Unlike Business Intelligence, Market Intelligence is more market-oriented. It is a way of working based on the philosophy that it is necessary to have a deep knowledge of the market, through relevant data and the transformation of this data into knowledge.
It is about being aware of the movements of the competitors and follow more effectively the operations of the business itself. With the arrival of technological tools and solutions, the practice of Market Intelligence has improved and can now contribute more satisfactorily to the improvement of business models and more realistic projections.
To understand what Market Intelligence is is to realize that there is a safer way to make decisions based on facts. Developing intelligence to decide whether or not the business should engage globally is possible through Market Intelligence. Discover how the application of the concept can help in foreign trade.
More than having access to data, you need to have knowledge of foreign markets. No matter how many professionals have been active for years and have vast experience, data is a more coherent means for you to develop knowledge about this type of market.
Filtering and analysis of relevant data can generate the necessary convictions to guide the company's operations. When information and data begin to make sense, decisions become more assertive and the chances of success are greater.
You need to get timely answers about customers, competition, potential customers and, from that, set goals. The business objectives in foreign trade must be clear before making the right choices. These are the objectives that will guide the company's decisions. Intelligence enters when it is necessary to determine which paths will be followed to achieve the objectives. Once these steps are accomplished, the strategy will be more solid and the risks to the business will be minimized.
In times of Big Data, just having raw data within reach is not enough. The differential lies in selecting, contextualizing, cross-referencing, confronting information so that it is transformed into knowledge to support the company's strategy.
The risk in decision making is reduced when the company has enough wisdom to support the actions it intends to put into practice in the foreign market.
It is being able to evaluate clients by group, class, with additional information such as demographic and geographic data. At the same time, knowing what step the competition is at and not losing sight of the fact that the business should be all client-oriented.
Using information from multiple sources is best. The variety of sources helps to compose a broader vision of the company's positioning in the market, clarifying who its clients are, what main problems they are facing, or may have, who the competition is and how it behaves, besides bringing perspectives on the emergence of new products and services.
Although each business has its own characteristics, which vary according to the offer and segment, there are common guidelines that can be considered by any company wishing to act within the concept of Market Intelligence.
It is important, for example, to find out what influences the political, legal and business environment of a market. This initiative allows a better assessment of the conditions under which the company operates, or intends to operate, as well as a clearer view of the risks involved.
Understanding what the market infrastructure is is another point. Thus, the company becomes aware of the costs with the distribution of a product and can organize itself financially to deal with it.
Understand what size the market is, what consumption trends it is and what the dynamics of its operation are also valuable information, regardless of the type of business.
Knowing what to do with the large volume of data available today and how to take advantage of it to improve business models is the new paradigm. Managing data efficiently, working using information as the basis is a more secure strategy for companies.
Adopting tools to enable analysis and work with information is an effective alternative that has spread rapidly, even when it comes to Business Intelligence. The point must be to generate insights for the business, keeping in mind that Market Intelligence is about setting goals and planning actions supported by data that generate in-depth knowledge about the market.
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