Collecting data that are relevant to a company like customers, competitors, potential for a product, market value and giving insights to a business is called market intelligence. Market intelligence research along with data analysis can help in developing the business model. Strategic business solutions on marketing and market decisions can help maintain the business.
The framework and model for businesses can be customised based on the financial and management sectors of every business. These are classified under the following process:
This is the first step in market intelligence research. The data and information in particular to the required sector is collected. Nearly 80% of the data lies internally within the organisation. They rely on customers, suppliers and other providers for market data.
The data or information collected is categorised as per the area of interest to deal with. This is required as the data is subjected to incompleteness, redundancy and might be false. Good data quality is maintained so as to not lose any revenue or fail.
In this third step, the data is validated and processed into readable information and can be extracted as an excel, spread sheet or any required data form. It is aligned as per the business strategy.
In the last and final step, the intelligence of a data organisation communicates the data with experts who look after the market intelligence closely.
Different types of Market Intelligence
On a ground level, market intelligence research is divided into various types. Below are the key types of Market Intelligence:
- Competitor Intelligence
Collecting and gathering information about the competitors to understand their work pattern, products, customer and employee approaches is called competitor intelligence. These data are ethically collected as per the norms of The Society of Strategic and Competitive Intelligence Professionals (SCIP). Government data is also a part of it. Knowing whether the competitor is direct or indirect, their sales, revenue is all a part of competitive intelligence.
- Customer Intelligence
The process of collecting information related to business customers is called customer intelligence. Preferences, likes and dislikes, perception, mindset and emotional behaviour of a customer is analysed. This is likely to vary based on the demographic and geological behaviours. They include sharing customers’ revenue, areas of interest, hobbies, leisure activities, literacy rate, occupation, age group marital status etc.
- Product Intelligence
In product intelligence, own products and other products available in the market are analysed. Best price value that can be fixed, customers choices, mode of distribution and decisions on how to make the product reach customers is all done here.
- Social media Intelligence
Social media is playing an important role in today’s business decisions. It can be a product review or a company‘s profile as most customers immediately search for it in social media. Business can analyse the business opportunities that they are missing out on through social media intelligence. Customers’ satisfaction and value towards the brand and emotions are known here.
- Geopolitical Intelligence
Using geopolitical intelligence and knowing the religion, culture, tradition, language, law and other customs and practices in any particular region or globally on the whole are all the insights that can be collected from the market. Global enterprises and multinational companies have a lot of attractive benefits out of geopolitical intelligence. Business regulations, GDP political strategies and status are known through geopolitical intelligence.