Every day, many companies and new companies appear on the Internet. These companies often do not leave their mark in the online world and fail for several reasons. We could blame the business model, marketing and company management, but the fact is that almost 97% of all companies that start working on the Internet fail. And is it because these companies really do not know what the consumer is looking for?
The consumer may search for “x,” but companies are selling “y.” This discrepancy leads to malfunctions, and knowledge of consumer needs is classified as market analysis. Market information relates not only to the needs of consumers, but also to competitors, their marketing strategies, their penetration and coverage, gap needs and much more.
As soon as an organization works hard to create market analytics, it becomes easier for an organization to provide a personalized offer to its end user to reduce the likelihood of failure. For example, the Internet is adding nearly a million new users every day to its existing database of 1.5 billion users. This is phenomenal. However, more interesting is the fact that at the same time about 70 million users daily test their hands in direct selling companies.
What does this have to do with previous data?
It just means that new users added to the Internet come mainly to do business on the Internet. Therefore, the competition will be fierce, and if you want to survive in the online market, you must know the role of marketing intelligence to create a competitive advantage. Your goal is to always be one step ahead of the competition.
In this case, the competition will be many other people, such as you, who decide that they need to have their own business and be their own boss. Monopolies disappear, so you will always have competition, and therefore you must know what your customers want, and first of all try to provide them. Also try to provide the best quality and value for the same product as your competitors.
Market intelligence is nothing more than current trends
Therefore, you should always be aware of the latest developments in your industry with the help of David Steinberg’s company. Carefully monitor your competitors, if they seem better than you, find out why and do something about it.