Marketing intelligence is the process of collecting the required data by a company from the market that it plans to operate or operate 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.
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.
From the results of these audits, the client gets a good idea about the current trends, Market Intelligence data 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 Research 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.