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Market intelligence includes gathering and using knowledge about the market, industry, competition, consumers and products / services on offer. Its main goal is to increase the efficiency of business decisions and activities.

But turning knowledge into successful actions is not a quick and easy process. Usually, it requires a combination of data from several different sources of market intelligence:

- internal resources – knowledge gathered inside the company, e.g. sales data about customers, analysis of competition or trends,

- external resources – information collected from independent sources such as statistical offices, industry organisations, chambers of commerce or associations, and even during fairs or conferences,

- market reports, i.e. in-depth studies prepared by industry experts, most often including key market indicators, analysis of trends, market development forecasts and explanations of complicated issues,

- market research, i.e. research projects answering the needs of an individual company and adapted to its specific requirements and business goals,

- business consulting, i.e. developing ready-to-use recommendations for a specific company, in response to strategic and operational challenges that the company is facing.

Find out more about what is market intelligence >

In which areas of business can market intelligence be useful?

The appropriate combination of the above-mentioned forms of market intelligence can lead to real, positive changes in the functioning and efficiency of many corporate departments. It allows their staff to get answers to a number of questions key for the operation of individual business areas. Here are just a few examples.

1. Business development – Which market penetration strategy to choose? Which foreign markets enter with your products / services and how to conduct such a process?

2. Product development – Which product will meet all key consumer requirements? How to position a brand in comparison to its competitors and substitutes?

3. Production – How to improve the manufacturing processes? Which suppliers of materials and semi-finished products choose? Where to place the production and warehousing?

4. Logistics - How do customers want to receive the products? For which market segment is short term the most important, and for which is price?

5. Marketing – Which market segments to select for the company’s products / services? Which promotional campaign best suits customer preferences?

6. Sales – How to shape prices for products and services? Which sales channels have the highest growth potential?

7. Customer service – Which after-sales services should be offered? How to increase the overall customer satisfaction?

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