“Marketing is becoming a battle based more on information than sales power – Philips Kotler”. The rising competitiveness in the business environment today has forced several businesses to keep alert and see what’s constantly happening in their environment so as to keep ahead of their competitors. This is precisely what Market Intelligence is all about. As its name suggests, it is simply the intelligence about a business’s particular market. Though broadly used, the term Market Intelligence is often misinterpreted and made to seem like a complex and mysterious art requiring high-level detective work.
Breaking this further, Market Intelligence takes a form of collecting and analysisng relevant information about the company’s market environment to support decision making. The information collected may include geographic location of a business and its competitors, the particular demographics of a consumer base, purchasing patterns of consumers or their tastes and preferences.
More benefits to undertaking Market intelligence include;
- Pursue new market, or expand presence in a market with confidence.
- Reduce the risk of an investment decision being wrong
- Market leadership, obtain first-mover advantage over competitors
- Offer clients what they need, grow market share
- Set and sustain a distinctive corporate identity
- Customise marketing effort around customer needs
How then do we go about Market Intelligence? Number 1; leverage technology. Businesses now operate in a world in which information is more readily and publicly available than ever before. Information on market trends, legislation, customers, suppliers, competitors, distributors, product development and almost every other conceivable topic is available at the click of a mouse. Search engines, online libraries, company websites and other sources provide information in an increasingly plentiful, easy to find, and easy to digest way. Next, you can design a simple tool and solicit responses from both clients and non-clients.
By Brian Ahabwe Kakuru
Brian is an entrepreneur and business advisor. He is also the Managing Director at BLEGSCOPE®, and has close to 15 years of business advisory experience notably in the financial services, manufacturing, tourism and hospitality, real estate, infrastructure, and agriculture among others. You can follow him on twitter >> @BrianAhabweK