Market Intelligence is data “gathered and analysed specifically for the purpose of accurate and confident decision-making in determining strategy.”
For example, is the market expanding or contracting? Are consumer trends shifting? How strong or weak is the competition? Are their gaps in demand that your product or solution could fill?
Without market intelligence, you could be making decisions blind. You need to know if a market is expanding or contracting, and long before analyst’s reports tell you based on revenues, you’ll have a clear picture based on consumer feedback.
Before launching a new business, product or service; when a competitor launches; when you’re unsure how to meet your growth plans.
Market Intelligence is often ‘owned’ at the most senior levels, where C-Suite executives make major strategic decisions on how and where to invest a company’s time and resources. However in larger organisations, these kinds of decisions may also be made by divisional heads and business unit owners.