In marketing circles, the words market intelligence or market research (sometimes referred to as marketing intelligence research) are frequently employed. Although the phrases are frequently used interchangeably when building marketing plans, they are not interchangeable.
However, because the notions are similar and pertain to the same realm, it’s simple to understand why a person would make that mistake. Market intelligence or market analysis follows somewhat distinct processes, and the data gained from each – while comparable in some ways – is used for different objectives.
Let’s take a look at the nebulous distinction between marketing intelligence and marketing research in terms of definition, kinds, and relevance in this post. Let’s get started.
Definition of market intelligence
Market intelligence (MI), also known as marketing intelligence, is information or external data gathered by a corporation about its target market or sector to aid in corporate decision-making and to influence organizational and competitive strategy.
Market intelligence research allows a company to obtain a thorough awareness of its rivals, the status of its sector, market circumstances, and the evolving consumer environment as a whole, giving them a competitive edge in the industry.
Definition of market research
Market research (also referred to as marketing research) seems to be the method of deciding the viability of a new service or product by conducting market, competitive, and consumer research.
It is conducted in order to gain a better understanding of your target audience’s demands and needs, as well as consumer purchasing trends in your business.
Market research vs market intelligence: What’s the difference?
Market intelligence and market research both play a significant part in market strategy, but market research is the one that focuses on it the most. Users and the product/service aren’t the only things that market intelligence looks into.
When a corporation undertakes both market survey and market intelligence, the information obtained frequently overlaps.
Consider the following important distinctions between market research and market intelligence:
Market research aims to answer specific questions such as “what sort of service or product are customers seeking?” “Why do customers favor a certain brand?” and “how can we enhance our current product or service?”
Market intelligence, on the other hand, is a never-ending process.
Market research is used to assist your company in making judgments regarding its unique goods and services. Consumer preferences, buyer behavior, customer impression, client base, retaining customers, trends, technology products, styles, tastes, and so forth are all areas of concentration.
As a result, market research is usually company-specific and focuses on your products/services and consumers. On the other hand, market intelligence is tailored to a certain market. It’s interesting in the market’s larger ramifications, such as industry investments, rivals, market awareness, market research, market dynamics, consumer spending, and suppliers.
3. Required abilities
Analysts who analyze market research should preferably have knowledge or experience in both behavioral sciences and mathematics.
After reviewing the major distinctions and the relevance of both market advertising and business intelligence, it is evident that both processes play an important role in developing diverse organizational strategies.
Business planning and marketing intelligence, when combined effectively, assists in generating a full or holistic image of your organization, its strengths, weaknesses, customers, competitors, and current market position.
They also assist in the formulation of clear objectives and the development of strategies for achieving them. These principles, when combined, inform every part of a business, allowing it to innovate.
Understanding the distinctions between Market intelligence research and market research should help you use them more effectively and with less misunderstanding.