For developing and keeping businesses afloat, one cannot ignore market intelligence. It concerns information about the market where the company in question operates, including its customers, trends, and competitors. A comprehensive analysis of these elements defines internal goals and has a significant impact on the business’ prosperity and success. Yet, according to the given article, “there is no set plan for how companies should gather market intelligence” (Arline 2019, para. 8). Collecting customer data is one of the more manageable ways of doing so because it relies more on gathering rather than high-level examination, requiring fewer expenses. First, sales and delivery teams, various industry associations, and government bodies can be questioned (Arline 2019). Those who directly communicate with consumers may have valuable observations regarding their responses. Second, studying activities on the company’s website is an accessible way to track the customers’ thought processes. Thirdly, creating a feedback program and maintaining customer lists can help to obtain first-hand information. In this case, a business owner or analyst can even employ useful DIY tools (Arline 2019). Incorporation of these methods can significantly contribute to the company’s success.
Besides, getting information from and about customers is not only affordable but also highly efficient. It shows how individuals feel about a product or service and what consumers are interested in them. Collecting customer data provides an analyst with the necessary information to adapt the business to customers’ needs and determine decisions. Arline (2019, para. 14) states that it may assist in “determining market opportunity and creating market development metrics.” Such vital arrangements and conclusions can define the future of the company.
As an example of a small neighborhood business, I would like to present Luna’s Bakery. It is a family company that heavily depends on customers’ positive response to their cuisine and service, judging from their website and Facebook group. It seems like they collect information about the current opinions and demands of the buyers. Their employees quickly respond to comments and messages on the Internet pages, thus gathering customer data and creating a welcoming atmosphere. Then they incorporate this information to follow the latest trends and update the bakery’s social media. Also, the company analyzes reactions and take into account recommendations as they regularly advertise how they change their menu. Thus, Luna’s Bakery collects consumer data to improve its service, cuisine, and marketing.
Reference
Arline, Katherine. 2019. “What is Market Intelligence?” Business News Daily. Web.