Similar to business intelligence, market intelligence provides vital information to an organization’s operation and potential expansion. Market intelligence offers a broader range of information that examines a market, its segments, penetration, opportunities, and metrics. This holistic view lets the business clearly view its place in the larger market scheme.
How Market Intelligence Helps You
With a close relationship to market research, market intelligence encompasses competitor intelligence, product intelligence, and market understanding. Its methodologies include data collection through in-person, mail, telephone, and online surveys, printed or online questionnaires such as the census, polls, forms, moderated focus groups, in-person interviews, consumer shopping observation, and field trials. The business then amalgamates this data for analysis using statistics, statistical modeling, and other advanced analytical methods typically conducted by using specialty software. The analyst also uses these software programs to generate reports on the results. They then present their findings to the business’ leadership.
While you might think everyone does this, they do not. One of the distinct advantages of gathering and implementing market intelligence is its power to differentiate the business from its competitors. Beyond a competitive advantage, it also aids the organization in:
- Retaining customers,
- Improving the sales process,
- Increasing process efficiency.
Every business can benefit from defining its place in the market, evaluating its product’s placement in the market, getting to know its target audience, and analyzing its competitors. How to best benefit comes down to obtaining the best information and using it appropriately. Doing this requires the right tools.
The Right Tools to Define and Analyze Market Intelligence
The right market intelligence tools provide a succinct method of processing gathered information. No one tool does everything, so prepare to learn a few software programs that can help your business grow. Some you immediately recognize as a piece that fits into the market intelligence scheme, but not all provide an obvious fit.
- NetBase Quid: Pick a topic relevant to your company’s market. Use NetBase Quid to research it, including competitors. The software combines consumer analysis and market intelligence by leveraging company profiles, media coverage, patent filings, and social media engagement. You can parse it by demographics and by region.
- Statista: Similar to NetBase Quid, this software creates market size reports by region and industry plus projections for more than 600 industries and 50 countries. Available in four languages, it provides an easy-to-use interface.
- Adapt and Crunchbase: These two tools both provide business-to-business contact information and company profiles. With vast industry representation and well-maintained databases, these two tools give you access to business information that helps you capitalize on opportunities.
- CB Insights: Use CB Insights to analyze venture capital and startup data, patents, partnership data, and new media mentions across markets.
- LeadIQ: Analyze the market for sales prospects with LeadIQ. Use the software to contact those prospects to land new sales without all the legwork.
- Crayon: A handy tool for competition analysis, Crayon lets you track market movements of partners, competition, and customers, then analyze and act upon them.
- Although people may not think of it in terms of market intelligence, Pew Research provides a free resource of demographic data, survey results and analysis, and published articles. This provides a small, yet important type of data searchable by topic and timeframe.
- Use SimilarWeb Pro to analyze any application or website. Pull all the market intelligence topics from its text and discern its main competitors.
Cut the time-consuming nature of comprehensive market intelligence gathering and analysis by using the top market intelligence tools to accomplish the proper data gathering and analysis in less time. Proper application of these methods and tools helps your business spot trends first, distinguish between the important and non-critical business issues, and extend the long-term life of your brand by managing change.