Benefits of Using Market Intelligence for Business Planning
In today’s rapidly evolving business world, many businesses are using market intelligence tools to help them navigate their industry. Implementing a market intelligence program can help a business remain competitive by letting them stay abreast of news and trends.
Market intelligence is not the same as market information. Unlike market information, which tends to be unfocused news and data about a market, market intelligence is highly targeted to the user’s business needs and gathered from a range of trusted sources. Comprehensive market intelligence covers competitors’ performance, strategic investments, product launches and other corporate activities. It also incorporates emerging industry trends, potentially disruptive market events, legislative action, and other public policy updates relevant to the user’s business.
For a more in-depth look at the differences between market information and market intelligence, see our blog post, Market Intelligence vs. Information: Growing Your Business with the Right Tool.
Market Intelligence: A Crucial Tool for Business Success
Companies that don’t have a market intelligence program risk being overtaken by more adaptive and better-informed businesses.
A risk for business leaders not having access to relevant market intelligence is not being positioned to capitalize on the latest technological breakthroughs to improve productivity and enhance customer experience. Without actionable intelligence, these leaders also risk being blindsided by emerging competition from little-known rivals. Or they may miss important opportunities presented by a change in consumer behavior.
Some key benefits of having market intelligence include:
- Identifying opportunities and new markets. A keen awareness of customer needs, shifting demand and supply levels can help you identify developing markets or spot opportunities to use your product in new ways.
- Recognizing competitive developments. Monitoring your competitors’ moves is crucial. This includes mergers, asset purchases, strategic partnerships, new or updated facilities, expansion plans and new pricing models. Understanding the competition often prompts company leaders to examine whether their own businesses are well-positioned.
- Mitigating risks. Market intelligence helps you stay abreast of emerging market challenges, which can come from a new technology that can potentially make your product obsolete, recently proposed legislative changes, a sudden labor strike, geopolitical tensions leading to tariffs or trade sanctions, and other disruptive events. Such awareness is vital to developing strategies that help your company adapt swiftly to changes.
- Preemptively eliminating blind spots. There’s an old saying: “You don’t know what you don’t know.” Continuous gathering of market intelligence can help you see developing trends, reduce surprises, improve preparedness and therefore get ahead of the curve.
- Optimizing company resources and talents. Having an accurate picture of your marketplace will help your company focus resources on meaningful projects with attainable goals, thus avoid wasting time on potentially unprofitable pursuits.
Operating a business without trusted market intelligence is like flying blind. With a tailored market intelligence program, business leaders can better navigate the marketplace, capitalize on opportunities, and make decisions with confidence.
Industry Intelligence Inc. Helps Companies Stay Informed and Compete Better
In a rapidly changing marketplace, what was true yesterday may not be true today. Industry Intelligence Inc. has the solutions to help you stay ahead of your competition. We offer scalable, highly targeted market intelligence solutions to clients of all sizes, from individual subscribers to small business teams and global enterprises.
Our customized intelligence solutions combine proprietary technology with market experts to give you relevant market news and insights – all mapped to your company’s unique business drivers.
Industry Intelligence Inc. helps you answer the most important question: are you on the right path?
Contact us today at Info@IndustryIntel.com for a free consultative demonstration.
