subject: Selecting A Market Intelligence Firm [print this page] If you have decided that you would like to contract a market intelligence firm to help you analyze a new market that your company is considering entering, be sure to look into many different market intelligence firms in order to find the one that will work best for you. There are a variety of market intelligence firms out there that would be more than happy to sit down with you and aid you in making the right decisions concerning your company's marketing approach. But you want one that is well versed in the market that you are interested in entering in addition to having impressive credentials and fabulous testimonials. Your market should appear as one of their areas of expertise. Take a look at any examples of previous work they have done with different companies and get some insight as to what kinds of services they offer. If they offer a free consultation then take advantage of it.
Starting to Gather Market Intelligence
When you begin gathering market intelligence pertaining to a particular market you are interested in entering, there are two main routes you can take to gather the data for analysis. The easier route that takes less time on your part is to contract a marketing research company or firm that can collect the data about the market you are interested in for you. There are a variety of firms out there so be sure to take some time to see what it available to you and what markets these firms seem to specialize in. If you are entering a housing market you will probably want to go with a market researching firm that has some experience looking into the housing market and not a firm that gives primary focus to markets unrelated to yours such as oil. The second route is more involved. You become the researcher and you (or a team) must conduct the research, gather the data and analyze it.
Accessing Different Sources of Marketing Intelligence
There are a variety of resources you can tap in to in order to gather the maximum amount of market intelligence that you need in order to make an educated decision on whether it will be profitable or not for your company to enter into a particular market. Many of these resources are conveniently located on the internet. A quick internet search will give you a plethora of marketing resources to help get you started. You can also use social networks and media to help you determine how popular a particular product or service is. It can also help you gauge how old your target audience is and how they are using these products and services that are similar to yours. Another resource that is available on the internet is contact with market intelligence agencies. These groups can be contracted to do the market research for you so you do not have to.
