Savvy business leaders rely on market intelligence to take the pulse of the markets they serve. Good information from reliable sources can help company leaders identify trends, find new markets and opportunities, stay up to date on the activities of competitors, and learn about potential business disruptors and threats before they can cause harm.

Yet all information isn’t equal. To make good business decisions, business leaders need market intelligence from trusted sources. You need to examine and understand the attributes that distinguish trusted sources of market intelligence from potentially non-reliable ones.

It’s important to note that market intelligence is not the same as general market information. Market information is often unfocused news, while market intelligence is focused information targeted to a user’s business needs. For more information on the difference, see our article Market Intelligence vs. Information: Growing Your Business with the Right Tool.

Evaluating Market Intelligence Sources

Every day, business leaders utilize market intelligence to achieve their goals.

Reliable information is crucial to successful business decisions. Inaccurate market information can lead a company to develop products or services that don’t meet customer needs or expectations or that fail to adhere to current laws.

Accurate market intelligence can help company leaders develop long- and short-term plans and change current processes to meet new market demands. For example, new sustainability or recycling laws may cause a company to change or revise its products or processes, while tariffs and supply chain issues may force it to seek new suppliers.

Yet a search on the Internet will usually return a mountain of information about a topic. And while some of that information may be reliable, much of it will be unusable and may even be untrue. So how does the average market intelligence user know what to trust and what to ignore?

Reliable, useful market information comes from trustworthy sources that typically share common traits. These include:

  • A good reputation. Trusted information sources are well established and have a reputation for quality. Please note that new information sources can provide reliable market intelligence even though they haven’t established a solid reputation. In those cases, you should use the other traits on this list to analyze a new information source to determine its trustworthiness.
  • Expertise. Trustworthy sources use reliable, knowledgeable sources when gathering their information.
  • High quality. Reputable information sources provide accurate, up-to-date information backed by evidence, references, and/or data.
  • Objectivity. To be trustworthy, sources must provide unbiased information. A source must not emphasize one side of a story, such as only reporting positive or negative news, while ignoring other important information.
  •  Transparency. Trusted information sources clearly cite where information or data comes from. For example, if a story mentions market statistics, the story will note the source of the statistics.

Industry Intelligence: A Trusted, Reliable Source of Market Information

While it’s important to vet information sources, many companies don’t have the time, money, or resources to conduct full-scale market intelligence programs, which can leave them at a competitive disadvantage. Luckily, you don’t have to do it yourself.

Industry Intelligence offers a full slate of market intelligence solutions that provide clients with complete, 360-degree views of the market trends and drivers that influence their industries and their company’s success. We handle the information gathering and management process so clients can focus on what they do best: managing their companies.

Our scalable, highly targeted market intelligence solutions are designed for clients of all sizes, from small business teams to global enterprises. All of our data is gathered from vetted, trusted sources and reviewed by market experts.

Our market intelligence services provide the information you need to avoid being blindsided by market changes and improve information sharing.

Find the market intelligence solution that’s right for you by contacting our team at info@industryintel.com.

Try Our Free Executive Summary

Don’t miss out on one of the easiest-to-access, most reliable sources of unfettered market intelligence — Industry Intelligence Inc.’s Executive Summary.

The free, no-obligation Executive Summary from Industry Intelligence provides a weekly overview of key headlines and market drivers in select industries. It offers insights from CEOs, an overview of market and industry transformation, and an AI-driven analysis of the economic landscape impacting you and your business.

It’s must-read information to help you stay on top of your market. Learn more at https://www.industryintel.com/free/executive-summary.

 

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