In the business sector, more and more new concepts are emerging that invite us to continue delving into the subject and that aim to make us better professionals, always bearing in mind that the goal is to make our business more competitive and meet the challenges that have been raised.
Within this context, among many other things, we must highlight the concept of Market Intelligence, which, as its name indicates, translated means market intelligence. What is it really? It is a fundamental method for our company to make itself known in the different market segments and thus achieve the proposed goals by transforming data into useful knowledge.
There is no doubt that we must carry it out for the company to continue its growth, which is why in this article we explain in great detail everything related to Market Intelligence.
What Is Market Intelligence?
Market Intelligence or market intelligence is all the information we collect, which relates to the markets in which an entity is positioned. In other words, these relevant data are grouped and analyzed in detail so that later the corresponding entity makes the appropriate decisions so that the business strategies that have been established come to fruition.
Through Market Intelligence we will be able to discover where our opportunities are in one market or another, being also important because it will help us to enter the market that best suits the services or products we offer and that we will also adequately develop our work. The information we collect using Market Intelligence is about the environment that surrounds the entity, an environment that must always be external since the internal part is already in charge of Business Intelligence.
In short, with Market Intelligence we will be able to increase that information that we already have thanks to the use of Business Intelligence and in this way, we will have a much more complete analysis of the company, both internally and externally. We will convert the data into knowledge that will become the basis of decision-making, helping us to make the most appropriate decisions for the development of our business.
What Is Market Intelligence For?
This type of intelligence is mainly used to obtain valuable information about the markets in which the company operates. To get this important data, the entity can use different tools that are very useful in different aspects. We are talking, for example, of doing interviews, surveys or even keeping a complete check on all the points of sale that are part of the organization.
Likewise, it must be taken into account that with the introduction of new technologies, digitization has also fully entered this technique. For this reason, other effective tools have emerged that are 100% digital and that are increasingly being used. Some examples are the Google Consumer Survey tool or even make use of specialized websites that offer this type of service.
Differences With Business Intelligence
As we say, Market Intelligence focuses mainly on obtaining fundamental data and information in relation to the environment that surrounds the company, always externally. While Business Intelligence is responsible for collecting information from the internal part. This second option is much more analytical, is knowing how to thoroughly study everything that makes up the company from within.
For its part, Market Intelligence is a more holistic process, since it takes into account the external part of the entity. In this way, the set of data collected by both methods makes the company have a whole and from there develop the most appropriate strategies so that the business proliferates making the most appropriate decisions for it.