Monthly Archives: September 2017

Leadership Through Market Intelligence

A lot of new businesses and ventures pop up on the internet everyday. These businesses often do not make their mark in the online world and fail due to several reasons. We might end up placing the blame on the business model, the marketing and management of the venture but the fact remains that almost 97% of all businesses that start out on the internet fail. And this is because these businesses do not really know what the consumer is looking for?A consumer might be looking for ‘x,’ but the companies are selling ‘y’. This mismatch results into failures and the knowledge of consumer needs is classified under market intelligence. Market intelligence is not only about consumer needs but also about the competitors, their marketing strategies, their penetration & reach, the need gap and more.

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Once any organization works strongly on establishing market intelligence, it becomes easier for the organization to provide a customized offering to its end consumer so as to reduce the chances of failure. For example, internet adds almost one million new users each day to its existing database of 1.5 Billion users. This is phenomenal. However, what is more interesting is the fact that simultaneously around 70 Million users try their hand at direct sales business each day.What does this have to do with the earlier data? It simply means that the new users that are added to the internet come majorly to do an online business. Therefore the competition will be fierce and if you want to survive in the online market, you have to know the role of marketing intelligence in creating competitive advantage. Your aim is always be one step ahead of the competition.The competition in this case will be the many other persons just like you who have decided that they need to have their own business and be their own boss. Monopolies are becoming extinct, therefore you will always have competition and as such, you need to know what your customers want and try to provide them with it first. Also try to provide better quality and value for the same commodity as your competitors.

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Market intelligence is nothing but current trends. Therefore you will need to always be in the know about all the latest developments in your industry. Keep a close watch on your competitors, if they seem to be doing better than you, find out why and do something about it. If they are failing, do not assume that it is because you are just better, but find out what they are doing wrong and do not make the same mistake.Getting and maintaining a competitive advantage will rely largely on marketing intelligence, so ensure that you know what to look for or get help from someone who does.