You might be aware of what sales results, marketing campaigns or product initiatives are going place in your organization. However, have you ever wondered what product initiatives, sales results or marketing campaigns are going place outside your organization?
Internal analytics rely on operational data or internal financial. Generally, the main purpose of internal analytics is to make smart decisions in business. On the other side, external analytics rely on market conditions, which include supply chain, competition, and regulation - are ignored often in the organization. This market intelligence information is significant in today’s business organization.
So, what is market intelligence? It is information associated with a company’s environment, which includes their partners, customers, thought leaders, and competitors. In other words, it is information important to a company’s markets, collected and examined particularly for the motive of confident and accurate decision-making in analyzing strategy in various areas, which include market development, market opportunity, and market penetration plan.
Market intelligence incorporates the procedure of collecting information from the organization’s external environment. On the other side, business intelligence procedure mainly depends on internal events, which include shipments, sales, and purchases. The motive of integrating market information into the business intelligence procedure is to give decision-makers a clearer picture of currently going corporate performance in given market situations or conditions.
Successful market intelligence requires correct market information that is collected with the right methods and tools. To collect information, a business can conduct interviews, surveys and track competitor’s outlet or collect and purchase data from various sources.
What Role Do Consultants Play in Business?
There is always time come when businesses require for outside consulting. It may be because of the market information you want or to have some idea about the techniques and strategies that don’t exist in your business. Happily, consultants can offer solutions for a wide range of business issues.
Generally, a consultant, you will bring in your business work with you on planning, strategy and problem-solving. In fact, consultants will aid you in developing a business skill. Plus, they help business on how to create a business model, determining marketing trends or techniques businesses have to use and how to use all techniques effectively.
Consultants have the right expertise.
Consultants you will hire can identify problems in business more effectively.
Consultants offer much-needed objectivity as they are more qualified to detect a problem.
Consultants can bring a new life to your business.
Consultants can help you to develop your business marketing plans and strategies.
Consultants can provide you with a wide range of ideas from practical experiences.
Modern Marketing Intelligence
There is no doubt that a consultant can help you in many ways to make the right and correct decision in your business. Your consultant can provide you with information about what is going in the market. However, more and more today markets are becoming digitized and there is also an introduction of digital tools in the market intelligence field. With advancement to technology, more and more businesses prefer to rely on technology instead of person i.e. consultant.
Today, business seeks one centralized platform where all information and stakeholders can easily access to the correct information in order to make accurate and smart decisions. According to the MI trends survey and many interviews, with various companies, efficient and powerful market intelligence tool have these essential things:
It always keeps a close eye on all ongoing changes and trends in the market.
It always ready to give ad hoc insights to stakeholders. However, it makes analysis for an ongoing process.
A market intelligence tool doesn’t be frightened to include automation programs in collecting the information. However, there will still need human intervention for insight dissemination and analysis.
Big data will probably be a big game-changer for market intelligence in the future. However, information should not be gathered for purpose of having information. Remember that more does not mean more always.
It should include three E’s rule i.e. experience, education, and exposure, that all provide a guideline for career development.
It must understand the requirements behind the stakeholders’ requests and it should be one step ahead.
It should provide straight answers to questions and don’t overproduce information to simple requests.
MP program having networking skills with consultative skills is great.
MI programs can be incorporated with other organization units.
Why is Market Intelligence so Important for a Business to Grow and Succeed?
Undeniably, market intelligence has the capability to lead both tactical and strategic actions, and also, it includes both qualitative and quantitative impact on an organization. Amazingly, every employee in the organization can have an advantage from market intelligence i.e. from product to marketing to sales to the leaders to every employee in between.
The sales team can gain a competitive edge by fully understanding the weaknesses and strengths of competitors. In fact, the team can learn market and customer trends in order to generate the best results.
Marketers can enhance their campaigns and all it can do by setting apart from others in the industry or market and also, by learning ultimate practices.
Product markers have to deal with many things and in fact, they should have a deep understanding of customers and market, and that can’t be feasible without incorporating MI.
Product managers can develop differentiated products, which can really solve all needs of customers. All this can possible by leveraging MI or market intelligence for more precise information on the current and future state in the market.
Executive leadership can have many benefits from market intelligence. They can navigate around risks identified by Market Intelligence. This will help them to maintain and lead the company from all threats.
So, Market Intelligence plays an essential role in the success of any business. If you also want to move your business to the next level, reach out to a trusted consultant to help. Check out Concero Consulting HERE.