to conduct. A survey can also be customised to get the most accurate information possible.
• Focus Groups: A focus group is similar to a survey in that it allows you to collect information from a large number of people. However, a focus group is designed specifically for gathering feedback on a specific issue or product. This type of market intelligence is valuable because it allows businesses to hear from customers directly about their experiences with a product or service.
• Market Analysis Reports: A market analysis report is a detailed look at a specific industry or sector. It can provide businesses with insights into current trends, customer needs, and competition. Market analysis reports are often used by businesses to better understand their own markets and how they stack up against their competitors.
• Customer Interviews: Customer interviews are one of the most important types of market intelligence. They allow businesses to hear directly from their customers about their needs and perceptions of a product or service. This type of market intelligence is invaluable because it allows businesses to understand how their customers think and behave.

Best Practice to Conduct Market Intelligence Research

When following market intelligence best practices, it is important to have a clear objective and plan for what you want to learn. There are a few key steps that can help with this:

• Know the customer segment you are researching.

Understanding who your target customers are will help you understand what they are looking for and how they interact with your product or service.

• Get feedback from potential customers.

Don’t rely on intuition alone; get feedback from potential customers in order to validate or invalidate your assumptions and findings. This can be done through surveys, focus groups, interviews, or even observation.

• Conduct competitive research.

As mentioned earlier, understanding your competition will help you determine what areas of your business they are focusing on and how you can improve upon them. Additionally, it can give you insights into pricing strategies and customer acquisition methods that may be effective for you.

Conclusion

Today’s business world is constantly changing, and it’s important that you stay up to date on the latest trends and best practices. Fortunately, there are plenty of resources out there that can help you learn what works and what doesn’t in the marketing world. Use these resources to develop a smarter marketing strategy for your business, and watch your profits soar!