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More knowledge, better decisions #MarketIntelligence

By Gorka Riocerezo — November 11, 2015

Organizations must know, understand, and predict customer needs and the resulting challenges

The ground we walk on, which used to be static, uniform, and predictable, has become mobile and dynamic. There is a constant process of creation and destruction that shapes the social and technological landscape in which we live.

For the first time ever, people are a step ahead of organizations in the use of new technologies, and this hyperconnected society that is continuously in motion is inevitably changing the market, and consequently companies, which must face the constant challenge of addressing new demands.

Companies must develop their strategies based on in-depth knowledge of the market’s strengths. This is why market intelligence plays a fundamental role in understanding the behavior of the target market’s critical variables and it must also be able to predict behavior so companies may anticipate client needs.

Our way of understanding market intelligence considers three major aspects that must be addressed from a global perspective:

  • Business intelligence: This concept includes the set of tools that we use to extract knowledge from a client’s business. It allows us to anticipate customer needs and provide a solution as quickly as possible. It covers organizational, daily, and strategic requirements for short/medium-term positioning in a specific area. Knowledge of the market and internal data analysis play a very important role in this.

  • Competitive intelligence: This knowledge allows us to analyze information and the capabilities of our clients and their market competitors, and it is fundamental for the positioning efforts in this ever-changing environment. The involves systematic data collection and analysis of market player activities in terms of commercial, operational, organizational, and transformational aspects, to name a few.

  • Market research: This refers to understanding end users and their behavior. The information collected using qualitative and quantitative techniques is essential in order to provide comprehensive solutions for the market issues faced by our clients.

Many organizations are currently striving to enter new markets and reach more people by analyzing behavioral data and taking advantage of mobile and social technologies. Their aim is to increase productivity and provide customers with an unforgettable service experience. This must be done with secure intelligence that is in line with the new era and with the ability to prevent, detect, and respond to a company’s threats. Market intelligence undoubtedly helps prepare for future needs and challenges as well as proactively anticipate for improved market positioning.

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