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Strangely, many people are inclined to say that they have heard of only business intelligence and not marketing intelligence. Some cynics even question the association of the word intelligence with marketing.Marketing intelligence exists and matters. In fact, it matters a lot. What does it means? Wikipedia’s definition of Marketing Intelligence runs as:
Marketing intelligence (MI) is the everyday information relevant to a company’s markets, gathered and analyzed specifically for the purpose of accurate and confident decision-making in determining market opportunity, market penetration strategy, and market development metrics.”
The catalyst for actionable insights
To cut the long definition short, marketing intelligence is looking into the market for actionable insights. Today, traditional market research programs might not be well equipped enough to craft marketing solutions that will win the heart and purse of customers. In a complex business landscape where customers are becoming highly sophisticated because of digital changing dynamics – superior intelligence is the only business imperative. And it is in this context, Marketing Intelligence is going to be a real catalyst.
The future of businessworld
Market intelligence analyses how business development and organizational strategy can be aligned though in-depth analysis and sophisticated market research to transform and win new businesses. This is very important for a successful business forecasting process. In fact, it might not be an exaggeration to say that market intelligence holds the key to the future of businessworld.
The dual case of problems and opportunities
In a business environment of risks, uncertainty and challenges – to meet and negotiate all this problems in a comprehensive and effective way – companies are looking into many key issues which will be driver of growth in the coming years. Some of them include:
ü Economic Climate
ü Customer Behaviour
ü Regulatory and Compliance Issues
ü Geo political and cultural challenges
ü Application and Technology
How best a company understand and addresses the above issues will depend on how smart and insightful market intelligence they have; irrespective of indigenously developed or acquired. That is how new doors of business opportunities are going to open.