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Market intelligence, i.e. in-depth knowledge of the market and practical recommendations resulting from it, is very important in every aspect of running a business. Some companies believe that the collection and use of market data is the domain of marketing, but this is not the best approach. The benefits of market intelligence may appear in many business processes - not only those related to marketing communication.

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What benefits of market intelligence could be achieved in your company?

We present below just a dozen of the main results possible to achieve with the help of market intelligence – both on a strategic, and operational level.

1. Understanding what actually has an impact on achieving success in a given business.

2. Selecting from all available data only those that matter, and building on them a real, complete image of the market.

3. Defining the most important goals, both strategic and operational.

4. Adjusting specific performance indicators (KPIs) to each individual goal.

5. Selecting a business model with the greatest market potential.

6. Developing an optimal development strategy for the company, department, brand, product or service.

7. Improving the budgeting process.

8. Creating operational plans for production, marketing and sales, adjusted to the specific features of the market.

9. Optimising business operations by focusing on the key factors that build the competitive advantage.

10. Identifying and entering market niches.

11. Recognising and utilising new business opportunities resulting from, for example, new consumer trends.

12. Minimising the risk of failure connected with new competitors, tendencies, changes and growth barriers.

13. Adapting the business to real needs, expectations and preferences of consumers.

14. Implementing the innovations after identifying hidden or unconscious consumer needs.

All of this can in fact be achieved. But the process of collecting, harmonising and analysing data, and then drawing conclusions and developing action plans, requires skills and know-how. If a company does not have internal competences in each of these areas, it is better not to risk. In such a situation, it is worth establishing a cooperation with a specialised market intelligence company, which will offer expert support at every stage of selection and implementation of specific solutions.

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