Market intelligence (MI) is the process of analyzing information about a company’s market landscape. This may include a company’s competitors, customers, market trends, macroeconomic indicators, and other elements about a particular industry.
MI is closely related to competitive intelligence but adds a layer of insight about the customer landscape. Strong MI can help businesses decide where they should allocate resources and what outcomes they can expect.
A thorough, up-to-date market intelligence report can help a business gain a competitive advantage in their sector. For example, understanding what your customers are looking for can allow you to shape a marketing strategy. Understanding what your competitors are doing can allow you to better differentiate your products and services.
The types of market intelligence data collected can include customer demographics, feedback surveys, consumer trends, product pricing, spending habits, seasonal patterns, sales figures, 3rd party analyst research, and much more.
MI can be gathered from first party sources. For instance, direct conversations with buyers in a marketplace can yield information about why they prefer certain products and how they make buying decisions.
Examples of Market Intelligence tools:
A Market intelligence Process might look like this: