The market in which your organization operates has a huge impact on your operations, strategy, and performance. Therefore, it’s important to have insights on your market to help you identify trends, evaluate competitors and support your future decision-making.
90% of Fortune 500 companies collect external data to analyze the market and gain a competitive advantage. Now imagine how profitable this exercise could make your business.
If you are excited to expand your business horizons, you need market intelligence. It refers to the holistic process of gathering and analyzing information to understand customers, competitors, and industry trends. You need this activity for identifying opportunities, gaining insight and making informed business decisions.
As you prepare to grow your business, it becomes essential to have a bird's eye view of your customers, competitors and potential challenges. That's precisely where market intelligence comes in handy and provides the boost you need. Here’s how it can help your business:
By closely monitoring social media, news outlets, and publications, you can gain a goldmine of real-time market insight and remain abreast of the latest on-field developments. This can put you into an advantageous position to proactively address any potential threats & business risks. In turn, you can launch products & services strategically, in sync with the evolving customer landscape. Monitoring can also help you effectively adapt to changes and reduce financial or reputational risk.
The market size, in simplest terms, is an estimation of the number of potential buyers and the resulting scope of business opportunities. Calculating it helps you understand the environment in which your product or service launches, the state of competition and existing opportunities for growth. With this information, you can make the right decisions about your expansion and pricing strategies.
Market trends reflect the direction in which a market is moving. They highlight changing patterns in customer behavior, emerging technologies, and new products or services. By analyzing them, you can know the market's current and expected future state. This information can help you proactively identify potential high-growth areas to expand and be cautioned of potential risks and challenges.
There’s so much to say about the world of market intelligence. Be sure to read our blog posts for the most up-to-date insights.
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