In the purview of the growing competition among the businesses, it is impossible for the business person to ignore market intelligence. It is vital for all businesses irrespective of the niche as it would give you the strategic advantage over your competitors. What exactly is market intelligence?
It is basically a process of gaining an insight into the latest happenings and trends in your business niche and the global market in general. If you are planning to venture into a particular business it is imperative for you to know how the business functions and how the business would pan in the near future. Additionally, you must have full knowledge about the competitors in the industry and know the future market trends.
No matter the kind of products are services you are offering to be able to sustain in the business for a long term and be able to earn profitable returns it is important to know your customers. You must respect the thumb rule of business i.e. ‘Customer is the King’.
Before you start in the business you must put yourself in the customer’s show and understand their needs and understand how your product/service will satisfy their needs. You must also learn the customer psyche and figure out how you can modify your product/service to serve the customer in a better way.
A market intelligence service would greatly help you know about your customers. These services would not only help you with various research data about the customer behaviour but also can assist you in devising an innovative marketing strategy to create maximum impact in your target market.
Just as it is important to understand your customers, it is equally important to understand the market structure and functioning. In today’s fast paced world, nothing remains constant and various improvements and innovations take place every day. It is because of this reason that you must do a research on what is happening in the market place and determine what you can do to make the products/service you are offering to become a huge hit among the customers. You can get advice from the market intelligence service with regards to the various statistical data about the market trends and earn valuable profits irrespective of the existing market trends.
Market intelligence is not just about researching the customer and the market it also includes time. You must know the right time for releasing a new product in the market. It is obvious that you would want to sell all your products for a huge profit but the timing of release plays a crucial role.
For instance, if you have decorative lighting business releasing the products during the festive seasons like Christmas would make perfect sense. This is the peak season when people look for such products to decorate their homes.
On the other hand, if you are a mobile manufacturer there would be a demand for the products all year around. Predicting the right time for launching the product can be a daunting task, hence, it is important to hire the service of market analysts.