In this growing competitive market in the new era with so many technological advances taking place, it is essential for the organizations to keep a track of their competitors in the market. This has proven to be a critical part of the business operations that are placing now and this phenomenon is known as global market intelligence. There are many different ways in which the market intelligence data can be collected. The data obtained from this process is very crucial for the company as it helps them in developing effective strategies and take designs that are important for their success. According to a survey conducted the important for market intelligence as highlighted as 52% predicted that it helps in making a more established status of the company in the market.
A very easy way of collecting the data is the “market intelligence software” which is used by many organizations to transform their data which is about the accounts into information that is important and useful or the sales team to analyze deeply. It is also seen that the market intelligence systems are placed in this way so that they able to crunch the data in order to sanction the superior logistics department along with the operations and tactical decision making. The practice of collecting the market intelligence data has expanded a lot and it is because of the fact of the benefits that the organizations have gained because of it.
According to researches and surveys it is also found that the Global market intelligence by 2020 will be such that it will become very easy for the small companies to jump into big market with their analysis and decision making techniques due to market intelligence techniques. The information that is collected through this method can be used to improve the business models as well as projections of the companies to design their future strategies accordingly.
The easiest way to collect the market intelligence is to visit the website of your competitive companies, analyze the information that is published regarding the number and types of their potential and target customers, what types of marketing strategies they are using in order to stay at the top of competition and other developments that they are making. The customer feedback is also another way in which the business can improve their service and product that they are offering which is also a part of market intelligence.
References:
GIA. (2014). Market Intelligence Trends 2020. Retrieved from Global Intelligence Alliance White Paper website: https://www.m-brain.com/wp-content/uploads/2015/04/11480.pdf