Understand your industry with market intelligence
What is market intelligence?
The market intelligence can be defined as the collection of information on data trends, competitors, products, negotiations and marketing, collaborating in the creation of strategies and more assertive actions.
It aims at self-knowledge about the market , contributing to a much clearer and broader view of the segment in which the company is located.
It is through this collection that possible problems of your niche are identified , showing paths for improvement, new planning and even the need for an investment in certain internal/external actions.
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Something very important, and which is a great differential in this strategy, is that there are two types of research in the market, one called Ad Hoc, which is custom-designed to discover information that does not yet exist in an organized manner, and desk research , which are surveys based on pre-existing data. For the realization of market intelligence, it is ideal to use both.
Okay, but what does that mean?
In practice, the union of these two modalities promotes an extremely detailed analysis and mapping of the company and all the factors that interfere with its progress.
Advantages of applying market intelligence
The market is in constant change, every day new competitors come up with new proposals, many of them innovative, which can make yours become outdated and difficult to be reused.
The greater your market intelligence, the greater the chances of always being prepared to match them, as your understanding of the segment is very broad.
This vast knowledge is, in itself, a gigantic advantage. However, it can also contribute to many other situations, such as the identification of new trends, improvement in the dissemination of internal and external information, greater attention to the identification of risks and failures, and ease in preparing plans.
Another great benefit is the increase in operational efficiency , this is largely because, by identifying what may be hindering productivity , it becomes easier to apply actions to correct this error.
Not to mention that, by understanding how the gears rotate, the processes have great chances of becoming systematized, that is, an order that promotes productivity.
It is also noteworthy that decision-making by managers becomes more agile, as the data will be explicit.
How to apply market intelligence
Every strategy needs to follow certain requirements for its application to be successful, otherwise the risks of failure are very high.
In the case of market intelligence, for its application to be carried out, it is necessary to:
- Definition of objectives: every research aims to find something to perform a certain action, for example, a florist located in a neighborhood of São Paulo, you can conduct a survey because you would like to open a second store in your franchise, for that it needs define what information is relevant to this decision making and how this can be done.
- Data collection and organization: we mentioned earlier that information can come through two forms of research , with all of them already in hand, it is necessary to organize yourself with a perspective on your segment and on the objectives you have when carrying out it.
Still using the example of the florist, she can rearrange the information in a way that shows her what her target audience is, where she is concentrated, what is her age, what are the competitors in that region where she intends to open the new franchise and what costs this can yield.
- Analysis: after collecting and organizing the data , it is necessary to analyze it from a perspective in which the positive and negative points are considered.
Assuming that the florist's audience is between 60 and 85 years old, mostly female, if it moves to a neighborhood where more men live, much younger, this change may not be favorable. Just like opening a store with several competitors very close.
- Communicate and prepare teams: Being taken by surprise by news and changes can be difficult to process. A company that aims to implement market intelligence needs to keep in mind that communication with the operational is very important, because when developing this philosophy that decisions are made through a foundation, it will impact the way the team acts and thinks , not to mention that it can be prepared for this, when nourished with information that seeks to educate, raise awareness and engage.
Market intelligence starts with data culture
Data is crucial for market intelligence to be implemented within the company. They are the ones who will present the real scenario, which are the competitors and even the performance of negotiations.
That's why it is necessary to have internal services that collaborate for this collection, and also help to perform other functions, such as Moskit CRM.
The Moskit CRM, as well as assist in the monitoring of business strategies , also helps in the storage and availability of data contributing to market intelligence.
So, if you are looking for software that can help you with your sales and still be useful for other functions, get a free trial right now on Moskit CRM.
Source: Property News
