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 business model, the marketing and management of the venture but the simple fact remains that nearly 97 percent of all businesses that start out online fail. A consumer may be searching for x, but the companies are selling y. This mismatch results into failures and 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, the requirement gap and much more. When any organization works strongly on market intelligence, it becomes much easier for the organization to offer a customized offering to its end consumer in order to decrease the odds of failure.
For instance, internet adds nearly one million new users every day to its current database of 1.5 billion users. But what is more intriguing is the fact that around 70 million users try their hands at direct sales business every day. 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 marketing intelligence in creating competitive advantage. Your goal will be one step ahead of the competition. The competition in this case is going to be the a 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.
Getting the right procurement market intelligence can allow you to find and sell commercial real estate in any market. Your customers and your prospects will expect you to understand precisely what is happening out there in the marketplace. The more you understand and can discuss will provide you the advantage in any negotiation to sell a commercial property. Perhaps this is the main advantage when you think about and compete against the offerings of different agents tendering or searching for the exact same property. Market intelligence is just 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 keeping a competitive edge will depend mostly on marketing intelligence, so make certain you know what to search for or get support from someone who does.