What is Market Intelligence and how it is beneficial for Brands? Top Market Intelligence Companies in India!

What is Market Intelligence?

Market Intelligence data helps brands understand current market conditions, trends, size, and growth within a particular industry. It refers to a information or data that is gathered and analyzed specifically for the purpose of making informed business decisions.

Market Intelligence data gives insights about competitors, their products, market share, marketing strategies, strengths, and weaknesses. It also involves around customer habits. The information about consumer demographics, preferences, needs, buying habits, and feedback is also a part of further business strategies.

The purpose of market intelligence is to help businesses understand market trends, which includes make better business decisions, identify market opportunities, reduce risks and gain a competitive advantage.

What Market Research Companies do?

Market research companies specialize in gathering, analyzing, and interpreting information about markets, consumers, and competitors. Data is gathered from various sources like market research, online sources, customer feedback, industry reports, and competitive intelligence. Market intelligence companies gather this raw data and process it for more understandable & actionable insights.

These companies forecast future market conditions by using historical data and current market trends. This data then help businesses in planning and strategy development.

How Market Intelligence Data helps brands?

Market Intelligence provides a solid foundation for strategic planning by offering data-driven insights. This helps brands in setting realistic goals and developing strategies to achieve them. For brands looking to expand internationally, marketing intelligence provides crucial information about foreign markets, cultural nuances, regulatory environments, and local consumer behavior.

Below are some of the important key factors Market Intelligence data may give you insights about:

1. Competitive Analysis:

This form of marketing intelligence involves collecting data & insights about competitors strategies, strengths, weaknesses, and market positions. Brands can use this data to differentiate themselves, identify competitive advantages, and anticipate competitors' moves.

2. Customer Needs and Preferences:

Market Intelligence data provides in-depth knowledge about customer demographics, behaviors, preferences, and pain points. This allows brands to tailor their products, services, and marketing messages to better meet customer needs.

3. Risk Management:

Marketing intelligence data helps in identifying potential risks in the market, such as changes in consumer sentiment, new regulations, or emerging competitors. This enables brands to take proactive measures to lower their risks.

4. Consumer Understanding:

The primary focus for most companies is to onboard new customers, customer loyalty and retention. Brands spend five times more on an average to acquire a new customer than to retain an existing one. With the understanding of your customers can help effectively target new customers for less marketing spend, while helping boost retention rates.

Importance of Market Intelligence for businesses

Market Intelligence data makes it important by offering insights about competitors strategies and market dynamics. It helps businesses to stay ahead in the competition. It enables brands to identify their unique selling propositions (USPs) and exploit gaps in the market.

Understanding customer needs, preferences, and buying patterns is crucial for any business. Market intelligence provides these insights, allowing businesses to tailor their offerings and marketing strategies to better meet customer demands.

Following are a few points, to understand why market intelligence is crucial to any business:

To understand your position in the market – Collecting market intelligence through surveys allows you to understand the market in-depth. It will give you insights into what the competitors are doing, what is the market demand and who will be your target audience and many more. Analyzing this information will enable brands to evaluate its position in the market and make strategies accordingly.

To evaluate your product – Conducting market intelligence surveys will give you actionable insights on the product trends in the market, the demand for specific features and product specification currently in demand. Such information helps you to evaluate your product and make wise business decisions accordingly.

To know your target audience – Gathering market intelligence data will allow a company to understand the needs of the audience and using surveys, businesses can shortlist their target audience for specific products/services.

To conduct competitor analysis – Market intelligence is a vast field. Conducting surveys to gather intelligence about your competitors is vital in today’s business environment. Using such information, businesses can modify their products as per the need, understand competitors failures or successes, and design strategies based on the competitor’s position.

Market Intelligence Companies in India

Vumonic Datalabs appears to be a significant player in the market intelligence and analytics sector in India. They specialize in providing comprehensive insights into e-commerce consumer behaviors and trends. This focus enables them to cater to a diverse clientele, including market research companies, brands, e-commerce platforms, investment firms, and digital marketing agencies.

Our services seem to encompass a broad range of online categories such as grocery, electronics, mobile devices, beauty and personal care, and home goods. By analyzing and tracking trends and insights across these categories, Vumonic Datalabs offers valuable data-driven insights that can be crucial for businesses looking to understand and navigate the e-commerce landscape in India.

However, for a detailed understanding of their specific services, methodologies, and areas of expertise, it would be beneficial to write to us and ask for sample data or demo!

Also read about What is Competitive Intelligence? A brief introduction about the concept of competitive intelligence!