Market and Competitor Intelligence
- Today, competitive information is more readily available than ever before. You can find endless information online in an instant. Yet the information that is most valuable to you and your business cannot be found on a Google search.
Market intelligence is the information relevant to a company’s markets, gathered and analysed specifically for the purpose of accurate and confident decision-making, with reduced risk.
Today, competitive information is more readily available than ever before. You can find endless information online in an instant. Yet the information that is most valuable to you and your business cannot be found on a Google search.
What is Market Intelligence?
Market intelligence is a comprehensive study of the industry and market that a business operates in, to make better decisions regarding market opportunity, market penetration strategy, and market development metrics. In addition, it evaluates the changing competitor and consumer landscape, which can be applied to market strategies.
Market intelligence is sometimes confused with competitor intelligence. The latter is a more specific term, referring specifically to information about a company’s competitors.
In effect, competitor intelligence is a specific type of market intelligence. Thus, a good quality provider of market intelligence should offer competitor intelligence as part of its range of services. Competitor intelligence research and market intelligence is designed to help your company establish a foothold in a market, or increase its presence in a market.
Benefits of Market Intelligence
Market Intelligence will help you to answer these questions:
- What are the current market dynamics e.g. production, consumption, pricing, imports and exports trade?
- What is the total addressable market, historical market size and forecasts, market value, market volumes, imports and exports trade, distribution channels?
- What are the latest global South African market trends, innovation and technology, drivers and challenges?
- Which are the key manufacturers, wholesalers and distributors in the South industry?
- For each key market player, what is the latest company news in terms of products, services, new launches, and marketing initiatives?
- Which brands and products do the respective companies manufacture/distribute?
- Which are the key retailers in the South African market?
- What are the prices of popular brands and products across South African retail outlets?
Objectives of Market Intelligence
Our bespoke Market Intelligence service can help give you the edge in a global marketplace, empowering your business to overcome industry challenges quickly and effectively, and enabling you to realise your potential and achieve your vision.
From strategic overviews of your business’s competitive environment through to specific competitor profiles, our customised Market and Competitive Intelligence Research is designed to meet your unique needs and includes:
- Competitor pricing research
- Store visits and store checks
- Competitor interviews
- Customer interviews
- Interviews with suppliers, distributors, trade associations, regulatory bodies and industry experts
- Collating information observed by sales teams, account managers and other internal personnel
- Company website analysis: competitors, trade associations, regulatory bodies
- Governmental and publicly held records
Desk Research
- Publicly available sources
- Government sources
- Trade associations
- International organisations
Primary Research
- Trade surveys of leading industry players
- Contact with official sources
- Local observation and store checks
Analysis and Creation of the Industry Overview
Post-delivery support to answer research questions.
What is competitive intelligence?
Any Business can face challenges at any point in its journey. However, to overcome these challenges and maintain a good strategy, you must apply competitive intelligence to your business plans.
Competitive intelligence is describing, collecting, researching and interpreting intelligence about competitors, as well as its products, services and customers. It assists the executives and managers of any company to decide its course of action and achieve overall success.
Why is competitive intelligence important?
The need for accurate competitive intelligence has become more important than ever, because you can find endless competitive intelligence information just by Googling it. But, unfortunately, this information is often inaccurate, or unreliable, and does not provide the intelligence you require, which may lead to poor business planning and decisions.
A competitor research company like Insight Survey will deliver validated, customised competitive intelligence of your industry that is hard to find, and based on detailed analysis and research.
Our competitive intelligence service will give you accurate competitive intelligence data for your business and help you make smarter business decisions, according to the latest trends. In addition, it will uncover competitive insights necessary for any business to grow and flourish in the South African market.
Benefits of Competitive Intelligence
A good competitive intelligence analysis adds value to your business, as it is researched, compiled and helps to develop the best strategy.
Some other benefits of Competitive Intelligence include:
- Helps to identify customer needs and satisfaction
- Aids in new business goals
- Boosts the quality of products and services
- Determine market needs and trends
- Evaluate the competitor's strategies
Based on our experience, we usually conduct Online Surveys or Telephonic Surveys with customers using our in-house telephonic survey unit. However, depending on the target market and your needs, we conduct Personal In-depth Interviews or Focus Groups Discussions with B2B customers.
For more about our research process, click here.
Our B2B Market Research Services
Our B2B market research services can help your company make smarter business decisions by identifying key data and intelligence based on your specific needs.
