Market Intelligence: What Is It, And How To Start?

Market Intelligence: What Is It, And How To Start?

Market intelligence goes beyond the analysis of competitors and has as its primary objective to analyze locally and globally all the opportunities available for a company’s growth.

Mapping and monitoring the competition have always been part of the actions to ensure competitiveness. The large volume of data allows the collection and processing of strategic information for a more analytical view of the growth and sustainability of businesses of various sectors and sizes.

What Is Market Intelligence?

Market Intelligence, translated from business intelligence, is a strategy for collecting and analyzing data to generate strategic information for the company to expand its business model.

From this data, it is possible to identify opportunities, generate insights for innovation, and plan actions that consider the updated market scenario, with information about the leading players and how to achieve better results.

Benefits Of Market Intelligence

Investing in strategies, tools, and a data-driven organizational culture directly impacts the performance of several areas of a business. The productivity and quality improvement in the deliveries of marketing teams, sales, human resources, financial, and many others is notable when their activities are supported by data analytics.

For this to be possible, it is of great strategic value for a company to get information about:

  • How competitors have acted in the market;
  • What is the economic scenario for a target audience or specific regions;
  • Market trend mapping;
  • Price mapping in various sources;
  • What risks do I not have visibility of? (Verification of suppliers and extensive volume search for official information on public portals, such as information on CPFs, CNPJs, Vehicles, etc.) 

Most of the time, the main difficulty is that there is no ready base where this information can be consulted, i.e., unstructured data. In this case, there are two main alternatives to solve the issue.

Data Collection For Market Intelligence

To operationalize data collection, your team can do it manually, which demands excessive time and expense, considering that these teams could be directed to the next stage, analysis.

In this case, the viable alternative is customized robots to search, collect and organize the desired data type. This type of service is provided by companies specializing in big data, which automate the collection of large volumes from pre-defined sources by the adopted Market Intelligence strategy.

How To Start A Strategy

If you are still structuring or overhauling, you need to start with strategic planning for business intelligence. To do this, it is worth asking two key questions that will guide all processes.

Based on these answers, it is possible to outline an intelligence strategy that covers all points, from the choice of data sources to the structuring into reports and dossiers for analysis. 

How To Increase The Productivity Of Teams

Remember the unstructured data we talked about above? Well, someone needs to structure them. To understand if it is worth it (or not) that a team takes over the market intelligence back office, that is, does this task manually and measures the costs, more questions can guide your decision:

  1. How soon do I need to transform the information collected into actions?
  2. How many people will be required to collect data in this timeframe?
  3. Who will record all this data in the system we use? (Excel, Power B.I, Tableau, etc.)
  4. How soon do we need to update all this data, and who will do it?

Market intelligence is a cyclical strategy and requires constant research into new sources and updating the data acquired, monitoring market changes, and adapting your system ahead of the competition with the guarantee of quality information.

Digital transformation is today one of the main foundations for growth and innovation in all types of businesses. Advanced technologies for handling big data make it possible to optimize operations and achieve better performance in less time.

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