Market Intelligence: What is it, why does it matter and how to use it?
Get in touchMarket Intelligence is at the very heart of our operation here at Mintel. It’s not just a term in our name; it’s the driving force behind everything we do. Our core values are rooted in helping businesses and people grow. That’s why we’re dedicated to providing a complete picture, across local and global markets, of what consumers want and why.
But before we dive into Mintel’s unique approach, let’s take a step back.
What is Market Intelligence?
Market Intelligence is the ongoing process of collecting, analysing, and disseminating information about a company’s external market environment. This includes data and insights that are relevant to a company’s products, competitors, consumers and markets.
This broad-level data analysis enables businesses to understand the continuous changes and shifts in the market landscape they are operating in. The actionable insights gathered inform decision-making and strategic planning across various aspects of a business, including:
- Spotting emerging trends, that either present opportunities or threats
- Tracking new product development and innovative range expansions
- Navigating new markets and expanding into existing markets
- Tracking and analysing changes to competitor activity
- Monitoring shifts in consumers’ needs, wants and behaviours
- Tracking economic shifts and technological advances
Market Intelligence research enables a company to keep a constant pulse on the wider market. It is your roadmap to navigating the ever-changing consumer market landscape.
What is the Difference Between Market Research and Market Intelligence?
While often used interchangeably, market research and Market Intelligence are in fact two separate pieces of insight, both serving two different purposes that aid the success of a business.
Market research is the one-time process of collecting, analysing and interpreting data to answer a specific and timely business question related to a company’s products, consumers or market.
Below is a collection of sample questions that can be answered by market research.
To differentiate them simply, market research is like having a zoom lens, focusing on a particular market section to gain in-depth knowledge. Whereas, Market Intelligence is the wide-angle lens approach that helps you understand the overall market environment through continuous data collection.
While market research and Market Intelligence solutions are distinct, they also complement each other. For example, imagine you are a wearable technology brand and an industry report (Market Intelligence research) reveals a growing trend in wearable fitness trackers. You could then conduct a survey (market research) to understand what features gym users find most valuable in fitness wearables. This combined approach allows you to identify a market and refine your product concept to the needs of your target audience.
Key Components of Effective Market Intelligence
Market Intelligence research comprises of four primary pillars: market research and analysis, competitive intelligence, product intelligence, and consumer understanding.
However, the puzzle remains incomplete without Mintel’s expertise to combine these components into a cohesive synthesis. Our proficiency lies in weaving together these elements to generate insights and recommendations firmly grounded in robust evidence.
Join us as we look at the crucial steps in our Market Intelligence process.
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1. Market Understanding + –
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2. Product Intelligence + –
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3. Competitor Intelligence + –
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4. Consumer Understanding + –
What Market Intelligence Solutions Does Mintel Offer?
At Mintel, we understand that every business challenge is unique. That’s why we’ve created dedicated product solutions for each distinct Market Intelligence pillar.
The table to the right provides a starting point to explore how Mintel’s tailored Market Intelligence solutions can address your specific business goal.
Don’t see your specific need listed? Or want further explanation of our products? Simply contact us here with your question and a Mintel product expert will be happy to discuss a custom Market Intelligence research solution for your business.
What is Mintel’s Methodology for Gathering Market Intelligence?
Crafting industry-leading Market Intelligence requires using the appropriate methodology for each task. And that’s precisely one of our key strengths at Mintel. All of our reports contain exclusive quantitative consumer research where we investigate questions such as: Who are the key buyers in a category? What do they think of the products and brands operating in that category? And what motivates them to buy those products?
Our quantitative research is complemented by extensive secondary research and interviews with key industry figures, ensuring that we address the pressing concerns that keep industry leaders and seasoned experts awake at night. Our extensive coverage across diverse categories and regions enables us to monitor emerging marketing intelligence trends not only in specific markets but also across parallel markets and countries. This allows us to predict the likelihood of these trends migrating across to other categories.
Our analysts leverage a multitude of in-house research tools, including GNPD, along with our game-changing Mintel Leap AI, including our Ingredientscape AI landscaping tool, single-copy Market Research Reports, our Global Consumer Research, Market Sizing data sheets, and our Trends database.
However, the most critical factor in our Market Intelligence research process is our analyst team. They’re experts in their category, remaining on the lookout for new products, emerging trends, and innovative market strategies. The fusion of their industry expertise with our wide range of methodologies and data sources is what allows Mintel to deliver a comprehensive 360-degree view of the markets you care about.
Transform Your Business With Mintel’s Market Intelligence
In today’s dynamic market landscape, Market Intelligence is indispensable. Businesses face economic shifts, technological advancements, competition and evolving consumer behaviours. Mintel’s Market Intelligence simplifies all these complexities. We offer you a way to keep a constant pulse on the market you are operating in, giving you a panoramic view of both your immediate surroundings and far-reaching horizons.
Don’t just take our word for it; see what our clients around the world are saying about Mintel:
By partnering with Mintel and our various product solution offerings, you gain a competitive advantage by gathering Market Intelligence that is built specifically for your business. Access invaluable insights into market trends, consumer preferences, and industry developments. Contact us today to find out how our tailored solutions can empower you to make confident, informed decisions and achieve long-term success.