The Importance Of Market Intelligence (MI)

Market Intelligence is an extremely important activity for companies to undertake in order to maximize their chances for continued business success.

If you don’t keep up, read, engage and find out about your own market, it becomes more difficult to be competitive and offer the best products or services to your customers. If consumer tastes or needs are changing, you need time to adapt.

Gathering Market Intelligence is a crucial element for executing effective plans for the prosperity of your business. It keeps you more focused, it centers your business goals and provides you with the intelligence to pursue growth opportunities and reduce risk.

If you don’t know your market and your competitors back to front, and have limited knowledge about your own costumers, then how can you make informed improvements in order to become more competitive?