By Tanuja A Akkannavar
Knowing about the market trends and its matrix before investing in a major project can help any company in avoiding losses that may arise in future and, expand the business with profits. Today, every industry is turning very competitive and sustaining for a long duration with the same margin of profitability is becoming quite difficult, also, the marketing is witnessing a new development every day. If any strategy has worked well for a company a year may not work again, as the needs and demands of the consumers keep changing with the time. Hence, by using Market Intelligence a company can gather internal and external data about their place in the market, customer demands, challenges, and the market size for their product or service. In general, Market Intelligence can be conducted before funding into a new venture or any company. The questions that can be answered through Market Intelligence are –
When a company finds an answer for all such questions they will tailor the existing strategies or develop new plans through which they perform well in the business. Following are the Advantages of implying Market Intelligence –
1. Collecting Market Data –
By collecting data about your competitors, the position of a company, demands of the customers, feedback about your company and to what extent is it fulfilling the needs of customers. All these factors will help a company improve the products and services they offer. Also, at times collecting data can assist the company in producing goods and services with better quality than before and place at a higher level in the market.
2. Improve the Quality of Products and Services –
A major advantage of market intelligence is, a company can acquire customer reviews about the quality and quantity of the products and services. The companies can find out why and how the products and services need to improvise. Even if the company offers superior products, by Marketing Intelligence they can provide much better quality products.
3. Understand the Customers –
By understanding the needs and requirements of the customers a company can provide goods and services accordingly. This way a company can build a rapport with the customers, and can also bring in new customers. The sustainability of a company completely depends on the customers’ acceptance, therefore customer demands should be prioritized by any company for its success and long run. By this the loyalty of customers increases.
4. Launch New Products and Services –
Market Intelligence can help a company in coming with those products that are in demand but not available in the market. By producing commodities that are lacking but high in need, a company can easily get a large number of customers, eventually, it may result in gaining high profits and the long run of a business.
5. Position in the Industry –
When a company provides quality products and services according to the customer demands, it will increase the revenue and profit margin. This will raise the position of a company in the market and make the brand successful.
Today most of the organizations in different industries use Market Intelligence as a tool in conducting a survey to know their position in the market. Collecting valuable information about the ongoing market trends and product demand may help a company investing in the right project and avoid losses in future.