The business world is a universe of risks that leads to failure or success. The reason behind this is not only the threat of economic inflation, but also because there is absolute uncertainty of sales. There are many competitors in the market and one or two strategies may not be enough. Using market intelligence measurement tools gives managers a sigh of relief, at least in terms of making good decisions. No, it is not a way to spy on the competition, but more of a business approach. Many large companies have been using the proven market intelligence scorecard since 1958.

The term market intelligence is almost the same as business intelligence. While the latter topic covers a broader spectrum, market intelligence focuses on three specific areas. Thus, there are three approaches or types of market intelligence metric systems. All three systems focus on competitor analysis, market research, and benchmarking. Actually, all three of these areas are all about analysis, as market intelligence is really about analysis.

The competitor analysis scorecard is one of the most important aspects of market intelligence measurement and analysis. Most of the time, the best way to define a business or even a brand is not through its products and services, but by its competitors in the market. This type of scorecard involves three groups of responders: the company, customers, and competitors. For the company to position itself properly in the market, it must have a good control of what customers know about the company’s brand and the competitor’s brand. In the same way, the company must also consider the competitor’s marketing methods and strategies.

The second aspect of market intelligence measurement is market research. The focus in this aspect is the client. This is where surveys, product testing, brand recall, product placement, and even product packaging come into play. One of the most effective ways to make a product successful is not to capture an already established market, but to create one. Through careful research, the company can even find a new market from an existing one. Market research can take time and resources, but the results are worth it.

The third aspect in measuring market intelligence is benchmarking. Benchmarking is to the business what market research is to customers. There are four types of benchmarking strategies: internal, competitive, functional, and generic. Benchmarking within the organization’s business units is an internal strategy. Benchmarking becomes competitive when there is a check on the efficiency or performance of the process with competitors. Functional benchmarking, on the other hand, involves operations within a similar industry. And, generic benchmarking involves comparing processes across different industries.

Many companies are behind in terms of technology facilities. But as long as they closely follow market analysis, these companies will continue to be right. Using the market intelligence dashboard may be producing nothing less than numbers. But once these numbers are crunched, business leaders could make decisions that lead to success.

RELATED ARTICLES

Leave a Reply

Your email address will not be published. Required fields are marked *