The characteristics of a Market Intelligence service

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Every business leader recognizes the importance of good strategic planning. However, not every leader understands what Market Intelligence is and how it works. With this tool, it is possible to collect and evaluate data to obtain insights and, with this, develop truly efficient action plans.

Learn about the main characteristics of Market Intelligence and what to evaluate before hiring this service.



What is Market Intelligence?
Market Intelligence is a strategic tool. It is a study that allows us to analyze trends, competitors, niches, products, average prices, sales channels, revenues and market shares, for example. With facebook database information, your sales and marketing team will be able to develop new approaches, improving the business.



What are the advantages of Market Intelligence?
In addition to enhancing your commercial and marketing strategies, Market Intelligence offers other benefits, such as:



Ease of decision making:
When the data collected comes from reliable sources, it doesn’t lie. Since Market Intelligence studies are comprehensive and insightful, you will have a good basis for making decisions.

Biggest competitive advantage:
There is an old Chinese saying that goes: “ Food and fodder must come before troops and horses .” In other words, before competing with your competitors, you must feed your team, provide them with information, and then define the best strategy. If you do not understand your market or your opponents, you will hardly win the battle.

Gain agility:
By understanding market movements, you can predict them and act quickly to avoid falling behind. If you know the average price charged by your competitors, you will be able to define the value of a new product. If you know your market share, you will know where to open new units or not, for example.

Check out 4 advantages of Business Intelligence for retail.

What to evaluate before purchasing a Market Intelligence service?
We explained what this tool is and what its main advantages are. Now, we will share what to evaluate before hiring a Market Intelligence service. Let's go!



Trust:
Did someone recommend this service to you, or did you find it through a Google search? What is the company's reputation? How long has it been in business? What other companies have it worked with? Are any of them in the same industry as yours? Knowing who you are dealing with is essential to determining whether or not the company is trustworthy.

Features:
Does the chosen service meet all your needs? ACP's Market Intelligence offers 3 functionalities: Enrichment, Prospecting and Market Research. While Enrichment updates the information on your customer base (active or not), Prospecting offers new bases. These can be customized according to your needs. Market Research is recommended for companies that want to build their brand or increase their visibility.