{"id":2053,"date":"2020-08-20T13:02:13","date_gmt":"2020-08-20T13:02:13","guid":{"rendered":"http:\/\/xtract.io\/blog\/?p=2053"},"modified":"2025-01-21T09:04:05","modified_gmt":"2025-01-21T09:04:05","slug":"bi-guide-to-market-intelligence","status":"publish","type":"post","link":"https:\/\/www.xtract.io\/blog\/bi-guide-to-market-intelligence\/","title":{"rendered":"Market intelligence guide that you&#8217;d wish you had known earlier"},"content":{"rendered":"\n<blockquote class=\"wp-block-quote\"><p>A journey of a thousand miles begins with a single step<\/p><p><\/p><cite><em>Lao Tzu, Dao De Jing, 6-th century BC<\/em><\/cite><\/blockquote>\n\n\n\n<p>You might have heard about the importance of market intelligence a lot already, but are you using it yet? Do you know how many companies save their time, efforts, and increase profits with a market intelligence solution?&nbsp;<\/p>\n\n\n\n<p>Take, for instance, one of the largest food chain brands in the world, McDonald\u2019s. McDonald\u2019s entered the Indian market in the early 1990s. We all know it\u2019s a food chain known for its meat recipes, which was a little controversial with certain sections of the Indian consumers. The company did thorough market research that primarily focused on:<\/p>\n\n\n\n<ul><li>What recipes the Indian consumers are willing to eat?<\/li><li>What price are they willing to pay?<\/li><\/ul>\n\n\n\n<p>Answers to these questions formed a strong base for their market understanding that resulted in a new line of vegetarian items like McVeggie Burger, etc. That paved the success path for McDonald\u2019s in India. If it had not done that research, it would have been a different case study. That\u2019s how crucial market intelligence is for businesses.&nbsp;<\/p>\n\n\n\n<p>Ultimately, all organizations want to win customers and increase profits. But how to do it is the million-dollar question. Market intelligence involves understanding multiple areas of your business proposition, conversion, and strategizing an action plan towards your goals. So to begin your thousand-mile journey, let\u2019s guide you with the small steps, to begin with.<\/p>\n\n\n\n<h3><strong>Gaining Market Insights<\/strong><\/h3>\n\n\n\n<p>Business is all about making decisions at the right time. The decisions might be related to a new product launch or entering a new market or even exploring a new geography. Here are some questions that every business encounters at some point.<\/p>\n\n\n\n<ul><li>Is there a need to develop a new product or a service?<\/li><li>Who are the target segments?<\/li><li>Should we enter new markets?<\/li><li>What can be the price for my product (one of the toughest questions ever)?<\/li><li>How can we improve our sales?<\/li><li>What can I do to increase the demand?<\/li><\/ul>\n\n\n\n<p>When you start your market research with the help of sites like <a href=\"https:\/\/ww2.frost.com\/\" target=\"_blank\" rel=\"noopener\">Frost and Sullivan<\/a> that help in market research and analysis, or <a href=\"https:\/\/www.gartner.com\/en\" target=\"_blank\" rel=\"noopener\">Gartner<\/a>, a leading research and advisory company, or a survey through google forms or even a meticulous google research can help you make the best decisions possible. In short, market research is what drives and decides your business direction.&nbsp;<\/p>\n\n\n\n<h3><strong>Knowing Your Customers<\/strong><\/h3>\n\n\n\n<p>The customer is the king and we still believe in this quote. Understanding your customers is the foundation stone for any business.&nbsp;<\/p>\n\n\n\n<p>With the right data and insights, you can filter and segregate target customers and their behavior in a particular market. Market intelligence solutions like <a href=\"https:\/\/www.xtract.io\/solutions\/business-intelligence-solutions\/market-intelligence?utm_source=link1&amp;utm_medium=web&amp;utm_campaign=blog\" target=\"_blank\" rel=\"noopener\">Xtract.io\u2019s Analysis and Business Intelligence<\/a> can help you with sentiment analysis of your customer and potential customers. <\/p>\n\n\n\n<p>You can also check reviews about your brand and other brands on social media to understand their likes and dislikes. Your social listening and resonating with our customers\u2019 views will help the customer feel connected with your brand and business easily.&nbsp;<\/p>\n\n\n\n<p>Not only during acquisition, understanding your customer when they are likely to leave your service will help a lot in customer retention. The bottom line, customer relationship management is a key component that again cannot grow on its own without an informed market intelligence.