You can collect market intelligence by referencing sales logs, customer data, surveys and reviewing social media metrics. It assesses your companyвЂ™s customers, problems, competition and opportunities for creating new products and services.

What is market intelligence?ДЄt its core, market intelligence uses multiple sources of information to create a broad picture of your companyвЂ™s existing market. Market intelligence can help you understand your market better to run a more profitable business. Traditionally, that information has been termed вЂњmarket intelligence.вЂќ In recent years, the practice of collecting market intelligence has expanded to include analytics that can help you improve your business model and projections. Keeping track of your competition and the state of your industry is an integral part of operating any business.

This article is for small business owners who want to take advantage of market intelligence to position their company for growth and success.

Consider market intelligence your company gathers alongside broader industry trends to try to identify new market opportunities before your competitors.

Market intelligence consists of data points like sales, customer data, survey responses, focus groups and competitor research.

Market intelligence is information on your industry or market segment that can inform strategy and give your company a competitive advantage.

Business intelligence strategy sample