Market intelligence is the extroverted partner to business intelligence. Internal indicators about the health of a company’s operations comprise the realm of business intelligence. This may focus on things like aggregate numbers of consumers, active products and product lines, shipment quantities, daily, monthly or yearly sales volumes, supply chains and other business transactions.
On the other hand, market intelligence looks at the external marketing factors that also impact operations.
Here, the focus is on market segmentation and stratification based on demographics, geographies or other consumer behaviors as well as an examination of competition, market trends and tangential business opportunities. While market and business Intelligence are distinctive, they work hand in hand to inform an overall business strategy.
For small companies, market intelligence may be as simple as browsing competitors stores, websites or customer reviews and observing their customer behaviors and preferences. However, for larger and more complex companies market intelligence is a sizable task requiring a dedicated employee or team, or external market intelligence firms.
As a company grows, they require more formalized recommendations from their market intelligence.
Teams skilled in market intelligence can develop surveys, consumer interviews and competitive observations that provide actionable insights and inform business intelligence strategies. However, to realize the full potential of market intelligence, companies might consider engaging an external resource. Firms specializing in market intelligence, such at Intelex, LTD can draw on a large pool of talent to provide unbiased market insights that are informed by expertise across multiple industries.
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