&nbsp;<\/p>\n\n\n\n<h3><strong>Understanding Competitors<\/strong><\/h3>\n\n\n\n<p>Strong research that forms the basis of market intelligence provides the best insights and competitor intelligence is the one that can help you the most. Vendor comparison websites like <a href=\"http:\/\/www.capterra.com\" target=\"_blank\" rel=\"noopener\">Capterra<\/a>, <a href=\"https:\/\/www.trustradius.com\/\" target=\"_blank\" rel=\"noopener\">TrustRadius<\/a>, and <a href=\"https:\/\/www.gartner.com\/reviews\/home\" target=\"_blank\" rel=\"noopener\">Gartner Peer Insights<\/a> can give you an idea of the top players in your target market and the core aspects that you have to match the competition to stay relevant with the race. These insights help you get a clear picture of the market with actionable data.<\/p>\n\n\n\n<p>With the right actionable insights, it will be a lot easier to track and stay ahead of your competitors. Once your competitive market intelligence is in place, a better decision-making process is easy to win the market.<\/p>\n\n\n\n<h3><strong>Importance of Data and Analytics<\/strong><\/h3>\n\n\n\n<p>Be it researching your market, understanding target segments, tracking your competitors, or making decisions, all these essential steps in market intelligence require accurate numbers to arrive at a clear conclusion. That\u2019s where the inevitable role of analytics comes in.&nbsp;&nbsp;<\/p>\n\n\n\n<p>With <a href=\"https:\/\/www.xtract.io\/solutions\/business-intelligence?utm_source=pp-link&amp;utm_medium=web&amp;utm_campaign=blog\" target=\"_blank\" rel=\"noopener\">powerful analytics<\/a> in place, market intelligence becomes exciting and insightful once for all. There are a lot of analytics and business intelligence solutions available in the market catering to organizations of different sizes.&nbsp;&nbsp;<\/p>\n\n\n\n<h2><strong>Xtract.io\u2019s Market Intelligence Solution<\/strong><\/h2>\n\n\n\n<p>Every business needs a market intelligence solution to stay ahead in the competition, but due to multiple constraints, they are unable to invest time and energy. Well, that\u2019s why we provide solutions crafted to your exact business needs.<\/p>\n\n\n\n<p><a href=\"https:\/\/www.xtract.io\/solutions\/business-intelligence-solutions\/market-intelligence?utm_source=link2&amp;utm_medium=web&amp;utm_campaign=blog\" target=\"_blank\" rel=\"noopener\">Check out our solution<\/a> and see whether it can meet your requirements. Reach us for a <a href=\"https:\/\/www.xtract.io\/demo?utm_source=request-demo&amp;utm_medium=web&amp;utm_campaign=blog\" target=\"_blank\" rel=\"noopener\">demo<\/a>, and we\u2019ll be more than happy to start a conversation with you.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Take, for instance, one of the largest food chain brands in the world, McDonald\u2019s. McDonald\u2019s entered the Indian market in the early 1990s. <\/p>\n","protected":false},"author":19,"featured_media":2336,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[80,265],"tags":[132,84,301,95,128],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v19.3 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Your Market Intelligence Guide to Winning in Business - Xtract &#039;s Blog<\/title>\n<meta name=\"description\" content=\"Market intelligence is now an important part of any business. This blog is to guide you and take you through how market intelligence helps you in your business.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.xtract.io\/blog\/bi-guide-to-market-intelligence\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Your Market Intelligence Guide to Winning in Business - Xtract &#039;s Blog\" \/>\n<meta property=\"og:description\" content=\"Market intelligence is now an important part of any business. This blog is to guide you and take you through how market intelligence helps you in your business.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.xtract.io\/blog\/bi-guide-to-market-intelligence\/\" \/>\n<meta property=\"og:site_name\" content=\"Blog | Xtract.io\" \/>\n<meta property=\"article:published_time\" content=\"2020-08-20T13:02:13+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2025-01-21T09:04:05+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.xtract.io\/blog\/wp-content\/uploads\/2020\/08\/market-intelligence-2.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"912\" \/>\n\t<meta property=\"og:image:height\" content=\"451\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Srividya\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Srividya\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Your Market Intelligence Guide to Winning in Business - Xtract 's Blog","description":"Market intelligence is now an important part of any business. 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