Market Intelligence to boost your results
Understand what Market Intelligence is and how data collection and analysis can leverage your company!
Strategic planning and management are fundamental for the sustainable growth of a company. Executed in the right way, they allow the calibration of existing activities and the consequent movement towards the best practices and results.
However, many companies find themselves unable to maintain such processes on a daily basis, since both depend on good data collection and analysis to guide strategies based on statistics and reasoned inferences.
For this reason, we explain how Market Intelligence relies on the data-driven vision to structure actions that drive the company to achieve its goals and how you can apply this strategy in your business.
What is Market Intelligence?
Market Intelligence is the strategy of collecting and analyzing data about the market in which an organization operates or intends to operate, with the ultimate goal of determining weaknesses, strengths, opportunities, threats (SWOT analysis) and generating competitive advantages.
In general, Market Intelligence is used as a basis for the company to review its current strategies and actions, redesign them according to the insights about the market, and monitor the results as the market evolves.
Why is Market Intelligence important for your company?
Market Intelligence is important for the vast majority of a company's processes and activities. Besides competitive advantage, this strategy brings other benefits, such as:
- Holistic view of the market
- Relevant insights, which can be used in several projects
- Increased efficiency and productivity
- Risk reduction
- Understanding of consumer needs
Market Intelligence x Business Intelligence
Both strategies deal with data collection and analysis to guide companies towards the best actions, but they have some differences.
While Business Intelligence focuses on internal issues and aspects, Market Intelligence provides a holistic view of the company and the market segment in which it operates.
How to apply this strategy in a company?
Before putting Market Intelligence into practice, a company must ensure it has the technology to collect, store, process and analyze data in the right way.
It also needs qualified teams that allow strategy and evolution of each of the processes to work. Besides the Marketing team itself, some other teams can be essential for Market Intelligence, such as: Research and Development, Data Analytics, Information Technology and even Business Intelligence.
Do you want to implement Market Intelligence in your company, but don't know how and where to start? Indico offers solutions that range from data management to the structuring of strategic planning and action plans. Contact us and tell us about your challenge, so that we can transform your business!