Market Intelligence
From Wikipedia, the free encyclopedia
Market Intelligence (MI) – information relevant to a company’s markets, gathered and analyzed specifically for the purpose of accurate and confident decision making in determining market opportunity, market penetration strategy, and new market development metrics.
Organisationally, Market Intelligence may be the name of the department that performs both the market intelligence and competitor analysis roles. Competitive Intelligence describes the broader discipline of researching, analyzing and forumlating data and information from the entire competitive environment of any organization. Business Intelligence of any kind may also be responsible, in tandem with (or solely performed in) the Finance department, for measuring market share and setting growth targets, the Mergers & Acquisition group for exploring acquisition opportunities, Legal to protect the organization's assets or R&D for cross-company comparison of innovation trends and the discovery of opportunities through innovative differentiation.
What is Market & Competitive Intelligence?
Simple and short: everything an organization needs to know to take sound and quick decisions in Marketing & Sales. Or even more to the point: Know WHAT and HOW customers will decide tomorrow!
A more detailed definition for Market & Competitive Intelligence might be:
Market intelligence is the systematic process of gathering, analyzing, supplying and applying information (both qualitative and quantitative) about the external market environment.
Business and competitive intelligence simultaneously reflect and refine the company's understanding of its relationship to that external environment. Insights triggered through the market intelligence effort not only improve planning, decision-making, operations and performance, but also improve the clarity with which the voice of the customer is heard.
Why Market & Competitive Intelligence is important?
The short version first: if an organization wants to be close to the market it needs to fully understand it, including the roles that the competitors and customers play there.
An answer by clear benefits:
- Market and customer orientation – promote external focus
- Identification of new opportunities – e.g. identify new trends before our markets and competitors
- Early warning of competitor moves – enable counter measures
- Minimizing investment risks – detect threats and trends early on
- Better customer interaction – inherit intensified customer market view
- Better market selection & positioning – understand where your offer fits and discover untapped or under-served potential
- Quicker, more efficient and cost-effective information – avoid duplication of report acquisitions and expensive consultant work
