Market Intelligence
Based on several decades’ experience in the field, Sirius Consultancy International can help you make better and fact-based decisions in the field of sustainable chemical products.
Market Intelligence
Based on several decades’ experience in the field, Sirius Consultancy International can help you make better and fact-based decisions in the field of sustainable chemical products.
Understanding Market Trends
You know your product, your competitors and your market better than anyone else. The world in which you operate is complex and continuously changing. Your strategic decisions are determined by such factors as changing customer and consumer needs and by technological innovations within your company and by your competitors.
With a vast network and business experience in the fields of industrial biotechnology, biobased chemicals and bioplastics, we can dig deeper. Our intelligence is based on a solid understanding of chemical technology and biotechnology, application know-how, value-chains and markets. We help you build your proposition and your go-to-market strategy.
How can we help you build the value proposition for your biobased product?
Market Intelligence: Definition
Market intelligence is defined as the information or data that is derived by an organization from the market it operates in or wants to operate in, to help determine market segmentation, market penetration, market opportunity, and existing market metrics. Market intelligence is a vital aspect to understand the state of the market, as well as helps collect competitor intelligence which in turn aids towards becoming profitable.
Market intelligence is closely associated with market research and can be explained in three simple parts as follows:
1. Competitor Intelligence
Competitor intelligence can be explained as the collection of data about your competitor using ethical methods such as government databases and public records.
For example, Japanese automotive companies were able to capture the US markets and even dominate them using competitor intelligence. Understanding the need for high quality, fuel-efficient cars led them to strategize and penetrate the US market successfully.
2. Product Intelligence
Product intelligence is gathering data related to competitor products or similar products in the market.
For example, A plastics producer needs to monitor the prices of competitive products in the same segment. A price drop in the competitor product can mean the company is introducing a grade in the market. Understanding such information can enable a company to strategically launch their models at the right time and price.
3. Market Understanding
Market understanding is knowing the market share of your company, trends in the market, the size of the market and which is your target market.
Understanding the demand in the market, and customer needs can help a company tremendously to increase their revenues and market share.