What you should know about Market Intelligenceadmin_global
Let’s talk about market intelligence:
It is common to see the technical directors of different sports disciplines investigating their contender before a match and from that information they build their game strategies.
At the business level it works the same, the difference is that it is difficult to investigate all the contenders because in this case the competition is not only face to face but the competitors are innumerable and are anywhere because of globalization.
The mission of managers is to have as much information as possible for decision-making and this can only be obtained through an information system that is constantly feeding in real time secured in an internal investigation team or a research agency .
¿What is Market Intelligence?:
There is a branch of marketing whose expertise covers the subject; it is Market Intelligence and it is technically defined as market knowledge through the permanent management of information flow to determine the behavior of companies and the trends where they are present.
We can also define the Market Intelligence as the knowledge of the behavior of the critical variables that define a target market.
It should be noted that the Market Intelligence covers three aspects namely: business intelligence, competitive and market research. The first has to do with the information of the business itself. The second with the information of the competition which is final to position the company within the market and the third that includes the data of the end user or consumer.
¿How does it apply in the company?
Its use implies having a thorough knowledge of the methodologies for the extraction of information and the way in which it should be filtered in order to obtain information classified as Big Data, it can be applied by counting on a team destined for this purpose, with sufficient training or it can be delegated to a specialized market research agency that has this approach and can become a trusted ally.
¿What type of information does it contribute to a market intelligence information system ?:
Depending on the information that is required, there are different levels or layers that go from the general to the specific; For example, if our interest is to reach a new market in a new country, it is essential to start with information on the legal and regulatory aspects of the sector to which my commercial activity belongs, as well as the commercial legislation between countries that determines entry barriers. In the case of exports or imports, it is also very important to identify the performance of the economic sector at the national and regional levels starting from the capital cities.
Following the methodology of the general to the specific, a second level can be analyzed, for example, the leaders of the sector, their economic and financial performance, their trajectory and their participation in the market.
A third level is the specific analysis of the companies that make up the Pareto market or those with which we want to measure; At this point a zoom is made on aspects related to the competence and direct operation of each company in its social and geographical environment; Their commercial strategy is investigated, their product and service portfolio is analyzed, their level of customer service and after-sales service, their prices per line and their added values are evaluated, their internal dynamics and decision makers are also identified.
It should be noted that the information can be as deep as required and that the procurement methodologies should be applied following the technical and scientific criteria mainly of qualitative and quantitative studies.
¿Why Perform Market Intelligence?
Perform market intelligence is a vital function of all companies and apply it or not, is one of the main characteristics that differentiate large companies from SMEs given that it is not usual for the latter to include in their budgets or in their organizational structure The components of a business intelligence structure and this makes a big difference between those who make decisions with a road map, to those who act by the impulse of day to day.
The fundamental contribution of market intelligence is to generate a map with the DNA of each aspect analyzed and the challenge is to keep the information updated at all times and understand what each information obtained means for decision making in environments of uncertainty.
Market Intelligence By ERC is a market research firm specializing in conducting business intelligence studies, we are at your service and willing to become your ally for the attainment of high-level information of relevance to your company.
We invite you to navigate the business world with a map so your investments are safe and can increase the level of confidence in decision making.