Market Intelligence – Best Practices for New Market Success

market intelligence best practices for new market success

Betting on market intelligence best practices is a guaranteed strategy to ensure your expansion venture is both profitable and worthwhile. Market intelligence provides detailed insights into customer behaviour, allowing you to identify unmet needs and address them with a new product line or an upgraded product.

Before we dive into the best practices for market intelligence, let’s first understand what market intelligence is in a nutshell.

What is Market Intelligence

Market intelligence means data gathering and analysis, in short. The data gathering and analysis is specifically designed to gather information about consumer behaviour, trends, and competitors.

The idea is to mine most useful information from the data to help businesses drive their strategic decision making process. This, in turn, could help them consider their big expansion tasks – launching a new product, entering new market areas, or for that matter pulling the rug off competitors’ feet – a more feasible task. An in-depth understanding of the new markets via market intelligence helps businesses make profitable business moves.

Market Intelligence Sources to Gather Data

The source of marketplace intelligence data can be done through several methods, including:

  • Customer Surveys and Questionnaires
  • Interviews
  • Focus Group survey
  • Social Media Listening
  • Product testing
  • Consulting experts in that market
  • Industry reports
  • Competitor data
  • Data from government agencies

Pro tip: Businesses that gel market intelligence with their own expertise + experience help arrive at more meaningful, unique insights that could help them stand apart from the competition.

This blog helps you explore strategies to enter new markets using market intelligence. So, without much ado, let’s discuss the best practices that’ll help expand your footprints in new market areas by piggybacking on market intelligence.

Let’s start:

Best Practices for Market Intelligence Gathering for New Markets

1. Thoroughly Research Consumer Behaviour

Gathering data from targeted customers in new market areas in terms of their purchasing patterns, preferences and their demographics can help businesses identify their unmet needs, whereby they can work out ways to meet those needs. It could be by introducing a new line of product/services or perhaps enhancing their existing product line before embarking into new markets .

Qualitative customer behavior data can be gathered through interviews, and, specifically, focus group surveys, which could help your business uncover customer emotions, preferences, and challenges with regard to a product/service.

2. Track Industry Trends and Innovations

Market Intelligence enables businesses to get a first-hand account of the new and upcoming trends and innovations that’s catching the fancy of customers. These new trends and innovations could be about changes in customer preferences, technological advancements, and more. The data gathered can be used by businesses to better their products/services to keep up with the changing industry paradigms.

Data analysis tools can be used to track industry trends and innovations.

3. Analyse the Social Media Behaviour of Customers

Social media platforms are a breeding ground for fresh consumer insights. Monitoring and analysing social media conversations via social media companies/tools can help you glean unique insights about what customers are talking about different products/services and mostly their strengths and their weaknesses. Based on this real-time data, businesses can make an informed decision whether they need to come up with a new product or just a product uplift would suffice.

4. Study Competitor Data

Tracking competitors and understanding their marketing strategies is crucial when entering new markets. Studying competitor data allows businesses to get a better understanding of their strengths, weaknesses, strategies and their positioning. By studying the competitor data, businesses can pin down areas where they can make a difference and offer unique value.

Winning new markets for businesses is easier said than done. Your optimism about your product/service taking on new markets as ducks take to waters could be misplaced. However, betting on the right market intelligence best practices could literally be the wind beneath your business wings as it can help you achieve your business agenda coupled with right efforts.

Why Choose Evestico for Your Market Insight?

Evestico provides market intelligence services and reports to a range of B2C and B2B companies. Ours services provide our customers with valuable insights into their target market, allowing them to make informed decisions and stay ahead of their competitiors.