Do you want to establish your brand and stay on top of the market? If yes, then find out how to gather and use market intelligence.
With the increase in competition and companies trying to out beat each other, market intelligence plays a crucial role in keeping an enterprise on the top. Without adequate market intelligence, decision makers will be incapable of taking the right decision or altering business strategies. Now that you know the importance of market intelligence, how do you gather it?
Here are some ways that you can use to gather market intelligence:
1.Get in touch with your sales team: Ask for information from your sales force. Your sales team will have the maximum interaction with your end customers and can give you up-to-date information about improvements in your products, effective marketing strategies used and new products, which customers are looking for in the market. Such feedback is both realistic and practical. Your sales team can be requested to conduct regular market surveys to gather useful market intelligence.
2. Question your channel partners: Get feedback from your channel partners when it comes to product expansion or the sale of a new product. Your channel partners can let you know which products will sell better in the market, which products can be ready to stock and which product your enterprise should focus on next. They can also suggest improvements on your current marketing strategies. Channel dealers are after all the internal customers of your company. Asking for feedback from them is a great way to gather market intelligence.
3. Keep networking: Now that you have got in touch with your sales representatives and channel partners, the next step is to get market intelligence from your competitors’ sales representatives and channel partners. You could ask your product manager to keep an eye on the competition. Changes in strategies should be closely monitored. This is where building a network and solid business relationships can be useful, as your product managers can use this to their advantage, while availing market intelligence.
4. Try outsourcing: External help can be very useful, when it comes to gathering market intelligence. You can get in touch with a market research service provider who will be responsible for gathering market research data and data from competitors. You can also gather information from resources like IMRB and Nielson. With the latest in market intelligence, you will be better equipped to take decisions based on data and then implement winning strategies.
5.Use social media: You can make use of social media monitoring to know what your customers think of a product, their expectations and if their needs are being met. A search on Twitter can give you instant information on what customers are saying about your brand / product. If time is something that you lack, you can get in touch with a social media monitoring provider who will map out varied social media platforms for you. They can even change the opinions of customers through interaction (blogs, comments, forum posts, twitter posts etc).
You can use the above methods to glean market intelligence. Such in-depth information about the market can help you build and establish your brand image in front of your external/internal customers and stakeholders.
Do you want your company to thrive in the business market? Get market intelligence services now!
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