When you want to start any business such as cash for junk cars, you will be guided by the demands of your market. You must conduct market research to ascertain whether there is a demand for what you want to sell. It can be frustrating and a wastage of resources if you introduce products to the market only to realize no one is ready to buy from you. Market research plays a vital role in ensuring whatever you decide to sell is acceptable to your prospects. This is where market intelligence comes in.
Market intelligence refers to the information that is gathered by a company in regards to a specific market and helps teams make better marketing decisions. It is used to learn about existing markets, problems faced by customers, competition, available customers, and growth opportunities.
The purpose of gathering marketing intelligence is to learn about the customer and competition so that you can have a better chance of marketing your products and services Companies can gather general demographic and spending habits of consumers and use this information to write better and more targeted social media ads. Additionally, market intelligence can be useful in helping a company make better decisions on product development.
During market research, there are different types of information collected, which include the following.
Once you have a better understanding of how you compare with your competitors, you should have an inward look at your products and services to see how you fair. The goal here is to learn about the quality of your products and the performance of your services. If you have physical products, you should evaluate the manufacturing process to ensure you are building the most efficient products.
To have a true understanding of the performance of your products, you need to have a look at the various markets where your products are available. Is it possible for you to expand your products to other markets? Are there other markets that could benefit from your products and services? This information could be very useful in helping you understand where your audience is.
Understanding your customers is the key to increasing the product life cycle of what you are offering. It is five times more expensive to acquire a new customer than to retain an existing one, and so it’s important to put customer research and understanding as a priority in your business. You need to understand various aspects of your customers. Why do they buy from you, and what challenges are they faced with? The goal here is to gather as much information as possible that can help you make better decisions concerning your customers.
Market intelligence is very important in helping you understand where you should devote your resources, understand what markets to enter, understand customer purchasing patterns as well as the audiences to market to. To conduct market research, you will need to use both internal and external sources including surveys, questionnaires, focus groups, forms, journals, among others.