Market intelligence is the gathering and analysing of data and information about the relevant market. Market intelligence can involve market research, but where market research aims to address a specific business problem, market intelligence’s goal is a more holistic understanding of the market.
Why gather market intelligence?
The crux of market intelligence is insights that can drive strategic business decisions. It helps you understand customer wants and needs, industry trends, and market gaps that you could address.
You might worry that market intelligence doesn’t lead to immediate results and revenue growth. But for any business interested in long-term, sustainable growth, market intelligence is a must-have.
What can market intelligence tell you?
Market intelligence can keep you informed on the state of your market. You can learn about competitor activities, monitor patterns, spot changes in the market, and capture early signs of market change so that you can act accordingly.
How to gather market intelligence
Like with any research process, you must first set a clear goal and define your metrics. Otherwise, any information could be sitting in a vacuum, without the context you need. After that, you need to conduct the research/fieldwork step in the process, before finally interpreting, analysing, and understanding the information. Then you can make informed decisions and take action.
- Set clear goals
- Define metrics
- Run data collection/fieldwork
- Analyse data and build intelligence
- Take action
[I can make one of these with Lucid, or Ja could throw something together in InDesign if there’s room on her plate]
The difference between market research and market intelligence
Businesses conduct market intelligence for an ongoing understanding of their market and their consumers.
This is how market intelligence is different from market research.
Market research is project-based, and will answer specific questions at a specific point in time. Market intelligence is an ongoing process to have a holistic view of the market. It is a commitment to understanding the relevant consumer to position your business for success.
To begin building your market intelligence, book a free 30-minute consultation with Agile Market Intelligence and learn how to ask the right questions to get the answers you need.
