How Can Well-Informed Market Intelligence Benefit Your Business?

Companies often conduct customer surveys and gather data about competitors to better understand how they are performing and how they can improve. This market research data is useful for evaluating performance and making adjustments aimed at improvement. Market research alone is a contemporaneous snapshot of performance that informs a reactive response to current conditions.

Utilizing market intelligence analytics can take market research from “where are we now” data to a “where are we going” strategy.

Market research offers an inside look at a present moment in the market focusing on product-centric data. Market research gathers data on the overall market size, market penetration, contemporary geography and demographics. Historical information is primarily collected to evaluate how today’s data compares to yesterday’s, allowing companies to gauge the market’s ongoing performance.

Market intelligence, on the other hand, is comprehensive company-centric research and analysis.

It takes into account all the current and historical market research data relevant to a company’s performance, and then uses predictive analysis to provide decision-makers with insights for developing an effective corporate strategy.

While market intelligence and market research go hand-in-hand, it is market intelligence that is more forward thinking. Market intelligence guides decisions for branding strategies, growing or expanding the reach of current products, evaluating investments and workforce decisions, and developing new markets.  Market research allows companies to respond to what is happening today and determine how well they are doing relative to market intelligence predictions and the performance of their competitors.

There is no doubt that market research is critical for the day-to-day operations of a company, but market intelligence requires more comprehensive analytical techniques. These techniques are often embedded in the tools for business intelligence.

Specialists such as the experienced analysts at Intelex are well versed at interpreting and analyzing marketing data and providing reports that can inform corporate strategy. To learn more, feel free to give us a call or contact us online today!