Competitive Market Intelligence :- Small and medium enterprises are the market segments that have been greatly affected by the ongoing coronavirus pandemic. With this in mind, SMEs need to step up and look for effective business strategies that would bring them back to the game and achieve business success. According to Forbes, 73% of enterprises dedicate a 20% chunk of their technology budgets to research and data analytics because of their appreciation for gathering competitive intelligence. In fact, a survey conducted by Accenture and General Electric revealed the three highest industry priorities:
- increasing profitability (60%),
- gaining a competitive advantage (57%) and,
- improving environmental safety and emissions compliance (55%)
How SMEs Can Benefit From Competitive & Market Intelligence?
Many SMEs are now leveraging competitive and market intelligence solutions to get an in-depth understanding of the consumer base and also determine consumer behaviors and preferences. These solutions also keep an eye on your competitor’s activities and gain a comprehensive view of the competitive landscape in the target region. But what are the benefits that SMEs can get from Competitive & Market Intelligence? Let’s find out!
Competitive intelligence can help SMEs in gaining information and monitoring competitors. This information can serve as a useful tool for planning their business decisions going forward. Let’s take a look at the top three benefits of the competitive intelligence process to SMEs:
- Competitive intelligence allows SMEs to anticipate what their competitors are planning next. They can gain information on a new product they are getting ready to launch or new services they will add to the business.
- Competitive intelligence analysis can help SMEs identify gaps in the market based on what their competitors are doing. They are able to see how the competitors are changing or growing and which areas of the market they are focusing on.
- Competitive intelligence gives SMEs regular information on their company’s current status in the market to help them make better decisions. This is particularly useful for SMEs with various departments that need to be monitored.
Market intelligence can help SMEs get a 360-degree view of the market which includes data and insights about different stakeholders such as the competitors, customers, market, and others. Market intelligence enables SMEs to gain a holistic view of the market and the various stakeholders. Let’s take a look at the top three benefits of market intelligence.
- Market Intelligence drives operational efficiency by identifying the process gaps, providing real-time information, and devising strategies to mitigate potential risks. It also drives consistency, reliability, and responsiveness across business processes and operations.
- Market Intelligence can help SMEs respond quickly to market changes and gain a competitive edge over their competitors. SMEs can also enjoy the first-mover advantage because they have the right data, accurate insights, and a great strategy in place.
- Market intelligence solutions also help SMEs adopt a customer-centric approach, work closely with their target market, and drive customer loyalty. By understanding their customers’ behavior, SMEs can increase the customer satisfaction level.
SMEs can definitely survive in these ongoing pandemic if they use the right tools and invest in the right solutions. By getting the best competitive and market intelligence services, SMEs can absolutely stay on top of their competitors and achieve business success.
Are you looking for different competitive and market intelligence firms that would help you with your need? Why not try Markable Solutions? We provide the best competitive and market intelligence solutions perfect for your needs. Call us now!