Market Intelligence: What It Is & How To Use in Content
Market intelligence is a process by which an organization collects data on a market or industry and interprets that information to gain insight into the state of the market. Market intelligence can be thought of as both a way of gathering information about customers and their behavior and also making sense of that data, which is what we’ll explore here.
What is Market Intelligence?
Market intelligence is a broad term that describes the process of gathering, analyzing and using information about market conditions, competitors and consumer behavior to make better business decisions. It can be used for internal research or for external sales.
Market research typically involves asking questions about your customers’ needs or wants in order to understand what they want from you. This enables you to create new products or services which meet these needs. However, if you don’t know exactly what those needs are then your products won’t sell well – even if they’re great! So how do we figure out these things? Well luckily there’s no need for expensive surveys because there are plenty of free tools available online which provide an easy way for anyone interested in learning more about their market place without having too much investment into equipment needed investing money
Why Use It?
- You want to understand the competition
- You want to understand the market
- You want to understand your customer
- You want to understand the industry in which you operate, or perhaps even a different industry altogether.
How It’s Used In Business
Market intelligence is a powerful tool that can be used to gain insight into a market, competitor or customer. Market intelligence can be used to assess the current situation, predict future trends and make decisions. It can also be used to identify new opportunities and threats, as well as plan marketing campaigns.
3 Main Types Of Market Intelligence Analysis
Market intelligence is a broad term that encompasses many different types of market research. It can be used by businesses to understand their markets, customers, competitors and their own performance.
There are three main types of market intelligence analysis:
- Competitive Analysis – This involves using data on the competition in order to forecast the future behavior of other firms in the industry; it’s often used by large companies looking for ways to keep up with smaller ones (or even out-compete them). For example: “Our competitors have been increasing their prices 30% every year while we haven’t raised ours at all! We need to think about how we can beat them now before it becomes impossible later on.”
Top Tools For Market Intelligence
If you’re not already familiar with the tools available to you, here are some of the most popular ones:
- Google Analytics (GA) – GA is an essential tool for marketers who want to track their website traffic and see how users interact with their content. It also provides valuable insights into what keywords people are using when they search for your brand on Google.
- Google Adwords – This can help you identify new opportunities as well as make sure that your ads are optimized for maximum effectiveness in getting customers through the door or landing pages.
- SEMrush – This lets you analyze competitors’ websites by looking at keyword trends and buying behavior data from SEMRush’s database of over 1 billion domains worldwide (and growing). You can use this data along with other tools—such as Moz—”to find out who else is doing what better than you.”
Market intelligence is important for so many reasons.
Market intelligence is important for so many reasons. It’s a way to understand your customers’ needs and preferences, which can help you create better products or services.
You might think that market intelligence is only useful if you’re in the business of making things, but it actually has applications across all industries—from healthcare to education, from transportation to retailing.
Some types of market intelligence include:
- Audience segmentation (how different groups of people use your product)
- Customer journey mapping (what happens when someone uses your product)
- competitor analysis (who are they?)
How is it collected?
How is it collected?
- Surveys: A survey is a form of research that involves asking people about their opinions, values and preferences. Surveys are usually asked on a large scale and may be conducted by phone or online. They’re useful for gathering data on general public opinions about issues affecting society as well as for assessing the effectiveness of marketing campaigns or products.
- Focus groups: A focus group involves groups of people who meet together to discuss ideas or issues related to personal growth, management skills and career development.
- Observational research: This type of research observes behavior in natural settings (such as workplaces) so you can gather information about how people behave in these situations. For example, if you want to find out why younger employees leave their jobs after six months while older ones stay longer than that then observational study could help with this kind of analysis.
- Secondary data collection: This refers specifically to using primary sources like newspapers articles published over long periods such as several years before analyzing them using statistical methods such as regression analysis; however it doesn’t necessarily mean they were written by researchers directly involved within those industries whose companies publish papers themselves (which would require additional steps).
History of market intelligence
Market intelligence is a long-standing practice. It dates back to the 1600s, when traders used to study their competitors’ prices in order to make shrewd trades.
It was also used by military commanders during times of war, who wanted to know how their enemy’s forces were doing and where they might be vulnerable.
In the government sector, market intelligence was instrumental in helping policymakers understand what consumers wanted from products or services before they bought them (and whether they would spend money on those products). Large companies such as Procter & Gamble also made use of this type of information when launching new brands or product lines—they wouldn’t want customers getting confused by similar sounding names!
And finally: Individuals could benefit greatly from knowing what other people thought about their business ventures too; this allows them better understand what marketing strategies are most effective at helping drive sales over time.”
Why does an organization need MI?
Market Intelligence is a key part of the marketing process. It helps to understand the market, competitors and customers better. Market Intelligence also helps you make better decisions about your business and find new business opportunities.
Market intelligence is one of the most important tools you have in your arsenal. It’s a critical part of any marketing strategy and should be used on an ongoing basis. By gathering data from different sources, you can gain insight into how consumers are behaving and what their needs are so that you can adjust your product or service offerings accordingly.