Whether you’re starting a new online or offline business, market intelligence cannot be neglected. But, what exactly is market intelligence? It’s nothing special, nevertheless, it’s really crucial.
Market intelligence basically possesses the knowledge of what is currently going on in your niche market and the overall market in general. If you’re planning on entering this market with your new business products, you should know exactly how it functions and what could happen in the near future. Knowledge of what your competitors are doing as well as the upcoming marketing trends also fall into this category.
Market Intelligence – Customers
Irrespective of what products or services you’re selling, it is really important that you understand the needs and demands of your customers. You should have an answer to the questions – ‘What is the customer looking for?’ as well as ‘What kind of modifications would my customers want to see in future products?’
The first step to success is finding answers to the above questions and implementing them into your marketing strategies. Therefore, you should invest in financial services by marketing analysts so as to know exactly what’s going on in your customer’s minds or in other words – Marketing intelligence.
Understanding the market
In this fast-moving world, nothing remains constant. Each and every day there are thousands of changes and improvements. This is the reason you should also know what’s going on in the marketplace. Are there any possibilities that the products you’re manufacturing will not make any sales at all, or will they go viral?
Irrespective of the marketing trends, you could make a profit; but, this could be done only if you know what’s coming at you. Therefore, your marketing analysts need to be trained and possess the extraordinary skill.
Timing is another important aspect to look out for
Market intelligence also includes time. When are you going to release a new product into the market? Obviously, you would want to sell lots and make a huge profit – but, when is the best time to do so? Analysts study market trends over years and finally come up with the right solutions.
Let’s say you’re manufacturing Pre Lit Christmas Trees – Anyone in their right sense would transport them into stores beginning September rather than January because that’s when people are looking to buy them.
However, if you’re into mobile manufacturing there are people waiting to buy all through the year. Hence predicting when exactly to launch the product could be a challenging task. That’s the reason you should hire financial advisors and marketing analysts.