Marketing intelligence is the data you collect by doing research before entering a new market or introducing a new product. If you’re planning to launch a new product, you could survey your current customers to determine whether the product is something that interests them. Or if you plan to enter a new market, you might research things like the spending habits, average age, and average income of people living in the specific area you’re targeting. Basically, marketing intelligence is the information you analyse before making major investment or financial decisions for your company.
When you collect data before entering a new market or launching a new product, you have a deeper understanding of what your customers and potential customers want and need. This gives you a slight advantage over your competition. For example, when you have a new product idea, surveying your current customers might inspire you to add features to the product that weren’t in the original design. Because you asked your customers for their opinions, you can create a product that really appeals to people in your target market, possibly before your competitors do. A simple survey shows your customers how much you value their opinion. This helps your company stand out from the masses, and builds trust and credibility with your customers.
By completing market research before making big decisions, you can also increase your overall profits. For example, if the information you gather inspires you to create an improved product, you can increase your price accordingly. The more valuable your product or service is to your customers, the more you can charge, and because you’ve done your research, you know the value of what you’re offering.
Marketing intelligence is important for all types of businesses. The information you gather helps you determine the direction for your company. You can use it to guide you as you work to achieve your goals.