Developing Your Market Intelligence

Almost every business is significantly more competitive today than it was just a few years ago. Many companies concentrate on doing their task a little bit faster or better than they did last year. But nowadays in the hyper-competitive environment, even the best efforts aren’t always enough. We believe that there are three main supports of business intelligence that are considered by many large companies; ignoring any of these factors can put the future of the company in danger.

The three parts of market intelligence are competitive intelligence, secondary market intelligence and primary market research that is leading research and is particularly designed to answer the inquiries that your business is engaging with and that your opponents should never see.

COMPETITOR ASSESSMENT

It is important to do some basic SWOT analysis to know the positions of your own company and key competitor in the market. There are companies that specialize in collecting competitive information, and it’s very common to spend a couple of months and some money to get a report on a number of key competitors. Browse https://6estates.com/ to get detailed information about market intelligence.

SECONDARY MARKET RESEARCH

These are some companies that make money by keeping checks on the overall industry and try to know which main competitors are doing well and which are in poor shape. Some can approximate the market shares by speaking to companies that give raw goods or by speaking to the channels that these companies market through.

PRIMARY MARKET RESEARCH

Once you know about your business, you may decide that you’d like to understand more about the particular products or services that you’ll be producing. Or maybe you simply want to find out what kinds of clients are buying similar products, how satisfied they are with them, or the possibility is of purchasing similar products from you in the near future. You can also click here to get more info about market intelligence.