Do you plan to introduce a product or service on the market? Are you looking to grow your business and enter new markets? Are you interested in adapting your marketing campaign to market changes and changing consumer preferences?
Is your answer to any of these questions a thunderous “yes”? Then it’s high time you start using a market intelligence platform to better understand your industry, competitors, and customers.
Market intelligence data is crucial for your company’s growth, whether you’re running a bootstrapped startup or a global conglomerate. Simply put, it’s all the data and information you collect to gain a deeper understanding of specific market segments or industries. It’s the key to scaling operations and attracting new customers.
Even if you aren’t using a market intelligence platform, you’ve likely already collected market intelligence data in the form of customer surveys and social media polls.
In this blog post, we’ll take a closer look at the business benefits of using market intelligence. Also, we’ll explore a few valuable ways to collect and analyze market intelligence data. Let’s dive right in.
By 2023, 33% of companies will use decision intelligence. So, if you aren’t using market intelligence data yet, you’ll get left behind your competitors.
In addition to smarter decisions, market intelligence data provides the following benefits.
website analytics data to understand how visitors interact with different elements on your web pages, while some platforms even offer insights into traffic patterns on your competitors’ sites.
This data can also give you a fair idea of a customer’s journey from the moment they land on your website.