It is considered important to use take the view of the market by making use of two different sources of information, i.e. based on external and internal data. This helps to understand about the current trend in a market place the ongoing issues and what could be the future potential to tap.
External data implies collecting and analysing already published information so as to create an image of the market in order to try and find solutions for few specific questions like:
- The market potential
- Identifying the competitors
- Analysing the competitors market position against one’s strengths and weaknesses
- Any indication of future development.
Another specific form of market intelligence is competitive intelligence which is undertaken on continuous basis involving the collection of materials, news and regarding information about competitors from varied sources. This form of intelligence is not about recognising one-off pieces of data rather it’s about placing the structures in place.
Internal data implies gathering information from existing sources of information. It is possible to comprehend cross- sale and up-sale opportunities by the analysis of the database of orders that have already been taken. It also helps in telling about the most profitable customers and thus giving important information as to who is looking for our products and services. Employees also help in giving information about competitors, customers and the market. By collecting and disseminating such information falls into the domain of customer knowledge management which can further help business to focus more on the demands of the customers.
This in turn helps in better segmentation and the results help one to repeat and enhance future successful campaigns.