Market intelligence refers to information that is normally difficult to locate, and is related to the external environment of the company. In many senses, Market Intelligence can be loosely defined as the findings one can unearth through rigorous Market Research that pertain to the external environment of the company. At infoAnalytica, market intelligence research is treated as a component of Market Research and Analysis.
Market intelligence, as compared to market research, is a more widely applicable term that is continual and provides a comprehensive understanding of relatively unknown aspects of the market place.
Even though in today's times, large amounts of data have moved to online and published sources, market intelligence is not always easily available through web or secondary research functions.
At infoAnalytica, market intelligence research is performed a little differently than market or marketing research. Market intelligence research and analysis requires deep and broad analyses into a business and the applicable industry. A good market intelligence data set can only be produced after a clear understanding of the market, direct and indirect competitors, financial and economic factors, and information or data applicable to the industry that the business operates in.
Market intelligence can be split into five primary areas: competitor information, product information, market information, industry information and customer information.
Market intelligence should yield a perennial and in-depth understanding of the market. Each of the five areas - competitor intelligence, product intelligence, market understanding, customer data and industry intelligence interlink to provide a comprehensive understanding of market factors. At the end of the research, each of the areas should tie in cohesively, with the influence that each area has upon the other becoming clearly apparent.