What is market intelligence data?
In a nutshell, marketing intelligence is a pretty broad term that refers to all information related to a business’s market. Some examples of such data are market growth rate, trends, competitor analysis data, etc.
This information is being collected and analyzed with several goals in mind – to evaluate the company’s marketing efforts, to determine a confident strategy, and to allow decision-makers to make more thoughtful decisions in relevant areas like market development, market opportunity, and market penetration strategy.
Now that you know what market intelligence data is, let’s take a brief look at where specialists can gather this data and how they can process it further. It can be obtained from a business’s external environment, such as corporate websites, news sites, social media, secondary data sources, RSS feeds, and so on.
Later, collected raw data is being processed with the help of a market intelligence software to transform it into information that can be useful for sales reps.