Plenty of new businesses and Ventures pop up on the online every day. These businesses often do not make their mark in the internet world and fail due to many factors. We might wind up putting the blame on the company model, the promotion and management of the venture but the simple fact remains that nearly 97 percent of all companies that start out online fail. And this is because these companies do not actually understand what the consumer is searching for?
A consumer might be looking for ‘x,’ but the companies are selling ‘y’. This mismatch results into failures along with the understanding of consumer needs is categorized under market intelligence. Market intelligence is not merely about customer needs but also about the opponents, their marketing strategies, their penetration & achieves the requirement gap and much more. Once any organization works strongly on establishing market intelligence, it becomes much easier for the organization to offer a customized offering to its end user in order to decrease the odds of failure. By way of instance, internet adds nearly one million new users every day to its current database of 1.5 Billion users. This is phenomenal. But what is more intriguing is the fact that concurrently around 70 Million users try their hands at direct sales business every day.
What does this have to do with the earlier data? It only means that the new users who are added to the net come majorly to perform an internet business. Thus the competition will be fierce and if you would like to survive in the internet market, you must know the use of mro industry intelligence in creating competitive advantage. Your goal will be one step ahead of the competition. The contest in this case Will be the number of other persons the same as you who have decided they have to have their own business and be their own boss. Monopolies have become extinct, thus you will always have competition and therefore, you will need to understand what your customers want and try to supply them with it initially. Also try to supply better quality and value for the exact same commodity as your opponents.
Market intelligence is nothing but current trends. Therefore you will have to always be in the know about all the latest developments in your business. Keep a close watch on your competition, if they appear to be doing better than you, find out why and do something about it. If they are failing, do not assume that it is because you are just better, but learn what they are doing wrong and do not make the same mistake. Getting and maintaining a Competitive advantage will depend mostly on advertising intelligence, so make certain you know what to search for or get support from someone who does.