Market intelligence is the systematic collection and analysis of available information about consumers, competitors, and developments in the marketplace. This is used for accurate and confident decision-making in determining market opportunity, market penetration, and product development strategies.
If you're researching, running focus groups, doing surveys - that's market intelligence work. If you're trying to measure the size of demand, types of people in a field, reasons they buy, this is also all market intelligence.
It's different from marketing strategy. Strategy is about outreach or even content creation to get attention. Market Intelligence is all about developing awareness about the state of a market. Where the people in this industry or niche are. The trends happening. The mindset & problems being experienced & by who, etc.
It's answering questions around who, what, where, when, why, how for a specific problem or target market. It's understanding the core problem people are solving. Or problems - and how each is slightly different.
Then knowing where these people are, the other options available to them.. Finding your niche among them. In any ecosystem you might have multiple birds. Some eat seeds.
Some eat bugs. Others eat fish. A few birds might eat other birds. Markets operate in a similar way.
Before you decide to be a bird eating bird - it'd be a good idea to know how big, strong, fast & hungry your other bird eating competitors are... Or else you might be THEIR lunch!
Too often people get into a business without taking the time to do proper research first. They may assume they are their ideal client. They may assume they know what's going on and don't need to do more research.
"Measure twice, cut once." is a common expression in carpentry. Business owners, CEOs and Entrepreneurs would be wise to consider the same advice for business.
Regardless of if you are new or have an existing business. Keeping your pulse on what's happening in mission critical for any business. The business graveyard is full of businesses who failed to see what was happening until too late. Think newspaper, music & film companies at the dawn of the internet.
If you'd like help being more effective, you may want to register for our webinar
Market Intelligence Frequently Asked Questions