Competitive advantage is vital when it comes to managing organizations in today’s economy. The ability to stay ahead of other companies requires knowledge of the market. This entails a good understanding of the target market and your competitors. Knowing the state of the market can help companies to avoid losses when investing. It also allows the company to expand with caution and realize its goals.
Market -Intelligence is relevant data or information that an organization uses in decision-making. The data is first analyzed and thereafter used in decision-making. Consumer behavior, product information, and competition are the major focus of this data. It can also be a good measure of the effectiveness of their marketing.
Main questions answered by market -intelligence include:
- What is the position of the company in the market?
- Who is the target market, and what do they want?
- What are the challenges that the company may face in the future?
- What should you add to your product variety?
Importance of Market Intelligence
- Quality control
Customer reviews can help organizations gain insight into the quality of their products. Good reviews help brands to realize what customers are happy about their products. Negative reviews can help brands recognize areas that need improvement. This allows brands to maintain and improve the quality of products and services.
- Updating product portfolio
Market knowledge helps companies realize goods that are high in demand. Sometimes their supply is not met in the market, thus creating an investment opportunity. Companies are then able to update their portfolio to meet the demand. This allows the brand to gain customers and popularity, leading to high profit margins.
- Strategizing
Having the required market -intelligence can ease your strategizing process. Knowing what you need to address will help you set specific goals. This allows the company to save time by dealing with priorities. It also reduces the cost of accomplishing tasks. This increases the productivity of the company.
Tools Used to Gather Market Intelligence
Using the right tools can help you with credibility and reliability. Some of the market intelligence tools available include:
- NetBase Quid – this is one of the best platforms to consider. Using it allows you to connect with the consumers and get a view of the market. It also allows you to understand your competitors. By use of artificial intelligence, the platform analyses data from different sources. It makes an accurate market analysis that enables brands to be competitive enough. Brands are therefore able to make quick, reliable decisions using the data.
- Surveys – doing surveys can also be helpful when trying to determine market intelligence. It involves using a set of questions to get information from the target market. Online surveys tend to reach a higher number of people. This allows the brand to get reliable results and get results faster. The use of the online platform also proves to be affordable compared to other survey methods. Other survey methods can include in-person surveys and telephone surveys.
- Field Trials – this allows companies to test their products in the market. They also get an insight into how consumers are relating to their products. New product testing can also be done through field trials.
How Can Brands Use These Tools in Their Operations?
Brands should carry out surveys occasionally to determine their position in the market. They should use the tools to try to gain a competitive advantage if they are not popular enough. They can also use the tools to guide them when investing in new products. This will allow them to avoid losses in the long run. They can also use the tools mentioned above to maintain customers. Brands can keep existing customers by making sure that they are well conversant with their demands.
Market intelligence is vital in setting long-term goals in the organization. Every brand should use this opportunity to gain a competitive advantage.