Forget about the competition, but keep tabs...
Some say you should only focus on your work and ignore the competition. Understanding the market is more than "what is the competitor doing".
Market intelligence is learning as much as you can to inform your decisions.
It's super helpful when companies are launching new products, entering new markets, or trying to outsmart the competition.
It could be understanding what customers like, watching trends, and keeping an eye on the industry as a whole.
Firms gather this data in a bunch of ways: through market research, surveys, interviews, statistics, and reports.
We do all the above. But still combine market intelligence with our own experience and expertise. This adds context.
Data + context = more accurate insights
There's another underlying learning of the market intelligence: understanding the strategic interdependence of your market.
Meaning... how your actions affect your rival's profits and strategies and vice versa. The more interchangeable you are, the higher the interdependence.
So how do you use market intelligence to guide your business decisions? Do you at all?
Check out this full explanation here: semrush.com/blog/market-intelligence/?utm_source=linkedin&utm_medium=eapteam&utm_campaign=eap&utm_term=eaprogram&utm_content=april
#data #marketanalysis