A price drop in the competitor product can mean the company is introducing a new model in the market. For example, A telecommunications company needs to monitor the prices of competitive mobile phones in the same segment. Product Intelligence – Product intelligence is gathering data related to competitor products or similar products in the market. Understanding the need for high quality, fuel-efficient cars led them to strategize and penetrate the US market successfully. For example, Japanese automotive companies were able to capture the US markets and even dominate them using competitor intelligence. Market intelligence is closely associated with market research and can be explained in three simple parts as follows:Ĭompetitor Intelligence – Competitor intelligence can be explained as the collection of data about your competitor using ethical methods such as government databases and public records. However, incorporating market intelligence with business intelligence processes will enable a company to have a holistic view of the ongoing corporate performance in specific market conditions. Whilst business intelligence focuses on mostly internal factors such as billing rates, headcount, processes etc., market intelligence gathers data externally providing you a holistic view of the entire market and not just your organization. Market intelligence, however, is not the same as business intelligence. Such information helps the company to focus its efforts on the right people thus saving costs and efforts. For instance, if the colors of the phone are bold and its features are set in a manner to market it as a gaming mobile device, a survey will shortlist participants who prefer gaming, are in a younger age group and people who fall in a specific income range. A profile survey can help the company to shortlist its target audience based on the type of mobile device they are launching. Market intelligence is a vital aspect to understand the state of the market, as well as helps collect competitor intelligence which in turn aids towards becoming profitable.įor example, A company wants to understand who is the right target audience for a mobile phone they are launching soon. Market intelligence is defined as the information or data that is derived by an organization from the market it operates in or wants to operate in, to help determine market segmentation, market penetration, market opportunity, and existing market metrics. Market Intelligence: Types and Methodologies with Examples.