Market Intelligence is a major business turning asset any industry could use and benefit from. If one is unaware of the term than it can simply be defined as the information extracted from the data after analyzing it that provides the company’s trends, competitors help in understanding consumer buying behaviour, helps in making exact decisions based on the information extracted etc.
All these terms provide step by step business growth and development. If one business does not show any interest into its market information then it can be clearly be seen as a drawback because it not only takes the business back but drags it back to old-fashioned years resulting in zero growth. Just think of this, a business is great in all aspects but takes its market research lightly. The next thing you know, it is falling behind a number of other businesses and its competitors are slashing their way forward and do not seem to stop. The reason behind their growth is a market research survey that they conduct to attain market intelligence strategy. It is as simple as that, if you don’t follow up with the trends, you’ll be standing still if not fail and the world will move on.
Let’s Learn how Market Intelligence helps in product development
Market Intelligence can help your product to overthrow the competitor’s product completely off its hinges. What it involves is just a spice of market research survey here and the taste of market intelligence strategy there, and voila, you are crossing other products behind. We all know how crucial market research is for brands and how the market and the global economy is being impacted by Coronavirus (COVID-19) outbreak. In times like these, market intelligence works wonders. Your product needs development and the rapid changes the market goes through is a tough competition to bear with other than your product’s competitors. New needs, new demands, better results are what customers look for, and to meet such demands, one needs market intelligence to gauge their product development status. These new demands, however, even provide new hopes for the businesses to bring out their product development process in a successful way. But keeping a strict and disciplined market intelligent strategy in itself saves the products because with new products comes risk but with previous ones comes affirmability and growth.
As per a market research company in India recorded, FedEx lost $340 million on its new Zap mail and DuPont lost an estimated $100 million on a new synthetic leather product called Corfam.
The market intelligence tool can be utilized for both, the new product’s development and to expand the existing product’s market reach. What plays along with the market intelligence strategy are factors related to the company’s standard, status, and reputation, along with its packaging, services, etc. What the product development has to fight against is the factors that can take your business way behind its trend are lack of consumer’s interest, faulty pricing, poor execution of services/products, and poor market fit and reach. What makes all these challenges to overcome is just one thing and that is market intelligence. It provides insights, white-papers, surveys, analysis, updated trends, and also lets you track your competitor’s steps.
Concluding with the need for market intelligence
Market Intelligence is an asset that gives the base of business and expands the businesses standards and reaches in all sense. It provides a glimpse of the competitor’s strategies, it provides market research trends of the product, it provides data on the consumer buying behaviour and their preferences, it provides analyzed information that helps businesses create a strong market research strategy.
COVID-19 is a human tragedy that has affected millions of people.
It is also having a permanent and transformative impact on consumer purchasing behavior, which in turn will impact the future of the global economy.
What is the meaning of gaining Business Insights from Analytics?However big or small a company is, business insights from analytics is a common task that everyone ought to perform and know about.
It is only after analyzing data and information that one finds proper insights into their business to help in creating plans and strategies.Analytics is a simple process that follows data collection and helps in acquiring valuable information from the huge amount of collected data.
It tells what is of what use and how after understanding thoroughly the collected data can be used for the benefits of a business.As for business insights, it is the process of gaining information on the processes through which solutions and better strategies can be created easily.
How Business Insights from Analytics helps in business growthBusiness Intelligence is one factor that helps in not just finding the problems with the existing strategies but also provide a headstrong solution.
Whatever kind of problem there is, it can never be one that cannot be solved with thorough market research.Every business needs to first research the effective measures of steps taken and then analyze the collected data to gain the efficacy of the situations.Having a team of analysts would be the initial and most necessary step to provide an excellent analysis of data.There are not ways but sundry methods suitable differently to different business research companies in India and other countries that analyze data to provide accurate and proper business insights.Adopt the following methods to gain valuable business insights from analytics:Collecting data and analyzing it on various aspects- Gather the required data after proper market research and online/ normal surveys.
Divide the collected data into different categories for easy accessibility.Evaluating the accuracy of data and its relevancy too- Make sure the data is relevant and accurate as per the requirement and niche.Understanding Consumer Behavior- Analyze the collected data in order to evaluate the consumer buying behavior which tells a lot about what they prefer and is confused about.
With the best of the practices and business terms this is the partnership that facilitate distributors as well as the manufacturers to reach their organizational goalsHowever, if this business venture brings you optimized it is on the other hand holds complications if not managed carefully can lead to failure.
However, the key factor to success for both the parties remain on the same point defining whether the relationship is strategic or tactical How can one identify a strategic relationship?
A strategic ties nurtures with closer collaboration from both associations in terms of marketing, branding and product development.
A strategic ties doesn’t bound a distributor to forcefully push the product in the market but also it allows distributor to collect feedback from the supply network; including the final consumer feedback and insights, leading to product improvement and innovations along with changing demands of the consumers in the diversified markets A wholesale distributor is the key expert on understanding the consumer behavior, while the manufacturer excels designing, developing, and offering products.
In strategic alliances if the manufacturer makes efforts to introduce products into the new markets, similarly, expanding new markets and carrying new types of offerings rests with the distributor in several ways!
How a tactical alliance works?
