Market intelligence has to do with what is sold in a market climate characterized by intense competition and constant change. These should include data on competitor products, competitor’s internal processes, market size, market shares, customer preferences, areas for potential expansion, and marketing strategies. Market intelligence KPIs provide an accurate analysis of the data collected on these aspects and are valuable in defining what type of products or services a particular company should offer, and in developing strategic product development and marketing programs.

That there are always new but similar products on the market should come as no surprise. Some of the products are even practically carbon copies of each other, except for a few insignificant differences. The products found on the market are the result of market intelligence. Obviously, the analysis of market intelligence data suggests that the market is large enough to allow the entry of other products with similar specifications.

Research is the primary tool for marketers to determine what to sell. KPIs for market research will logically focus on competing brands and products in the market, market size, and market shares. The analysis of market size and shares that define the performance of competitors, in relation to product brands, specifications, territorial coverage, prices and strategies employed, provide marketing managers with ideas on what type of products to sell and which market segment to target. Market research tools that marketers often use are surveys, product recalls, product testing, and product positioning.

While market research is crucial for market intelligence, there is another type of research that is just as important: competitor analysis. In general, the success of a company depends a lot on the competition. This type of research will largely deal with companies that produce the same products and their customers. The idea behind the competitor analysis is that the best way to establish yourself in the market is to know the position of the competition and their customers.

Competitor analysis is useful in a number of ways. First, you get to know what makes competing products click. It could be due to quality, pricing, visibility, an efficient distribution system, and many more. Second, all of this information helps a competing company align its products and strategies with existing market conditions. The strategies may involve producing a product that can compete efficiently with other brands, capturing an untapped segment, or creating a new market.

Along with research on competing companies, research on your customers will also be helpful. It pays to know what a customer likes or doesn’t like about your competitors’ products and services. As well as providing invaluable information on customer preferences, which goes a long way toward ensuring that products gain the necessary market acceptance, this also prevents companies from making tactical mistakes.

Technology is another area in which market intelligence research is of great help not only to marketers, but also to the general effort of companies to stay ahead of the competition. Customers are naturally more inclined to buy products that provide them with the greatest convenience. That is why manufacturers and service providers are always looking for new technologies that make their product easier to use.

Market intelligence KPIs related to market intelligence components are not efficient when they cannot provide a business with a complete picture of market conditions. Market research, competition, and customer analysis KPIs should always help accurately measure the effectiveness of BSCs formulated for market intelligence programs and strategies.

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