An international company has more challenges in increasing its market share because there are more companies to compete and diverse customers to serve.
Its marketing team needs to work hard to increase the company’s sales. However, global market intelligence can make this job easier to do.
Understanding Global Market Intelligence
Some people tend to use the term market research and market intelligence in the same context. They actually have different meanings.
Market research is a process of deciding the viability of the company’s new products and services. It is more company specific.
Market research data is related to the customers’ opinion, opportunities, and market competition. This data is not readily available and gathered through surveys and interviews.
Meanwhile, market intelligence is external information related to a company’s market, such as competitors, customers’ monitoring, and trends, that is utilized by other companies to determine the market strategies.
It is gathered from a company’s external environment, e.g. social media, news, and company websites.
The information is readily available and provided by a company that specialized in financial information and analytics.It provides global market intelligence for companies who have subscribed to its service.
By subscribing to this service, they will be able to gather and monitor information or data on a daily basis via an app or a website provided by the market intelligence provider.
Categories of Market Intelligence
Market intelligence is divided into several categories.
- Market Understanding
A marketing team of a company will gain market data from market intelligence so that they can understand more about the market. This understanding allows them to determine the company’s market share and the performance of the company’s products or services.
When reading the information, the marketing team also needs to look at different markets where the products or services are available and decide whether they can expand the products or services to other markets.
- Competitor Intelligence
Understanding the company’s competitors allows the marketing team to know the competitors’ strengths and weaknesses. With this knowledge in hand, they will be able to develop pricing strategies and improve the company’s products or services.
- Customer Understanding
Customer understanding is crucial in marketing a product or a service. The information about the company’s customers will help the marketing team to create targeted campaigns.
- Product Intelligence
Market intelligence offers some information related to the company products and the competitors products. The marketing team can utilize this information for improving the quality of the current products or services and improving the user experience.
Market Intelligence Dubai
Dubai offers a favorable business environment for business owners. It is no wonder that there are numerous registered businesses in this city.
Companies that operate in this city will need market intelligence Dubai UAE service to determine the best market strategy for increasing their market share.
This service is provided by a marketing consultant company that has years of experience in the field. This company does not only offer you with market intelligence, but it also offers market research service.
Therefore, its client will be able to gather all the data they need to increase the market share.
Market intelligence is valuable data for companies and investors. Gathering and analyzing this data allow them to reach their business goals easily and even avoid certain risks.