Marketing intelligence is the process of collecting the required data by a company from the market that it plans to operate or operating in order to make decisions in relation to competitors, products, and consumer behaviors. Market intelligence is a vital aspect to understand the state of the market, as well as helps collect Competitor Intelligence which in turn aids towards becoming profitable for the company.
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Target the audience - Buyer Persona
It is an important tool to target the right audience so that products or services can be developed accordingly. Mystery Shopping is one great marketing plan to achieve Competitor intelligence. Here, both the client and the consultant will together define the marketing elements to be evaluated. Each market segment might vary based on many factors like geographical aspects, personal tastes, current trends, etc. Then mystery shoppers are used for getting the required data from the different market segment either by them visiting the locations in person or through phone calls and emails.
Study of current trends - Marketing Trends
From the results of these audits, the client gets a good idea about the current trends and what exactly the customers expect from their products or services. Based on the market’s demands, the company can execute its plan of action. On the whole, Market intelligence helps to determine market segmentation, market penetration, market opportunity, and existing market metrics of a company so that the company can focus its efforts on the right people thus saving costs and efforts.
Professional Market Intelligence in India - HS Brands Asia
Our market intelligence platform provides a unique blend of analysis, data, and news on companies. Best Market Intelligence Services in India.
Market intelligence (MI) is the information relevant to a company's market - trends, competitor and customer (existing, lost and targeted) monitoring, gathered and analyzed specifically for the purpose of accurate and confident decision-making in determining strategy in areas such as market opportunity, market ...
How do you get market intelligence?
Here are some ways that you can use to gather market intelligence:
Get in touch with your sales team: Ask for information from your sales force. ...
Question your channel partners: Get feedback from your channel partners when it comes to product expansion or the sale of a new product.
What does market intelligence do?
Market intelligence is the gathering of information surrounding a brand's markets. This is collected and analyzed to drive better decision-making and to guide competitive strategy around market opportunity, penetration and development.
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