23/12/2022
What is market intelligence?
Market intelligence is the data a company gathers about a specific market or industry to help make business decisions and guide competitive strategy.
Market intelligence is used to learn about the existing market, customers, problems, competition, and growth potential. Businesses can gather this information through internal and external sources such as sales logs, surveys, social media, news websites, manufacturers, clients, or distributors.
For instance, companies can gather general demographics and spending habits of their consumers to write better, more targeted social media ads. Additionally, market intelligence can help a company make decisions on product development and establish a stronger brand.