Services: Market Intelligence

Market Intelligence is about providing a company with a view of a market using existing sources of information, in order to understand what is happening in a market place, what the issues are and what the likely market potential is.

Market Intelligence can be divided into two spheres

  • Market Intelligence based on external data
  • Market Intelligence based on internal data

Often Market Intelligence relies purely on external data such as analysts reports, but there is often a great deal of untapped information internally that would provide you with insight into your market, from sources such as databases and prospect lists.

 

Market Intelligence from external data

Market intelligence from external data is normally gathered through what is known as desk research. This means sourcing and analyzing published information to build a picture of a market and to try and answer some specific commercial questions, such as what is the market potential.

Central to successful desk research is the ability to track down sources of information and to provide the right level of analysis. For example, identifying who your competitors are and analyzing their market position against yours to find strengths and weaknesses and indications of new developments.  Related to desk research is list building. This involves seeking out lists of likely prospects or partners for relationship or network building and finding out key information about the company for marketing purposes.

A specific form of market intelligence is competitive intelligence. This is typically undertaken on an on-going basis and involves the collection of news, materials and other information about competitors from a wide variety of sources. Because of its on-going nature, competitive intelligence is more about putting structures in place, than specifically finding one-off pieces of data.

Market Intelligence from internal data

Much marketing intelligence information can come from making better use of existing information. For instance, by carrying out database analysis on orders taken, it may be possible to understand where you have cross-sale and up-sale opportunities, or to understand what type of customers are your most profitable.

Database information is not the only source of market data. Your website may also include a high degree of valuable information about who is looking for your products and services. Website traffic analysis can help you understand what customers are looking for and why.

Finally, do not overlook knowledge about customers, markets and competitors that comes from your staff. Often, this is a source of information that is untapped. Collecting and disseminating such information falls into the realms of customer knowledge management, and making better use of this customer knowledge can help businesses focus far more on what the customer wants and says.

Cornwallis Mackenzie is able to carry out market intelligence for companies operating in each of the countries that we operate in. The information we provide has been proven to have a large scale positive impact on our clients businesses.