What Is Market Intelligence, And How Can You Use It?

The foundation of rational decision-making is intelligence or the gathering of valuable knowledge. Spy thrillers, movies, and media intrigue have been inspired by intelligence agencies like the CIA, MI6, or Soviet-era KGB for decades. Brave 007 is renowned worldwide for its distinct method of intelligence gathering.

However, people often find market intelligence to be a little less fascinating. There are fewer fast-paced vehicle chases, assassination deaths, and threats to end the planet. However, the fundamental idea is still the same: Investing in technology and personnel to collect and analyze big data to enhance your position and/or provide you an edge over your rivals. Instead of defeating the villainous operatives of James Bond's arch-enemy, SMERSH, success revolves around superior business judgments and market opportunity. It is not industrial espionage, which entails utilizing illicit means to collect current competition intelligence.

What is market intelligence?

It is defined as "Information about client demand, competitors' products, etc. in a certain market that a firm uses to assist it in selecting what things to offer, what pricing to charge, etc." by the Cambridge Dictionary. Their goal is to give market insight by utilizing information technology.

It is described as "timely information relevant to marketing and operations for biopharmaceutical companies, including areas such as innovation, product creation, distribution, promotion, pricing, sales and production" by Simplicable, an online encyclopedia with a Singaporean focus.

• There are several additional names for the procedure, including:

• Research into market intelligence

• Competitive Awareness

• Competitive intelligence analysis

• Rival intelligence analysis

• Product Intelligence Marketing Intelligence

• Customer knowledge

Competitive intelligence

"Competitive intelligence" is "actionable knowledge from a variety of known and unpublished sources, obtained effectively and ethically." To properly use competitive intelligence, a company must have an accurate enough picture of its industry, and only then can it respond to issues and obstacles as they arise.

The technique is described in more detail as follows: "Competitive intelligence goes beyond the simplistic cliche "know your adversary." Instead, it is a deep-dive activity where companies learn the intricate details of rivals' business strategies, such as the clients they serve and the markets they compete in. Competitive intelligence analyses how a wide variety of events disrupt rival businesses. Additionally, it reveals potential effects on distributors and other stakeholders and suggests how quickly new technology can invalidate any presumptions.

If you want to learn more about how this might appear for your brand, contact Imapac because we are experts in competitive intelligence.

Knowledge versus Intelligence

Since the terms "information" and "intelligence" are sometimes used mistakenly interchangeably when they signify distinct things, it is appropriate to study the idea of "information vs. intelligence" at this time.

The first phase is gathering information using data-driven and other approaches, although this step is generally worthless. Data scientists and marketers enhance, evaluate, and contextualize the information to extract the relevant information, which is when the "intelligence" component enters the picture.

This procedure should result in meaningful action, such as helping them take advantage of the recognized market opportunity or make a sound business decision. If awareness cannot serve a purpose, it is useless. Take advantage of the chance and the day!

Market Research Versus Market Intelligence

Market intelligence and market research are other phrases that are occasionally used incorrectly and are seen as the same thing by some people. They both involve research, after all. Yes, but market research has a particular focus on being able to pinpoint what existing and potential customers believe, act, and are interested in. The first has a far wider scope. On that, however, later.

As the value of customer-centric methods increases, researchers are working harder to understand customers' attitudes, demands, and purchasing preferences within certain constraints. The questions that you must address will typically be particular to a good or service or those of a rival. The findings are then used to analyze the competitive landscape and will eventually be incorporated into the sales and marketing plan. In this sense, market research may also be called "marketing research."

Summary

In conclusion, a company might employ market intelligence services in biopharmaceutical agencies in various ways based on business needs and shifting market pressures. These consist of:

• Increasing a current market

• a new market entry

• Risk assessment before potential investment

• Increasing your knowledge of the company's competitors

• creating a novel good or service

• improving sales and marketing techniques

• forecasting and analysis of trends

The ultimate objective is for the company to succeed by fully comprehending its operating environment, maximizing potential market possibilities, and minimizing potential dangers.

Do you have examples of great market intelligence case studies or possibly any noteworthy flops? If so, please tell us about them. If you want to learn more about integrating market intelligence into your strategies, get in touch with Imapac.