Market Intelligence VS Business Intelligence
Now that Business Intelligence tools are flourishing, and their popularity as a dynamic job profile is on the rise, let me explain how these two areas are different and why they matter!
But let me tell you a tool that connects both these teams, a concept slightly unfamiliar to the Indian public – Mystery Shopping!
By the end of the blog, I am sure you will know how mystery shopping aids in business Intelligence and Market Intelligence.
What is Business Intelligence ?
Data is what drives the world today, not just the corporate world, even the smallest of public surveys and choices are used as raw data for research.
By its very nature, business intelligence is nothing more than an extensive process to assist decision-making and enhance strategy implementation by using data sets in a manner that is designed to analyze where business is today, where it was in the past, and what is required to achieve future goals.
Irrespective of the industry, data analytics and access to instant databases are what matters today. Predicting future trends and formulating strategy accordingly is the goal of Business Intelliegence.
The purpose of Business Intelligence is to study business activities and identify whether the current system and processes are sufficient to reach organizational goals. The focus here is on internal management and activities and what can be done to improve them. The primary data used in business intelligence are sales data, accounts data, and financial statements. The data is compiled to analyze business activities and assist with further research.
What is Market Intelligence?
Alternatively, market intelligence can be defined as a process that aids business intelligence by studying and analyzing the market in which the business operates in order to formulate better plans and goals.
As a result of market intelligence, BI teams can analyze the business more effectively since the data collected through market research expands the approach.
Market intelligence includes analyzing consumer behavior, market demand, the state of the industry, and how businesses can adapt to changing consumer demands.
Broadening the scope of business decisions also entails researching markets geographically and the preferences of customers in various locations.
Market intelligence undoubtedly gives a company a better competitive edge, but it also sheds light on how the general public is responding to market changes and their preferences.
Popular brands today use tools for market intelligence or even hire experts who can steer the business and give a bird’s eye view of the market. Surveys play a significant role in this market research process because they offer raw, first-hand information that improves the measurement of business.
Market Intelligence and Business Intelligence in Mystery Shopping
Today, in the midst of shifting business dynamics and quick changes in business activities, we have a better method—commonly known as Mystery Shopping! To comprehend consumer behavior and spending patterns.
Although mystery shopping may be completely alien to us Indians, it serves as a valuable tool for identifying the strengths and weaknesses of your company.
The procedure is straightforward: Unknown individuals are hired as mystery shoppers and asked to visit a specific store and behave as customers. These masked individuals will take advantage of the hospitality of the customers, watch the employees at work, and analyze the store’s operations from the perspective of the customers.
Benefits of MI and BI in Mystery Shopping?
More effective than surveys and audits, these mystery shoppers will be able to identify the business’s strengths and weaknesses.
By now, I hope you have a general understanding of how mystery shopping and market intelligence can be combined to gain a realistic understanding of the operations of the business and the areas where it needs to improve in order to gain market share.
Sincerely, I think mystery shopping is much better and simpler than surveys.
What kind of data is more reliable than first-hand information obtained from fictitious clients? It also aids in conducting a more thorough SWOT analysis of the company.
This data collection tool will provide an honest status of their business to the Market Intelligence and Business Intelligence teams. This can be used as a professional tool to generate employment, monitor business operations, give researchers more information for their work, and find deficiencies in business procedures.
Using information derived from mystery shopping will help you better understand your target audience’s needs, how businesses can meet those needs, and which business processes need to be implemented in the plan.
It would be appropriate to state at this point in the blog that mystery shopping does help to connect Team Market Intelligence & Team Business Intelligence, and we are here for it!
