Why Do You Need Market Intelligence?

What a great Market Intelligence Managers do:

“Some of the greatest challenges facing CEOs and global organizations today are understanding market growth, identifying new business opportunities, facing new competition and managing changing customer needs. The best market intelligence managers are able to address such issues by identifying new business opportunities in adjacent or completely new markets, preempting competitor product launches and ensuring that management constantly hears the voice of the customer. “

By end of this article, you will get a sense of why you need market intelligence. Even if you do not have a manager for market intelligence, these functions need to be performed by different teams in your company like sales, marketing, customer support. This is known as embedded intelligence since it is a function embedded as part of sales/marketing/support. So here are some questions:

  • How do you gather Market Intelligence? Do you have market intelligence function in your organization?
  • What tools and processes do you use to identify new business opportunities in adjacent or new markets?
  • Do you think Market Intelligence is needed for only large companies?