Why is Market Intelligence important?
By learning more about your market and opportunities, current and potential customer needs and drivers, your competitors’ strengths and weaknesses, and your own brand, product or service, you are informed on where changes are necessary to better market your brand, product or service. Market intelligence helps you make informed business decisions, guides your competitive strategy to create effective plans on brand, product, or service development.
What Market Research do I need for gathering the right Market intelligence?
The selected market research process depends upon the intelligence you are seeking to gather. It can take the form of qualitative or quantitative research.
Qualitative research revolves around public opinion, and how the market feels about your brand and/or products or services currently available in the market. Quantitative research on the other hand is concerned with data collection and looks for relevant trends in the information.
Qualitative research is a source of primary research data and is collected through interviews or focus groups. Interviews are personal, 1-1 discussions conducted by phone or in-person. Focus groups assemble a group of people to collectively share in the same interview.
Primary data can also be gathered through quantitative research. This form of primary research collection is conducted in quantity through surveys distributed via mail, email, by phone or online.
If your business’ research needs to not necessitate primary research, secondary data can serve your research purposes. Secondary research data provides quantitative information that is available publicly online and offline. This data can come from competitors’ websites, social media pages and posts, newspapers, magazines, journals, market reports, and more.
Market Research, Intelligence and Planning Matters
Market research and the intelligence gained from market research is critical among the four key ‘vanes’ of marketing. Why? Because it reduces risk and provides for better resource allocation by providing insights for effective decision making and planning to manage change and achieve sustainable growth.