If you are considering starting your own business or you want to push your already running business in to a new market, be sure to consult the market intelligence that is available for that market instead of blindly rushing in. You need to have a good and clear idea of what exactly you are going up against in the new market you are going to be working with. You need to take a look at the competition that is already dominating the market, the information on the group of people you are going to be competing for and the overall health of the market as a whole. You do not want to go in to a market that is already weakening and may not be around in a couple of years. This could be a market for a fad item that is only popular for so many years before becoming out of date.
Market Intelligence Source: Social Media
People enjoy talking and giving their opinions on products and services. Many of these people will post their reviews on the internet and through different social media mediums. When you are gathering market intelligence on a particular market you are thinking about venturing into, you can easily take advantage of the way your potential clients and customers use the internet and social media sources to gather very important information. You can learn about their need for a product or service that is similar to yours or their lack of a need for it. You can gauge how old they are and whether you are planning on trying to attract the right age group for your product or service. You can also hear or read what they have to say about your potential competitors, learn about what they are doing right or what the weaknesses are in their product. So make sure you never look over social media as a market intelligence resource.
Using the Internet for Market Intelligence
Prior to jumping feet first into a market, you should always check out what is in store for you and your company by gathering and analyzing the market intelligence that is available to you. The internet is a wonderful resource when it comes to doing research and gathering data for your market intelligence. It can sometimes give you up to date results and exactly what is happening in the particular market you are interested in right as it occurs. Remember, markets rarely if ever sleep and with markets everywhere around the world, things are going to change and fluctuate on a daily basis. It is best to know just how much the activity in the market you are considering venturing in to changes and…