Market intelligence is strongly associated with market research and is vital to the success of a retailer. Market intelligence 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 penetration strategy, and market development.1 Market intelligence is a vital aspect for understanding the state of the market, as well as helping to collect competitor intelligence which in turn helps in becoming a profitable business.
At its core, Market Intelligence uses multiple external sources of information to create a holistic view of a retailer’s entire market, it’s customers, challenges, competition, and growth potential for new products and services. Market intelligence helps you to become customer-centric, understand marketplace demands and consumer sentiments, lower risks, increase market shares and provides a competitive advantage. These benefits are crucial to the success of any business and consequently Market Intelligence is one of the most crucial factors for executing successful strategies for a successful business.
Keeping track of all the information included in market intelligence can quickly become time-consuming and expensive. decisionSMART not only possesses the tools and practical skills to gather Market Intelligence, but also uses advanced analytical methods to transform Market Intelligence into actionable insights.
1Cornish, S. L. “Product Innovation and the Spatial Dynamics of Market Intelligence: Does Proximity to Markets Matter?” Economic Geography. Volume: 73, Issue 2 (April 1997)