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.